Is 48025, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, 48025 has remained a Seller's Market.
Housing Prices in 48025, MI
How much do homes in 48025, MI cost?
Median Sold Price
$556,333
$261/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48025 was $556,333 in May 2024, up 11.7% from last year, and the median price per square foot was $261.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $580K | - | N/A |
2 Bedrooms | $429.9K | $330K | -23.2% |
3 Bedrooms | $400.5K | $450K | +12.4% |
4 Bedrooms | $615.6K | $647.5K | +5.2% |
5+ Bedrooms | $875K | $775K | -11.4% |
Summary: 48025 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 23.2%, 3 bedroom homes increased by 12.4%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes decreased by 11.4%.
Housing Supply in 48025, MI
How many homes are available in 48025, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
56 | 66 | +17.9% |
Summary: The 48025 real estate market had 66 homes for sale in May 2024, a 17.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 6 | +100.0% |
3 Bedrooms | 24 | 28 | +16.7% |
4 Bedrooms | 22 | 23 | +4.5% |
5+ Bedrooms | 7 | 9 | +28.6% |
Summary: The 48025 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
18 | 27 | +50.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Summary: A total of 27 homes were sold or pending in 48025 in May 2024, up by 50.0% month-over-month. Of the 27 sold homes, 37% were sold under asking, 19% were sold at asking, and 44% were sold over asking.
Days on Market for 48025, MI
How long does it take to sell a home in 48025, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
32 Days | 13 Days | -57.5% |
Summary: Homes in 48025 had an average of 13 days on market in May 2024, down by 57.5% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 27 homes were sold in 48025; 85% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.