Is 48042, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 48042 has remained a Seller's Market.
Housing Prices in 48042, MI
How much do homes in 48042, MI cost?
Median Sold Price
$459,900
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48042 was $459,900 in April 2024, up 9.5% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $285K | $305K | +7.0% |
3 Bedrooms | $397.4K | $420K | +5.7% |
4 Bedrooms | $480K | $547.5K | +14.1% |
5+ Bedrooms | $548.9K | $529.5K | -3.5% |
Summary: 48042 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 7%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes decreased by 3.5%.
Housing Supply in 48042, MI
How many homes are available in 48042, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
95 | 108 | +13.7% |
Summary: The 48042 real estate market had 108 homes for sale in April 2024, a 13.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 11 | 16 | +45.5% |
3 Bedrooms | 36 | 41 | +13.9% |
4 Bedrooms | 45 | 47 | +4.4% |
5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 48042 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 45.5%, 3 bedroom homes increased by 13.9%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
20 | 34 | +70.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 34 homes were sold or pending in 48042 in April 2024, up by 70.0% month-over-month. Of the 34 sold homes, 29% were sold under asking, 24% were sold at asking, and 47% were sold over asking.
Days on Market for 48042, MI
How long does it take to sell a home in 48042, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
244 Days | 28 Days | -88.5% |
Summary: Homes in 48042 had an average of 28 days on market in Apr 2024, down by 88.5% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 34 homes were sold in 48042; 76% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.