Is 48094, 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, 48094 has remained a Seller's Market.
Key Takeaway
48094 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48094, MI
How much do homes in 48094, MI cost?
Median Sold Price
$419,835
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48094 have sold for 5.8% more than they did a year ago.
Summary: The median home sold price in 48094 was $419,835 in April 2024, up 5.8% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $305K | $320.4K | +5.0% |
| 3 Bedrooms | $398.5K | $415K | +4.1% |
| 4 Bedrooms | $482.5K | $606K | +25.6% |
| 5+ Bedrooms | $1.4M | $1.1M | -19.5% |
Summary: 48094 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 5%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 25.6%, and 5+ bedroom homes decreased by 19.5%.
Housing Supply in 48094, MI
How many homes are available in 48094, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 57 | 60 | +5.3% |
Summary: The 48094 real estate market had 60 homes for sale in April 2024, a 5.3% 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 | 16 | 6 | -62.5% |
| 3 Bedrooms | 23 | 30 | +30.4% |
| 4 Bedrooms | 12 | 17 | +41.7% |
| 5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The 48094 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 decreased by 62.5%, 3 bedroom homes increased by 30.4%, 4 bedroom homes increased by 41.7%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 12 | -33.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48094, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in 48094 in April 2024, down by 33.3% month-over-month. Of the 12 sold homes, 42% were sold under asking, 8% were sold at asking, and 50% were sold over asking.
Days on Market for 48094, MI
How long does it take to sell a home in 48094, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 167 Days | 24 Days | -85.6% |
Summary: Homes in 48094 had an average of 24 days on market in Apr 2024, down by 85.6% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48094 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 12 homes were sold in 48094; 67% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource. 
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.