Is 48103, 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, 48103 has remained a Seller's Market.
Housing Prices in 48103, MI
How much do homes in 48103, MI cost?
Median Sold Price
$500,796
$285/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48103 was $500,796 in April 2024, up 6.1% from last year, and the median price per square foot was $285.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $165.5K | $175K | +5.7% |
2 Bedrooms | $321K | $350K | +9.0% |
3 Bedrooms | $450.3K | $472K | +4.8% |
4 Bedrooms | $583.3K | $615K | +5.4% |
5+ Bedrooms | $842.5K | $827.5K | -1.8% |
Summary: 48103 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.7%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 4.8%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes decreased by 1.8%.
Housing Supply in 48103, MI
How many homes are available in 48103, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
134 | 165 | +23.1% |
Summary: The 48103 real estate market had 165 homes for sale in April 2024, a 23.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 3 | -25.0% |
2 Bedrooms | 30 | 32 | +6.7% |
3 Bedrooms | 64 | 72 | +12.5% |
4 Bedrooms | 29 | 45 | +55.2% |
5+ Bedrooms | 7 | 13 | +85.7% |
Summary: The 48103 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 12.5%, 4 bedroom homes increased by 55.2%, and 5+ bedroom homes increased by 85.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
39 | 47 | +20.5% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
25 Homes Were Sold
Over Asking
Summary: A total of 47 homes were sold or pending in 48103 in April 2024, up by 20.5% month-over-month. Of the 47 sold homes, 32% were sold under asking, 15% were sold at asking, and 53% were sold over asking.
Days on Market for 48103, MI
How long does it take to sell a home in 48103, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
31 Days | 39 Days | +23.5% |
Summary: Homes in 48103 had an average of 39 days on market in Apr 2024, up by 23.5% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
20 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 47 homes were sold in 48103; 51% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.