Is 48202, 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, 48202 has remained a Neutral Market.
Key Takeaway
48202 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48202, MI
How much do homes in 48202, MI cost?
Median Sold Price
$213,750
$130/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48202 have sold for 14.5% less than they did a year ago.
Summary: The median home sold price in 48202 was $213,750 in May 2024, down 14.5% from last year, and the median price per square foot was $130.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $180K | $163.2K | -9.3% |
| 2 Bedrooms | $235K | $235K | 0.0% |
| 3 Bedrooms | $229K | $195K | -14.8% |
| 4 Bedrooms | $262.5K | $235K | -10.5% |
| 5+ Bedrooms | $329K | $304.7K | -7.4% |
Summary: 48202 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.3%, 2 bedroom homes did not change, 3 bedroom homes decreased by 14.8%, 4 bedroom homes decreased by 10.5%, and 5+ bedroom homes decreased by 7.4%.
Housing Supply in 48202, MI
How many homes are available in 48202, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 73 | 81 | +11.0% |
Summary: The 48202 real estate market had 81 homes for sale in May 2024, a 11.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 10 | 11 | +10.0% |
| 3 Bedrooms | 16 | 16 | 0.0% |
| 4 Bedrooms | 33 | 34 | +3.0% |
| 5+ Bedrooms | 12 | 19 | +58.3% |
Summary: The 48202 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 10%, 3 bedroom homes remained the same, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 58.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 12 | +50.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48202, you may be able to get a good deal. 83.3% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in 48202 in May 2024, up by 50.0% month-over-month. Of the 12 sold homes, 83% were sold under asking, 8% were sold at asking, and 8% were sold over asking.
Days on Market for 48202, MI
How long does it take to sell a home in 48202, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 75 Days | +102.9% |
Summary: Homes in 48202 had an average of 75 days on market in May 2024, up by 102.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 48202 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During May 2024, 12 homes were sold in 48202; 25% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 42% of homes were sold over 90 days.
