Is 48203, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, 48203 was a Seller's Market.
Housing Prices in 48203, MI
How much do homes in 48203, MI cost?
Median Sold Price
$55,000
$44/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since April 2023.
Summary: The median home sold price in 48203 was $55,000 in April 2024, the same as last year, and the median price per square foot was $44.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $22K | - | N/A |
2 Bedrooms | $44.7K | $45K | +0.6% |
3 Bedrooms | $49K | $48K | -2.0% |
4 Bedrooms | $82K | $56.2K | -31.4% |
5+ Bedrooms | $446.5K | $575K | +28.8% |
Summary: 48203 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 0.6%, 3 bedroom homes decreased by 2%, 4 bedroom homes decreased by 31.4%, and 5+ bedroom homes increased by 28.8%.
Housing Supply in 48203, MI
How many homes are available in 48203, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
71 | 99 | +39.4% |
Summary: The 48203 real estate market had 99 homes for sale in April 2024, a 39.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 3 | 6 | +100.0% |
3 Bedrooms | 39 | 49 | +25.6% |
4 Bedrooms | 17 | 26 | +52.9% |
5+ Bedrooms | 12 | 17 | +41.7% |
Summary: The 48203 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 25.6%, 4 bedroom homes increased by 52.9%, and 5+ bedroom homes increased by 41.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
4 | 16 | +300.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in 48203 in April 2024, up by 300.0% month-over-month. Of the 16 sold homes, 63% were sold under asking, 25% were sold at asking, and 13% were sold over asking.
Days on Market for 48203, MI
How long does it take to sell a home in 48203, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
60 Days | 49 Days | -19.0% |
Summary: Homes in 48203 had an average of 49 days on market in Apr 2024, down by 19% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 16 homes were sold in 48203; 56% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.