Is 48205, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, 48205 was a Seller's Market.
Key Takeaway
48205 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48205, MI
How much do homes in 48205, MI cost?
Median Sold Price
$53,957
$50/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48205 have sold for 17.3% more than they did a year ago.
Summary: The median home sold price in 48205 was $53,957 in May 2024, up 17.3% from last year, and the median price per square foot was $50.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $4K | N/A |
| 2 Bedrooms | $38.9K | $44K | +13.0% |
| 3 Bedrooms | $47K | $54.5K | +16.0% |
| 4 Bedrooms | $51K | $82.2K | +61.1% |
| 5+ Bedrooms | $46.5K | $67.5K | +45.2% |
Summary: 48205 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 13%, 3 bedroom homes increased by 16%, 4 bedroom homes increased by 61.1%, and 5+ bedroom homes increased by 45.2%.
Housing Supply in 48205, MI
How many homes are available in 48205, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 186 | 222 | +19.4% |
Summary: The 48205 real estate market had 222 homes for sale in May 2024, a 19.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 30 | 34 | +13.3% |
| 3 Bedrooms | 140 | 172 | +22.9% |
| 4 Bedrooms | 11 | 10 | -9.1% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48205 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 22.9%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 19 | -13.6% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48205, you may be able to get a good deal. 57.9% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in 48205 in May 2024, down by 13.6% month-over-month. Of the 19 sold homes, 58% were sold under asking, 21% were sold at asking, and 21% were sold over asking.
Days on Market for 48205, MI
How long does it take to sell a home in 48205, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 32 Days | 38 Days | +19.6% |
Summary: Homes in 48205 had an average of 38 days on market in May 2024, up by 19.6% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48205 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 19 homes were sold in 48205; 53% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 16% 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.