Is 48206, 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, 48206 was a Neutral Market.
Housing Prices in 48206, MI
How much do homes in 48206, MI cost?
Median Sold Price
$190,000
$92/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48206 was $190,000 in May 2024, up 8.6% from last year, and the median price per square foot was $92.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $22K | N/A |
2 Bedrooms | $18K | $376.4K | +1991.1% |
3 Bedrooms | $72.5K | $70K | -3.4% |
4 Bedrooms | $165K | $165K | 0.0% |
5+ Bedrooms | $312.5K | $352K | +12.6% |
Summary: 48206 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 1991.1%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 12.6%.
Housing Supply in 48206, MI
How many homes are available in 48206, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
95 | 116 | +22.1% |
Summary: The 48206 real estate market had 116 homes for sale in May 2024, a 22.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 10 | 16 | +60.0% |
3 Bedrooms | 42 | 49 | +16.7% |
4 Bedrooms | 20 | 23 | +15.0% |
5+ Bedrooms | 23 | 28 | +21.7% |
Summary: The 48206 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 60%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 15%, and 5+ bedroom homes increased by 21.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
12 | 12 | 0.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 12 homes were sold or pending in 48206 in May 2024, the same as the previous month. Of the 12 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% were sold over asking.
Days on Market for 48206, MI
How long does it take to sell a home in 48206, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
33 Days | 173 Days | +420.3% |
Summary: Homes in 48206 had an average of 173 days on market in May 2024, up by 420.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During May 2024, 12 homes were sold in 48206; 33% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.