Is 48207, 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, 48207 was a Seller's Market.
Key Takeaway
48207 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48207, MI
How much do homes in 48207, MI cost?
Median Sold Price
$140,000
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48207 have sold for 27.6% less than they did a year ago.
Summary: The median home sold price in 48207 was $140,000 in May 2024, down 27.6% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $103K | $99K | -3.9% |
| 2 Bedrooms | $207K | $175.5K | -15.2% |
| 3 Bedrooms | $237.5K | $244.7K | +3.1% |
| 4 Bedrooms | $192.5K | $60K | -68.8% |
| 5+ Bedrooms | - | $108.5K | N/A |
Summary: 48207 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.9%, 2 bedroom homes decreased by 15.2%, 3 bedroom homes increased by 3.1%, 4 bedroom homes decreased by 68.8%, and 5+ bedroom homes did not change.
Housing Supply in 48207, MI
How many homes are available in 48207, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 102 | 109 | +6.9% |
Summary: The 48207 real estate market had 109 homes for sale in May 2024, a 6.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 29 | 30 | +3.4% |
| 2 Bedrooms | 45 | 48 | +6.7% |
| 3 Bedrooms | 14 | 15 | +7.1% |
| 4 Bedrooms | 9 | 10 | +11.1% |
| 5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The 48207 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.4%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 8 | 13 | +62.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48207, you may be able to get a good deal. 61.5% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in 48207 in May 2024, up by 62.5% month-over-month. Of the 13 sold homes, 62% were sold under asking, 8% were sold at asking, and 31% were sold over asking.
Days on Market for 48207, MI
How long does it take to sell a home in 48207, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 32 Days | 53 Days | +67.6% |
Summary: Homes in 48207 had an average of 53 days on market in May 2024, up by 67.6% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48207 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 13 homes were sold in 48207; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
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.