Is 48223, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, 48223 has remained a Seller's Market.
Key Takeaway
48223 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48223, MI
How much do homes in 48223, MI cost?
Median Sold Price
$104,000
$88/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48223 have sold for 1% less than they did a year ago.
Summary: The median home sold price in 48223 was $104,000 in April 2024, down 1% from last year, and the median price per square foot was $88.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $55.2K | $40K | -27.6% |
| 3 Bedrooms | $114.9K | $106K | -7.8% |
| 4 Bedrooms | $200K | $209.5K | +4.8% |
| 5+ Bedrooms | $222K | $288K | +29.7% |
Summary: 48223 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 decreased by 27.6%, 3 bedroom homes decreased by 7.8%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 29.7%.
Housing Supply in 48223, MI
How many homes are available in 48223, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 90 | 91 | +1.1% |
Summary: The 48223 real estate market had 91 homes for sale in April 2024, a 1.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 19 | 19 | 0.0% |
| 3 Bedrooms | 62 | 61 | -1.6% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The 48223 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 1.6%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 23 | 16 | -30.4% |
Asking Price vs. Sold Price
8 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 48223, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in 48223 in April 2024, down by 30.4% month-over-month. Of the 16 sold homes, 50% were sold under asking, 25% were sold at asking, and 25% were sold over asking.
Days on Market for 48223, MI
How long does it take to sell a home in 48223, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 114 Days | 33 Days | -70.9% |
Summary: Homes in 48223 had an average of 33 days on market in Apr 2024, down by 70.9% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48223 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 16 homes were sold in 48223; 69% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
