Is 48224, 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, 48224 was a Seller's Market.
Key Takeaway
48224 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48224, MI
How much do homes in 48224, MI cost?
Median Sold Price
$74,960
$64/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48224 have sold for 8.6% less than they did a year ago.
Summary: The median home sold price in 48224 was $74,960 in April 2024, down 8.6% from last year, and the median price per square foot was $64.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $36K | $36.5K | +1.4% |
| 2 Bedrooms | $37K | $48.5K | +31.1% |
| 3 Bedrooms | $84K | $75K | -10.7% |
| 4 Bedrooms | $105K | $102.6K | -2.3% |
| 5+ Bedrooms | $158K | $155K | -1.9% |
Summary: 48224 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.4%, 2 bedroom homes increased by 31.1%, 3 bedroom homes decreased by 10.7%, 4 bedroom homes decreased by 2.3%, and 5+ bedroom homes decreased by 1.9%.
Housing Supply in 48224, MI
How many homes are available in 48224, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 254 | 299 | +17.7% |
Summary: The 48224 real estate market had 299 homes for sale in April 2024, a 17.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 31 | 44 | +41.9% |
| 3 Bedrooms | 184 | 211 | +14.7% |
| 4 Bedrooms | 31 | 33 | +6.5% |
| 5+ Bedrooms | 6 | 8 | +33.3% |
Summary: The 48224 housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 41.9%, 3 bedroom homes increased by 14.7%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 34 | 44 | +29.4% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48224, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.
Summary: A total of 44 homes were sold or pending in 48224 in April 2024, up by 29.4% month-over-month. Of the 44 sold homes, 55% were sold under asking, 27% were sold at asking, and 18% were sold over asking.
Days on Market for 48224, MI
How long does it take to sell a home in 48224, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 41 Days | 61 Days | +50.2% |
Summary: Homes in 48224 had an average of 61 days on market in Apr 2024, up by 50.2% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48224 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 44 homes were sold in 48224; 41% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 23% 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.