Is 48225, 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, 48225 has remained a Seller's Market.
Key Takeaway
48225 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48225, MI
How much do homes in 48225, MI cost?
Median Sold Price
$128,812
$116/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48225 have sold for 14.1% less than they did a year ago.
Summary: The median home sold price in 48225 was $128,812 in April 2024, down 14.1% from last year, and the median price per square foot was $116.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $42K | $49.5K | +17.9% |
| 2 Bedrooms | $72.4K | $76K | +4.9% |
| 3 Bedrooms | $159.9K | $140K | -12.4% |
| 4 Bedrooms | $169.9K | $175K | +3.0% |
| 5+ Bedrooms | $190K | $250.5K | +31.8% |
Summary: 48225 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 4.9%, 3 bedroom homes decreased by 12.4%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 31.8%.
Housing Supply in 48225, MI
How many homes are available in 48225, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 73 | 84 | +15.1% |
Summary: The 48225 real estate market had 84 homes for sale in April 2024, a 15.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 22 | 24 | +9.1% |
| 3 Bedrooms | 44 | 53 | +20.5% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48225 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 increased by 9.1%, 3 bedroom homes increased by 20.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 12 | 16 | +33.3% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48225, you may be able to get a good deal. 43.8% of homes here sold below asking price last month.
Summary: A total of 16 homes were sold or pending in 48225 in April 2024, up by 33.3% month-over-month. Of the 16 sold homes, 44% were sold under asking, 13% were sold at asking, and 44% were sold over asking.
Days on Market for 48225, MI
How long does it take to sell a home in 48225, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 102 Days | 30 Days | -70.6% |
Summary: Homes in 48225 had an average of 30 days on market in Apr 2024, down by 70.6% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48225 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 16 homes were sold in 48225; 94% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 6% 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.