Is 48227, 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, 48227 was a Seller's Market.
Housing Prices in 48227, MI
How much do homes in 48227, MI cost?
Median Sold Price
$65,000
$54/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48227 was $65,000 in April 2024, up 6.1% from last year, and the median price per square foot was $54.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $32K | $43.7K | +36.7% |
3 Bedrooms | $60K | $66.6K | +11.1% |
4 Bedrooms | $87K | $80K | -8.0% |
5+ Bedrooms | $105K | $80K | -23.8% |
Summary: 48227 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 increased by 36.7%, 3 bedroom homes increased by 11.1%, 4 bedroom homes decreased by 8%, and 5+ bedroom homes decreased by 23.8%.
Housing Supply in 48227, MI
How many homes are available in 48227, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
228 | 265 | +16.2% |
Summary: The 48227 real estate market had 265 homes for sale in April 2024, a 16.2% 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 | 25 | 27 | +8.0% |
3 Bedrooms | 151 | 188 | +24.5% |
4 Bedrooms | 44 | 41 | -6.8% |
5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The 48227 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 8%, 3 bedroom homes increased by 24.5%, 4 bedroom homes decreased by 6.8%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
32 | 40 | +25.0% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in 48227 in April 2024, up by 25.0% month-over-month. Of the 40 sold homes, 73% were sold under asking, 13% were sold at asking, and 15% were sold over asking.
Days on Market for 48227, MI
How long does it take to sell a home in 48227, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
40 Days | 64 Days | +57.2% |
Summary: Homes in 48227 had an average of 64 days on market in Apr 2024, up by 57.2% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During April 2024, 40 homes were sold in 48227; 40% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.