Is 48238, 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, 48238 was a Seller's Market.
Housing Prices in 48238, MI
How much do homes in 48238, MI cost?
Median Sold Price
$59,450
$47/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48238 was $59,450 in May 2024, up 12.2% from last year, and the median price per square foot was $47.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $12.3K | $37.2K | +201.6% |
3 Bedrooms | $50K | $65K | +30.0% |
4 Bedrooms | $100.5K | $63K | -37.3% |
5+ Bedrooms | $100K | $75K | -25.0% |
Summary: 48238 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 201.6%, 3 bedroom homes increased by 30%, 4 bedroom homes decreased by 37.3%, and 5+ bedroom homes decreased by 25%.
Housing Supply in 48238, MI
How many homes are available in 48238, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
127 | 145 | +14.2% |
Summary: The 48238 real estate market had 145 homes for sale in May 2024, a 14.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 10 | 8 | -20.0% |
3 Bedrooms | 73 | 82 | +12.3% |
4 Bedrooms | 32 | 43 | +34.4% |
5+ Bedrooms | 11 | 11 | 0.0% |
Summary: The 48238 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 34.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
22 | 13 | -40.9% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in 48238 in May 2024, down by 40.9% month-over-month. Of the 13 sold homes, 54% were sold under asking, 8% were sold at asking, and 38% were sold over asking.
Days on Market for 48238, MI
How long does it take to sell a home in 48238, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
41 Days | 31 Days | -24.7% |
Summary: Homes in 48238 had an average of 31 days on market in May 2024, down by 24.7% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in 48238; 69% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.