Is 48316, 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, 48316 has remained a Seller's Market.
Housing Prices in 48316, MI
How much do homes in 48316, MI cost?
Median Sold Price
$379,500
$196/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48316 was $379,500 in April 2024, up 11% from last year, and the median price per square foot was $196.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $1K | - | N/A |
2 Bedrooms | $228K | $250K | +9.6% |
3 Bedrooms | $326.5K | $354.5K | +8.6% |
4 Bedrooms | $575K | $542K | -5.7% |
5+ Bedrooms | $629K | $556K | -11.6% |
Summary: 48316 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 9.6%, 3 bedroom homes increased by 8.6%, 4 bedroom homes decreased by 5.7%, and 5+ bedroom homes decreased by 11.6%.
Housing Supply in 48316, MI
How many homes are available in 48316, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
60 | 82 | +36.7% |
Summary: The 48316 real estate market had 82 homes for sale in April 2024, a 36.7% 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 | 11 | 17 | +54.5% |
3 Bedrooms | 21 | 20 | -4.8% |
4 Bedrooms | 24 | 36 | +50.0% |
5+ Bedrooms | 4 | 9 | +125.0% |
Summary: The 48316 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 54.5%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes increased by 50%, and 5+ bedroom homes increased by 125%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
12 | 20 | +66.7% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Summary: A total of 20 homes were sold or pending in 48316 in April 2024, up by 66.7% month-over-month. Of the 20 sold homes, 30% were sold under asking, 20% were sold at asking, and 50% were sold over asking.
Days on Market for 48316, MI
How long does it take to sell a home in 48316, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
6 Days | 23 Days | +295.8% |
Summary: Homes in 48316 had an average of 23 days on market in Apr 2024, up by 295.8% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 20 homes were sold in 48316; 75% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.