Is 48317, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, 48317 has remained a Seller's Market.
Housing Prices in 48317, MI
How much do homes in 48317, MI cost?
Median Sold Price
$265,000
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48317 was $265,000 in May 2024, up 3.9% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $92.3K | $98K | +6.2% |
2 Bedrooms | $214.9K | $235K | +9.3% |
3 Bedrooms | $265.5K | $273K | +2.8% |
4 Bedrooms | $370K | $440K | +18.9% |
5+ Bedrooms | $310K | $327K | +5.5% |
Summary: 48317 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.2%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes increased by 5.5%.
Housing Supply in 48317, MI
How many homes are available in 48317, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
51 | 74 | +45.1% |
Summary: The 48317 real estate market had 74 homes for sale in May 2024, a 45.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 11 | 12 | +9.1% |
3 Bedrooms | 25 | 42 | +68.0% |
4 Bedrooms | 10 | 16 | +60.0% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48317 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 9.1%, 3 bedroom homes increased by 68%, 4 bedroom homes increased by 60%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
12 | 26 | +116.7% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 26 homes were sold or pending in 48317 in May 2024, up by 116.7% month-over-month. Of the 26 sold homes, 12% were sold under asking, 19% were sold at asking, and 69% were sold over asking.
Days on Market for 48317, MI
How long does it take to sell a home in 48317, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
8 Days | 15 Days | +87.9% |
Summary: Homes in 48317 had an average of 15 days on market in May 2024, up by 87.9% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 26 homes were sold in 48317; 81% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.