Is 48353, 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, 48353 has remained a Seller's Market.
Key Takeaway
48353 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48353, MI
How much do homes in 48353, MI cost?
Median Sold Price
$408,000
$215/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48353 have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in 48353 was $408,000 in May 2024, up 11.8% from last year, and the median price per square foot was $215.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $112.5K | - | N/A |
| 2 Bedrooms | $285K | $270K | -5.3% |
| 3 Bedrooms | $355K | $405K | +14.1% |
| 4 Bedrooms | $444.2K | $464.5K | +4.6% |
| 5+ Bedrooms | $557.5K | $500K | -10.3% |
Summary: 48353 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 decreased by 5.3%, 3 bedroom homes increased by 14.1%, 4 bedroom homes increased by 4.6%, and 5+ bedroom homes decreased by 10.3%.
Housing Supply in 48353, MI
How many homes are available in 48353, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 15 | -25.0% |
Summary: The 48353 real estate market had 15 homes for sale in May 2024, a 25.0% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 11 | 7 | -36.4% |
| 4 Bedrooms | 7 | 4 | -42.9% |
| 5+ Bedrooms | 0 | 1 | +100.0% |
Summary: The 48353 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 increased by 50%, 3 bedroom homes decreased by 36.4%, 4 bedroom homes decreased by 42.9%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 9 | 4 | -55.6% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48353, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in 48353 in May 2024, down by 55.6% month-over-month. Of the 4 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 48353, MI
How long does it take to sell a home in 48353, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 42 Days | 8 Days | -79.3% |
Summary: Homes in 48353 had an average of 8 days on market in May 2024, down by 79.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48353 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in 48353; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
