Is 48503, 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, 48503 was a Seller's Market.
Key Takeaway
48503 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48503, MI
How much do homes in 48503, MI cost?
Median Sold Price
$74,500
$63/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in 48503 have sold for 7.3% less than they did a year ago.
Summary: The median home sold price in 48503 was $74,500 in April 2024, down 7.3% from last year, and the median price per square foot was $63.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $48K | $21.7K | -54.7% |
| 2 Bedrooms | $50K | $48K | -4.0% |
| 3 Bedrooms | $95K | $85K | -10.5% |
| 4 Bedrooms | $100K | $120.5K | +20.5% |
| 5+ Bedrooms | $160K | $106K | -33.8% |
Summary: 48503 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 54.7%, 2 bedroom homes decreased by 4%, 3 bedroom homes decreased by 10.5%, 4 bedroom homes increased by 20.5%, and 5+ bedroom homes decreased by 33.8%.
Housing Supply in 48503, MI
How many homes are available in 48503, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 92 | 107 | +16.3% |
Summary: The 48503 real estate market had 107 homes for sale in April 2024, a 16.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 30 | 34 | +13.3% |
| 3 Bedrooms | 38 | 45 | +18.4% |
| 4 Bedrooms | 16 | 19 | +18.8% |
| 5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The 48503 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 13.3%, 3 bedroom homes increased by 18.4%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 18 | 17 | -5.6% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48503, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in 48503 in April 2024, down by 5.6% month-over-month. Of the 17 sold homes, 53% were sold under asking, 18% were sold at asking, and 29% were sold over asking.
Days on Market for 48503, MI
How long does it take to sell a home in 48503, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 56 Days | 22 Days | -59.9% |
Summary: Homes in 48503 had an average of 22 days on market in Apr 2024, down by 59.9% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48503 are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 17 homes were sold in 48503; 76% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.