Is 48207, 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, 48207 was a Seller's Market.
Housing Prices in 48207, MI
How much do homes in 48207, MI cost?
Median Sold Price
$140,000
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48207 was $140,000 in May 2024, down 27.6% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $103K | $99K | -3.9% |
2 Bedrooms | $207K | $175.5K | -15.2% |
3 Bedrooms | $237.5K | $244.7K | +3.1% |
4 Bedrooms | $192.5K | $60K | -68.8% |
5+ Bedrooms | - | $108.5K | N/A |
Summary: 48207 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 3.9%, 2 bedroom homes decreased by 15.2%, 3 bedroom homes increased by 3.1%, 4 bedroom homes decreased by 68.8%, and 5+ bedroom homes did not change.
Housing Supply in 48207, MI
How many homes are available in 48207, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
102 | 109 | +6.9% |
Summary: The 48207 real estate market had 109 homes for sale in May 2024, a 6.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 29 | 30 | +3.4% |
2 Bedrooms | 45 | 48 | +6.7% |
3 Bedrooms | 14 | 15 | +7.1% |
4 Bedrooms | 9 | 10 | +11.1% |
5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The 48207 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.4%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
8 | 13 | +62.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in 48207 in May 2024, up by 62.5% month-over-month. Of the 13 sold homes, 62% were sold under asking, 8% were sold at asking, and 31% were sold over asking.
Days on Market for 48207, MI
How long does it take to sell a home in 48207, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
32 Days | 53 Days | +67.6% |
Summary: Homes in 48207 had an average of 53 days on market in May 2024, up by 67.6% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in 48207; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.