Is 48507, 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, 48507 has remained a Seller's Market.
Housing Prices in 48507, MI
How much do homes in 48507, MI cost?
Median Sold Price
$103,166
$88/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in 48507 was $103,166 in April 2024, down 7.9% from last year, and the median price per square foot was $88.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $30K | $38K | +26.7% |
2 Bedrooms | $51.4K | $58.8K | +14.3% |
3 Bedrooms | $114.9K | $108K | -6.0% |
4 Bedrooms | $168K | $179.9K | +7.1% |
5+ Bedrooms | $233.7K | $246.2K | +5.3% |
Summary: 48507 housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.7%, 2 bedroom homes increased by 14.3%, 3 bedroom homes decreased by 6%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 5.3%.
Housing Supply in 48507, MI
How many homes are available in 48507, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
98 | 118 | +20.4% |
Summary: The 48507 real estate market had 118 homes for sale in April 2024, a 20.4% 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 | 31 | 36 | +16.1% |
3 Bedrooms | 49 | 59 | +20.4% |
4 Bedrooms | 14 | 19 | +35.7% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48507 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 16.1%, 3 bedroom homes increased by 20.4%, 4 bedroom homes increased by 35.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
24 | 28 | +16.7% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Summary: A total of 28 homes were sold or pending in 48507 in April 2024, up by 16.7% month-over-month. Of the 28 sold homes, 50% were sold under asking, 29% were sold at asking, and 21% were sold over asking.
Days on Market for 48507, MI
How long does it take to sell a home in 48507, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
66 Days | 33 Days | -49.3% |
Summary: Homes in 48507 had an average of 33 days on market in Apr 2024, down by 49.3% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 28 homes were sold in 48507; 75% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.