Is 48091, 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, 48091 has remained a Seller's Market.
Housing Prices in 48091, MI
How much do homes in 48091, MI cost?
Median Sold Price
$150,125
$136/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48091 was $150,125 in May 2024, up 7.6% from last year, and the median price per square foot was $136.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $62.7K | $67K | +6.8% |
2 Bedrooms | $100K | $106.5K | +6.5% |
3 Bedrooms | $152K | $165K | +8.6% |
4 Bedrooms | $179K | $180K | +0.6% |
5+ Bedrooms | $140K | $172.5K | +23.2% |
Summary: 48091 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.8%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 0.6%, and 5+ bedroom homes increased by 23.2%.
Housing Supply in 48091, MI
How many homes are available in 48091, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
80 | 117 | +46.3% |
Summary: The 48091 real estate market had 117 homes for sale in May 2024, a 46.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 0 | -100.0% |
2 Bedrooms | 13 | 25 | +92.3% |
3 Bedrooms | 55 | 71 | +29.1% |
4 Bedrooms | 11 | 19 | +72.7% |
5+ Bedrooms | 0 | 2 | +100.0% |
Summary: The 48091 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 92.3%, 3 bedroom homes increased by 29.1%, 4 bedroom homes increased by 72.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
19 | 36 | +89.5% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 36 homes were sold or pending in 48091 in May 2024, up by 89.5% month-over-month. Of the 36 sold homes, 39% were sold under asking, 19% were sold at asking, and 42% were sold over asking.
Days on Market for 48091, MI
How long does it take to sell a home in 48091, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
17 Days | 18 Days | +4.8% |
Summary: Homes in 48091 had an average of 18 days on market in May 2024, up by 4.8% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 36 homes were sold in 48091; 72% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.