Is 48223, 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, 48223 was a Seller's Market.
Housing Prices in 48223, MI
How much do homes in 48223, MI cost?
Median Sold Price
$105,500
$90/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48223 was $105,500 in May 2024, up 18.5% from last year, and the median price per square foot was $90.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $54K | $40K | -25.9% |
3 Bedrooms | $96.5K | $117.5K | +21.8% |
4 Bedrooms | $199.5K | $214.5K | +7.5% |
5+ Bedrooms | $175K | $288K | +64.6% |
Summary: 48223 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 25.9%, 3 bedroom homes increased by 21.8%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 64.6%.
Housing Supply in 48223, MI
How many homes are available in 48223, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
86 | 96 | +11.6% |
Summary: The 48223 real estate market had 96 homes for sale in May 2024, a 11.6% increase 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 | 15 | 17 | +13.3% |
3 Bedrooms | 60 | 69 | +15.0% |
4 Bedrooms | 7 | 8 | +14.3% |
5+ Bedrooms | 4 | 2 | -50.0% |
Summary: The 48223 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 13.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
20 | 14 | -30.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 14 homes were sold or pending in 48223 in May 2024, down by 30.0% month-over-month. Of the 14 sold homes, 64% were sold under asking, 14% were sold at asking, and 21% were sold over asking.
Days on Market for 48223, MI
How long does it take to sell a home in 48223, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
33 Days | 42 Days | +24.9% |
Summary: Homes in 48223 had an average of 42 days on market in May 2024, up by 24.9% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 14 homes were sold in 48223; 64% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.