Is 48322, 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, 48322 has remained a Seller's Market.
Key Takeaway
48322 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48322, MI
How much do homes in 48322, MI cost?
Median Sold Price
$365,000
$175/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since May 2023.
Key Takeaway
The sold price of homes in 48322 has remained the same since last year.
Summary: The median home sold price in 48322 was $365,000 in May 2024, the same as last year, and the median price per square foot was $175.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $87.5K | $93.6K | +7.0% |
| 2 Bedrooms | $265K | $258.7K | -2.4% |
| 3 Bedrooms | $342.3K | $347K | +1.4% |
| 4 Bedrooms | $435K | $464K | +6.7% |
| 5+ Bedrooms | $625K | $695K | +11.2% |
Summary: 48322 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7%, 2 bedroom homes decreased by 2.4%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 6.7%, and 5+ bedroom homes increased by 11.2%.
Housing Supply in 48322, MI
How many homes are available in 48322, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 95 | 95 | 0.0% |
Summary: The 48322 real estate market had 95 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 3 | -40.0% |
| 2 Bedrooms | 29 | 22 | -24.1% |
| 3 Bedrooms | 25 | 25 | 0.0% |
| 4 Bedrooms | 32 | 35 | +9.4% |
| 5+ Bedrooms | 4 | 10 | +150.0% |
Summary: The 48322 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes decreased by 24.1%, 3 bedroom homes remained the same, 4 bedroom homes increased by 9.4%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 33 | +13.8% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48322, you could pay more than the asking price. 48.5% of homes here sold above asking price last month.
Summary: A total of 33 homes were sold or pending in 48322 in May 2024, up by 13.8% month-over-month. Of the 33 sold homes, 45% were sold under asking, 6% were sold at asking, and 48% were sold over asking.
Days on Market for 48322, MI
How long does it take to sell a home in 48322, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 13 Days | -59.4% |
Summary: Homes in 48322 had an average of 13 days on market in May 2024, down by 59.4% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48322 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 33 homes were sold in 48322; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
