Is 48323, 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, 48323 has remained a Seller's Market.
Key Takeaway
48323 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48323, MI
How much do homes in 48323, MI cost?
Median Sold Price
$471,000
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48323 have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in 48323 was $471,000 in May 2024, up 3.7% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $258.2K | $256.7K | -0.6% |
| 3 Bedrooms | $370K | $386.5K | +4.5% |
| 4 Bedrooms | $521K | $520K | -0.2% |
| 5+ Bedrooms | $649.2K | $645K | -0.7% |
Summary: 48323 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 0.6%, 3 bedroom homes increased by 4.5%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes decreased by 0.7%.
Housing Supply in 48323, MI
How many homes are available in 48323, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 50 | 71 | +42.0% |
Summary: The 48323 real estate market had 71 homes for sale in May 2024, a 42.0% 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 | 8 | 9 | +12.5% |
| 3 Bedrooms | 13 | 19 | +46.2% |
| 4 Bedrooms | 22 | 34 | +54.5% |
| 5+ Bedrooms | 7 | 9 | +28.6% |
Summary: The 48323 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 12.5%, 3 bedroom homes increased by 46.2%, 4 bedroom homes increased by 54.5%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 18 | 20 | +11.1% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48323, you may be able to get a good deal. 47.4% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in 48323 in May 2024, up by 11.1% month-over-month. Of the 19 sold homes, 47% were sold under asking, 5% were sold at asking, and 47% were sold over asking.
Days on Market for 48323, MI
How long does it take to sell a home in 48323, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 25 Days | +20.9% |
Summary: Homes in 48323 had an average of 25 days on market in May 2024, up by 20.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48323 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 20 homes were sold in 48323; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.