Is 48430, 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, 48430 has remained a Seller's Market.
Housing Prices in 48430, MI
How much do homes in 48430, MI cost?
Median Sold Price
$338,413
$204/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48430 was $338,413 in May 2024, up 5.8% from last year, and the median price per square foot was $204.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $182.4K | $229K | +25.5% |
2 Bedrooms | $248.9K | $230K | -7.6% |
3 Bedrooms | $295K | $321K | +8.8% |
4 Bedrooms | $393.7K | $439.9K | +11.7% |
5+ Bedrooms | $652.4K | $500K | -23.4% |
Summary: 48430 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.5%, 2 bedroom homes decreased by 7.6%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes decreased by 23.4%.
Housing Supply in 48430, MI
How many homes are available in 48430, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
120 | 157 | +30.8% |
Summary: The 48430 real estate market had 157 homes for sale in May 2024, a 30.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 3 | +100.0% |
2 Bedrooms | 27 | 23 | -14.8% |
3 Bedrooms | 63 | 75 | +19.0% |
4 Bedrooms | 24 | 43 | +79.2% |
5+ Bedrooms | 6 | 13 | +116.7% |
Summary: The 48430 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 14.8%, 3 bedroom homes increased by 19%, 4 bedroom homes increased by 79.2%, and 5+ bedroom homes increased by 116.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
36 | 37 | +2.8% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 37 homes were sold or pending in 48430 in May 2024, up by 2.8% month-over-month. Of the 37 sold homes, 27% were sold under asking, 32% were sold at asking, and 41% were sold over asking.
Days on Market for 48430, MI
How long does it take to sell a home in 48430, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
37 Days | 21 Days | -42.7% |
Summary: Homes in 48430 had an average of 21 days on market in May 2024, down by 42.7% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 37 homes were sold in 48430; 81% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.