Is 48507, 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, 48507 has remained a Seller's Market.
Key Takeaway
48507 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48507, MI
How much do homes in 48507, MI cost?
Median Sold Price
$102,500
$88/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48507 have sold for 6.5% less than they did a year ago.
Summary: The median home sold price in 48507 was $102,500 in May 2024, down 6.5% from last year, and the median price per square foot was $88.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $30K | $28.2K | -5.8% |
| 2 Bedrooms | $51.9K | $59.4K | +14.5% |
| 3 Bedrooms | $110.6K | $110K | -0.6% |
| 4 Bedrooms | $164.5K | $174.9K | +6.4% |
| 5+ Bedrooms | $252.5K | $249.2K | -1.3% |
Summary: 48507 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.8%, 2 bedroom homes increased by 14.5%, 3 bedroom homes decreased by 0.6%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 1.3%.
Housing Supply in 48507, MI
How many homes are available in 48507, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 127 | 136 | +7.1% |
Summary: The 48507 real estate market had 136 homes for sale in May 2024, a 7.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 39 | 41 | +5.1% |
| 3 Bedrooms | 62 | 70 | +12.9% |
| 4 Bedrooms | 19 | 19 | 0.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The 48507 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 5.1%, 3 bedroom homes increased by 12.9%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 32 | 34 | +6.3% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48507, you may be able to get a good deal. 41.2% of homes here sold below asking price last month.
Summary: A total of 34 homes were sold or pending in 48507 in May 2024, up by 6.3% month-over-month. Of the 34 sold homes, 41% were sold under asking, 29% were sold at asking, and 29% were sold over asking.
Days on Market for 48507, MI
How long does it take to sell a home in 48507, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 25 Days | +4.6% |
Summary: Homes in 48507 had an average of 25 days on market in May 2024, up by 4.6% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48507 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 34 homes were sold in 48507; 74% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
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.