Is 48009, 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, 48009 has remained a Seller's Market.
Housing Prices in 48009, MI
How much do homes in 48009, MI cost?
Median Sold Price
$742,813
$362/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48009 was $742,813 in May 2024, up 12% from last year, and the median price per square foot was $362.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195.8K | $300K | +53.2% |
2 Bedrooms | $310K | $369.7K | +19.3% |
3 Bedrooms | $499K | $573.7K | +15.0% |
4 Bedrooms | $980K | $1.0M | +7.1% |
5+ Bedrooms | $1.5M | $2.0M | +28.9% |
Summary: 48009 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 53.2%, 2 bedroom homes increased by 19.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 28.9%.
Housing Supply in 48009, MI
How many homes are available in 48009, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
114 | 157 | +37.7% |
Summary: The 48009 real estate market had 157 homes for sale in May 2024, a 37.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 5 | -16.7% |
2 Bedrooms | 15 | 21 | +40.0% |
3 Bedrooms | 33 | 53 | +60.6% |
4 Bedrooms | 38 | 44 | +15.8% |
5+ Bedrooms | 22 | 34 | +54.5% |
Summary: The 48009 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 60.6%, 4 bedroom homes increased by 15.8%, and 5+ bedroom homes increased by 54.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
38 | 36 | -5.3% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 36 homes were sold or pending in 48009 in May 2024, down by 5.3% month-over-month. Of the 36 sold homes, 36% were sold under asking, 19% were sold at asking, and 44% were sold over asking.
Days on Market for 48009, MI
How long does it take to sell a home in 48009, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
62 Days | 14 Days | -77.1% |
Summary: Homes in 48009 had an average of 14 days on market in May 2024, down by 77.1% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 36 homes were sold in 48009; 94% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.