Is 48306, 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, 48306 has remained a Seller's Market.
Housing Prices in 48306, MI
How much do homes in 48306, MI cost?
Median Sold Price
$535,000
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48306 was $535,000 in May 2024, up 1% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $130K | N/A |
2 Bedrooms | $255K | $285K | +11.8% |
3 Bedrooms | $440K | $439K | -0.2% |
4 Bedrooms | $595K | $625K | +5.0% |
5+ Bedrooms | $738K | $790K | +7.0% |
Summary: 48306 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 increased by 11.8%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 7%.
Housing Supply in 48306, MI
How many homes are available in 48306, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
87 | 100 | +14.9% |
Summary: The 48306 real estate market had 100 homes for sale in May 2024, a 14.9% 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 | 13 | 8 | -38.5% |
3 Bedrooms | 21 | 23 | +9.5% |
4 Bedrooms | 35 | 49 | +40.0% |
5+ Bedrooms | 18 | 20 | +11.1% |
Summary: The 48306 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 decreased by 38.5%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
29 | 32 | +10.3% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Summary: A total of 32 homes were sold or pending in 48306 in May 2024, up by 10.3% month-over-month. Of the 32 sold homes, 28% were sold under asking, 6% were sold at asking, and 66% were sold over asking.
Days on Market for 48306, MI
How long does it take to sell a home in 48306, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
15 Days | 29 Days | +87.8% |
Summary: Homes in 48306 had an average of 29 days on market in May 2024, up by 87.8% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During May 2024, 32 homes were sold in 48306; 78% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.