Is 48864, 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, 48864 has remained a Seller's Market.
Housing Prices in 48864, MI
How much do homes in 48864, MI cost?
Median Sold Price
$373,776
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48864 was $373,776 in May 2024, up 8.6% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $122.5K | $135.7K | +10.8% |
2 Bedrooms | $111.2K | $207K | +86.1% |
3 Bedrooms | $305K | $303K | -0.7% |
4 Bedrooms | $395K | $447.2K | +13.2% |
5+ Bedrooms | $525K | $574.5K | +9.4% |
Summary: 48864 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 86.1%, 3 bedroom homes decreased by 0.7%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes increased by 9.4%.
Housing Supply in 48864, MI
How many homes are available in 48864, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
81 | 89 | +9.9% |
Summary: The 48864 real estate market had 89 homes for sale in May 2024, a 9.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 3 | +200.0% |
2 Bedrooms | 10 | 8 | -20.0% |
3 Bedrooms | 20 | 22 | +10.0% |
4 Bedrooms | 37 | 44 | +18.9% |
5+ Bedrooms | 13 | 12 | -7.7% |
Summary: The 48864 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes decreased by 20%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 18.9%, and 5+ bedroom homes decreased by 7.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
27 | 28 | +3.7% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Summary: A total of 28 homes were sold or pending in 48864 in May 2024, up by 3.7% month-over-month. Of the 28 sold homes, 39% were sold under asking, 7% were sold at asking, and 54% were sold over asking.
Days on Market for 48864, MI
How long does it take to sell a home in 48864, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
50 Days | 19 Days | -62.3% |
Summary: Homes in 48864 had an average of 19 days on market in May 2024, down by 62.3% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 28 homes were sold in 48864; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.