Is 48105, 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, 48105 has remained a Seller's Market.
Key Takeaway
48105 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48105, MI
How much do homes in 48105, MI cost?
Median Sold Price
$526,500
$249/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48105 have sold for 10.8% more than they did a year ago.
Summary: The median home sold price in 48105 was $526,500 in May 2024, up 10.8% from last year, and the median price per square foot was $249.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $265K | $249K | -6.0% |
| 2 Bedrooms | $285.2K | $310K | +8.7% |
| 3 Bedrooms | $448.2K | $517.4K | +15.4% |
| 4 Bedrooms | $603.6K | $629.5K | +4.3% |
| 5+ Bedrooms | $835K | $750K | -10.2% |
Summary: 48105 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes decreased by 10.2%.
Housing Supply in 48105, MI
How many homes are available in 48105, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 117 | 122 | +4.3% |
Summary: The 48105 real estate market had 122 homes for sale in May 2024, a 4.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 22 | 19 | -13.6% |
| 3 Bedrooms | 46 | 45 | -2.2% |
| 4 Bedrooms | 37 | 42 | +13.5% |
| 5+ Bedrooms | 11 | 16 | +45.5% |
Summary: The 48105 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 13.6%, 3 bedroom homes decreased by 2.2%, 4 bedroom homes increased by 13.5%, and 5+ bedroom homes increased by 45.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 34 | 37 | +8.8% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48105, you could pay more than the asking price. 40.5% of homes here sold above asking price last month.
Summary: A total of 37 homes were sold or pending in 48105 in May 2024, up by 8.8% month-over-month. Of the 37 sold homes, 30% were sold under asking, 30% were sold at asking, and 41% were sold over asking.
Days on Market for 48105, MI
How long does it take to sell a home in 48105, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 25 Days | -25.2% |
Summary: Homes in 48105 had an average of 25 days on market in May 2024, down by 25.2% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48105 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 37 homes were sold in 48105; 78% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
