Is 48221, 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, 48221 has remained a Seller's Market.
Housing Prices in 48221, MI
How much do homes in 48221, MI cost?
Median Sold Price
$140,720
$98/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48221 was $140,720 in May 2024, down 3.9% from last year, and the median price per square foot was $98.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $93K | N/A |
2 Bedrooms | $64.5K | $58K | -10.1% |
3 Bedrooms | $135K | $129.9K | -3.8% |
4 Bedrooms | $182.2K | $202K | +10.8% |
5+ Bedrooms | $288.5K | $280K | -2.9% |
Summary: 48221 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 decreased by 10.1%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes decreased by 2.9%.
Housing Supply in 48221, MI
How many homes are available in 48221, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
203 | 230 | +13.3% |
Summary: The 48221 real estate market had 230 homes for sale in May 2024, a 13.3% 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 | 17 | 17 | 0.0% |
3 Bedrooms | 118 | 137 | +16.1% |
4 Bedrooms | 51 | 51 | 0.0% |
5+ Bedrooms | 17 | 25 | +47.1% |
Summary: The 48221 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 remained the same, 3 bedroom homes increased by 16.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 47.1%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
42 | 40 | -4.8% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in 48221 in May 2024, down by 4.8% month-over-month. Of the 40 sold homes, 33% were sold under asking, 13% were sold at asking, and 55% were sold over asking.
Days on Market for 48221, MI
How long does it take to sell a home in 48221, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
39 Days | 45 Days | +13.4% |
Summary: Homes in 48221 had an average of 45 days on market in May 2024, up by 13.4% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Summary: During May 2024, 40 homes were sold in 48221; 57% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.