Is 48323, 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, 48323 has remained a Seller's Market.
Housing Prices in 48323, MI
How much do homes in 48323, MI cost?
Median Sold Price
$471,000
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in 48323 was $471,000 in May 2024, up 3.7% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $258.2K | $256.7K | -0.6% |
3 Bedrooms | $370K | $386.5K | +4.5% |
4 Bedrooms | $521K | $520K | -0.2% |
5+ Bedrooms | $649.2K | $645K | -0.7% |
Summary: 48323 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 0.6%, 3 bedroom homes increased by 4.5%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes decreased by 0.7%.
Housing Supply in 48323, MI
How many homes are available in 48323, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
50 | 71 | +42.0% |
Summary: The 48323 real estate market had 71 homes for sale in May 2024, a 42.0% 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 | 8 | 9 | +12.5% |
3 Bedrooms | 13 | 19 | +46.2% |
4 Bedrooms | 22 | 34 | +54.5% |
5+ Bedrooms | 7 | 9 | +28.6% |
Summary: The 48323 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 increased by 12.5%, 3 bedroom homes increased by 46.2%, 4 bedroom homes increased by 54.5%, and 5+ bedroom homes increased by 28.6%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
18 | 20 | +11.1% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 20 homes were sold or pending in 48323 in May 2024, up by 11.1% month-over-month. Of the 19 sold homes, 47% were sold under asking, 5% were sold at asking, and 47% were sold over asking.
Days on Market for 48323, MI
How long does it take to sell a home in 48323, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
21 Days | 25 Days | +20.9% |
Summary: Homes in 48323 had an average of 25 days on market in May 2024, up by 20.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 20 homes were sold in 48323; 80% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.