$4,022 Closing Credit*
$338,700
1,932 SqFt
4 Beds
•2 Full Baths, 1 Partial
Kevin A Stewart, Listing Office: Stewart Team R E Partners Inc
Is 48038, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 48038 has remained a Seller's Market.
Key Takeaway
48038 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48038, MI
How much do homes in 48038, MI cost?
Median Sold Price
$283,875
$155/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$42,558(+17.6%)
Key Takeaway
Homes in 48038 have sold for 17.6% more than they did a year ago.
Summary: The median home sold price in 48038 was $283,875 in November 2024, up 17.6% from last year, and the median price per square foot was $155.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $113.5K | $117.5K | +3.5% |
| 2 Bedrooms | $202.7K | $221K | +9.0% |
| 3 Bedrooms | $325K | $344.2K | +5.9% |
| 4 Bedrooms | $340K | $380K | +11.8% |
| 5+ Bedrooms | $460K | $535K | +16.3% |
Summary: 48038 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 11.8%, and 5+ bedroom homes increased by 16.3%.
Housing Supply in 48038, MI
How many homes are available in 48038, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 140 | 132 | -5.7% |
Summary: The 48038 real estate market had 132 homes for sale in November 2024, a 5.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 71 | 63 | -11.3% |
| 3 Bedrooms | 38 | 42 | +10.5% |
| 4 Bedrooms | 24 | 21 | -12.5% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The 48038 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.3%, 3 bedroom homes increased by 10.5%, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 46 | 31 | -32.6% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48038, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in 48038 in November 2024, down by 32.6% month-over-month. Of the 31 sold homes, 32% were sold under asking, 23% were sold at asking, and 45% were sold over asking.
Days on Market for 48038, MI
How long does it take to sell a home in 48038, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 15 Days | 32 Days | +105.8% |
Summary: Homes in 48038 had an average of 32 days on market in Nov 2024, up by 105.8% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48038 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 31 homes were sold in 48038; 68% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.