$2,196 Closing Credit*
$184,900
850 SqFt
2 Beds
•2 Full Baths
#50163100, Kimberly Tousignant, Listing Office: Community Choice Realty Inc.
Is 48040, 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, 48040 has remained a Seller's Market.
Key Takeaway
48040 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48040, MI
How much do homes in 48040, MI cost?
Median Sold Price
$225,000
$153/sqft
Based on all homes sold in the last 12 months.
The Median Sold Price hasn't changed since November 2023.
Key Takeaway
The sold price of homes in 48040 has remained the same since last year.
Summary: The median home sold price in 48040 was $225,000 in November 2024, the same as last year, and the median price per square foot was $153.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $60K | $133K | +121.7% |
| 2 Bedrooms | $154.5K | $175K | +13.3% |
| 3 Bedrooms | $224K | $240K | +7.1% |
| 4 Bedrooms | $321K | $350K | +9.0% |
| 5+ Bedrooms | $233.8K | $310K | +32.6% |
Summary: 48040 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 121.7%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 9%, and 5+ bedroom homes increased by 32.6%.
Housing Supply in 48040, MI
How many homes are available in 48040, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 48 | 50 | +4.2% |
Summary: The 48040 real estate market had 50 homes for sale in November 2024, a 4.2% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 13 | 15 | +15.4% |
| 3 Bedrooms | 25 | 26 | +4.0% |
| 4 Bedrooms | 8 | 6 | -25.0% |
| 5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The 48040 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 increased by 15.4%, 3 bedroom homes increased by 4%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 17 | +41.7% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48040, you may be able to get a good deal. 58.8% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in 48040 in November 2024, up by 41.7% month-over-month. Of the 17 sold homes, 59% were sold under asking, 18% were sold at asking, and 24% were sold over asking.
Days on Market for 48040, MI
How long does it take to sell a home in 48040, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 45 Days | 48 Days | +6.9% |
Summary: Homes in 48040 had an average of 48 days on market in Nov 2024, up by 6.9% compared to last year.
Breakdown of Home Sale Times
8 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48040 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 17 homes were sold in 48040; 47% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 24% 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.