$89,900
0.46 Acres
Land
Jonathan E Wright, Listing Office: O'Connor 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 October 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
$224,500
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$6,250(+2.9%)
Key Takeaway
Homes in 48040 have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in 48040 was $224,500 in October 2024, up 2.9% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $121.5K | N/A |
| 2 Bedrooms | $142K | $175K | +23.2% |
| 3 Bedrooms | $216K | $235K | +8.8% |
| 4 Bedrooms | $323K | $350K | +8.4% |
| 5+ Bedrooms | $233.8K | $235K | 0.5% |
Summary: 48040 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 23.2%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 8.4%, and 5+ bedroom homes increased by 0.5%.
Housing Supply in 48040, MI
How many homes are available in 48040, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 54 | 48 | -11.1% |
Summary: The 48040 real estate market had 48 homes for sale in October 2024, a 11.1% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 14 | 13 | -7.1% |
| 3 Bedrooms | 26 | 25 | -3.8% |
| 4 Bedrooms | 11 | 8 | -27.3% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The 48040 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes decreased by 27.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 17 | 12 | -29.4% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48040, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in 48040 in October 2024, down by 29.4% month-over-month. Of the 12 sold homes, 67% were sold under asking, 8% were sold at asking, and 25% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 23 Days | 28 Days | +20.0% |
Summary: Homes in 48040 had an average of 28 days on market in Oct 2024, up by 20% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
0 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 October 2024, 12 homes were sold in 48040; 58% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 0% 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.