Is 48043, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48043 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48043 has remained a Seller's Market.

Key Takeaway

48043 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48043, MI

How much do homes in 48043, MI cost?

Median Sold Price

$171,000

$134/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$1,000(+0.6%)

Key Takeaway

Homes in 48043 have sold for 0.6% more than they did a year ago.

Summary: The median home sold price in 48043 was $171,000 in October 2024, up 0.6% from last year, and the median price per square foot was $134.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$61K
N/A
2 $123K$125K
+1.6%
3 $170K$200K
+17.6%
4 $177.5K$197.5K
+11.3%
5+ $222K$267.5K
+20.5%

Summary: 48043 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 1.6%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 20.5%.

Median Sold Price Compared To Nearby Zip Codes

48045
+22.3%
48036
+17.3%
48043
+0.6%

Housing Supply in 48043, MI

How many homes are available in 48043, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6564-1.5%

Summary: The 48043 real estate market had 64 homes for sale in October 2024, a 1.5% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 03
+100.0%
2 1511
-26.7%
3 3535
0.0%
4 1313
0.0%
5+ 22
0.0%

Summary: The 48043 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 26.7%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2014-30.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48043, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in 48043 in October 2024, down by 30.0% month-over-month. Of the 14 sold homes, 43% were sold under asking, 7% were sold at asking, and 50% were sold over asking.

Days on Market for 48043, MI

How long does it take to sell a home in 48043, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days19 Days+24.1%

Summary: Homes in 48043 had an average of 19 days on market in Oct 2024, up by 24.1% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48043 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 14 homes were sold in 48043; 93% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in 48043, MI

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