Is 48045, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48045 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48045 has remained a Seller's Market.

Key Takeaway

48045 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48045, MI

How much do homes in 48045, MI cost?

Median Sold Price

$287,500

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$52,500(+22.3%)

Key Takeaway

Homes in 48045 have sold for 22.3% more than they did a year ago.

Summary: The median home sold price in 48045 was $287,500 in October 2024, up 22.3% from last year, and the median price per square foot was $186.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $119.9K$99.9K
-16.7%
2 $175.2K$186K
+6.1%
3 $270K$335K
+24.1%
4 $385K$510K
+32.5%
5+ $314.9K$520K
+65.1%

Summary: 48045 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 24.1%, 4 bedroom homes increased by 32.5%, and 5+ bedroom homes increased by 65.1%.

Median Sold Price Compared To Nearby Zip Codes

48045
+22.3%
48036
+17.3%
48082
+14.1%
48047
+1.8%
48043
+0.6%

Housing Supply in 48045, MI

How many homes are available in 48045, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
107115+7.5%

Summary: The 48045 real estate market had 115 homes for sale in October 2024, a 7.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 34
+33.3%
2 3338
+15.2%
3 4548
+6.7%
4 2422
-8.3%
5+ 23
+50.0%

Summary: The 48045 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 15.2%, 3 bedroom homes increased by 6.7%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2231+40.9%

Asking Price vs. Sold Price

14 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48045, you may be able to get a good deal. 45.2% of homes here sold below asking price last month.

Summary: A total of 31 homes were sold or pending in 48045 in October 2024, up by 40.9% month-over-month. Of the 31 sold homes, 45% were sold under asking, 23% were sold at asking, and 32% were sold over asking.

Days on Market for 48045, MI

How long does it take to sell a home in 48045, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
17 Days22 Days+29.3%

Summary: Homes in 48045 had an average of 22 days on market in Oct 2024, up by 29.3% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48045 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 31 homes were sold in 48045; 77% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 0% 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 48045, MI

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