$1,188 Closing Credit*
$100,000
812 SqFt
2 Beds
•1 Full Bath
Ryan Milo, Listing Office: EXP Realty - Shelby
Is 48047, 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, 48047 has remained a Seller's Market.
Key Takeaway
48047 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48047, MI
How much do homes in 48047, MI cost?
Median Sold Price
$336,416
$194/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$5,816(+1.8%)
Key Takeaway
Homes in 48047 have sold for 1.8% more than they did a year ago.
Summary: The median home sold price in 48047 was $336,416 in October 2024, up 1.8% from last year, and the median price per square foot was $194.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102.5K | - | N/A |
| 2 Bedrooms | $205K | $196K | -4.4% |
| 3 Bedrooms | $323K | $336.5K | +4.2% |
| 4 Bedrooms | $400K | $435K | +8.8% |
| 5+ Bedrooms | $455K | $565K | +24.2% |
Summary: 48047 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 decreased by 4.4%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 8.8%, and 5+ bedroom homes increased by 24.2%.
Housing Supply in 48047, MI
How many homes are available in 48047, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 156 | 163 | +4.5% |
Summary: The 48047 real estate market had 163 homes for sale in October 2024, a 4.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 34 | 34 | 0.0% |
| 3 Bedrooms | 71 | 73 | +2.8% |
| 4 Bedrooms | 46 | 50 | +8.7% |
| 5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The 48047 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 8.7%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 50 | 41 | -18.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48047, you could pay more than the asking price. 43.9% of homes here sold above asking price last month.
Summary: A total of 41 homes were sold or pending in 48047 in October 2024, down by 18.0% month-over-month. Of the 41 sold homes, 29% were sold under asking, 27% were sold at asking, and 44% were sold over asking.
Days on Market for 48047, MI
How long does it take to sell a home in 48047, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 18 Days | 47 Days | +154.3% |
Summary: Homes in 48047 had an average of 47 days on market in Oct 2024, up by 154.3% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48047 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 41 homes were sold in 48047; 63% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 10% 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. 
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.