Is 48062, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48062 is a seller's market

Buyer's
Market

Difference Since Last Month

Last month, 48062 was a Neutral Market.

Key Takeaway

48062 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48062, MI

How much do homes in 48062, MI cost?

Median Sold Price

$305,000

$190/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

+$13,500(+4.6%)

Key Takeaway

Homes in 48062 have sold for 4.6% more than they did a month ago.

Summary: The median home sold price in 48062 was $305,000 in October 2024, up 4.6% from last month, and the median price per square foot was $190.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 --
N/A
2 $173K$179.9K
+4.0%
3 $395K$295K
-25.3%
4 -$435.2K
N/A
5+ --
N/A

Summary: 48062 housing prices by bedroom type for October 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4%, 3 bedroom homes decreased by 25.3%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

48063
+45.9%
48062
+4.6%
48050
0.0%
48064
-18.6%
48041
-26.5%

Housing Supply in 48062, MI

How many homes are available in 48062, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4752+10.6%

Summary: The 48062 real estate market had 52 homes for sale in October 2024, a 10.6% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 88
0.0%
3 3029
-3.3%
4 79
+28.6%
5+ 26
+200.0%

Summary: The 48062 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 decreased by 3.3%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 200%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
711+57.1%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48062, you could pay more than the asking price. 45.5% of homes here sold above asking price last month.

Summary: A total of 11 homes were sold or pending in 48062 in October 2024, up by 57.1% month-over-month. Of the 11 sold homes, 27% were sold under asking, 27% were sold at asking, and 45% were sold over asking.

Days on Market for 48062, MI

How long does it take to sell a home in 48062, MI?

Average Sale Time

Sep 2024Oct 2024CHANGE
26 Days38 Days+48.6%

Summary: Homes in 48062 had an average of 38 days on market in Oct 2024, up by 48.6% compared to last month.

Breakdown of Home Sale Times

8 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48062 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 11 homes were sold in 48062; 73% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 18% 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 23 Days Ago

Newest Listings in 48062, MI

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