Is 48081, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48081 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48081 has remained a Seller's Market.

Key Takeaway

48081 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48081, MI

How much do homes in 48081, MI cost?

Median Sold Price

$247,500

$209/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$12,500(+5.3%)

Key Takeaway

Homes in 48081 have sold for 5.3% more than they did a year ago.

Summary: The median home sold price in 48081 was $247,500 in October 2024, up 5.3% from last year, and the median price per square foot was $209.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $72K$219.9K
+205.4%
2 $167K$204K
+22.2%
3 $235K$245K
+4.3%
4 $311.5K$369.5K
+18.6%
5+ $270K$327.5K
+21.3%

Summary: 48081 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 205.4%, 2 bedroom homes increased by 22.2%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 18.6%, and 5+ bedroom homes increased by 21.3%.

Median Sold Price Compared To Nearby Zip Codes

48082
+14.1%
48080
+13.2%
48066
+8.7%
48081
+5.3%

Housing Supply in 48081, MI

How many homes are available in 48081, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7882+5.1%

Summary: The 48081 real estate market had 82 homes for sale in October 2024, a 5.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 1011
+10.0%
3 5357
+7.5%
4 1212
0.0%
5+ 11
0.0%

Summary: The 48081 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 7.5%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2823-17.9%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48081, you may be able to get a good deal. 52.2% of homes here sold below asking price last month.

Summary: A total of 23 homes were sold or pending in 48081 in October 2024, down by 17.9% month-over-month. Of the 23 sold homes, 52% were sold under asking, 13% were sold at asking, and 35% were sold over asking.

Days on Market for 48081, MI

How long does it take to sell a home in 48081, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
25 Days20 Days-19.3%

Summary: Homes in 48081 had an average of 20 days on market in Oct 2024, down by 19.3% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48081 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 23 homes were sold in 48081; 83% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 4% 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 48081, MI

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