Is 48089, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48089 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48089 has remained a Seller's Market.

Key Takeaway

48089 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48089, MI

How much do homes in 48089, MI cost?

Median Sold Price

$125,000

$125/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$8,250(+7.1%)

Key Takeaway

Homes in 48089 have sold for 7.1% more than they did a year ago.

Summary: The median home sold price in 48089 was $125,000 in October 2024, up 7.1% from last year, and the median price per square foot was $125.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $62K$68K
+9.7%
2 $87.7K$96.5K
+10.0%
3 $130K$143.5K
+10.4%
4 $125K$131.7K
+5.4%
5+ $160K$150K
-6.3%

Summary: 48089 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.7%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes decreased by 6.3%.

Median Sold Price Compared To Nearby Zip Codes

48015
+22.7%
48205
+20.8%
48021
+12.8%
48089
+7.1%
48093
+6.7%

Housing Supply in 48089, MI

How many homes are available in 48089, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
139160+15.1%

Summary: The 48089 real estate market had 160 homes for sale in October 2024, a 15.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 02
+100.0%
2 3437
+8.8%
3 8292
+12.2%
4 1724
+41.2%
5+ 65
-16.7%

Summary: The 48089 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 increased by 8.8%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3642+16.7%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48089, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 42 homes were sold or pending in 48089 in October 2024, up by 16.7% month-over-month. Of the 42 sold homes, 43% were sold under asking, 19% were sold at asking, and 38% were sold over asking.

Days on Market for 48089, MI

How long does it take to sell a home in 48089, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
20 Days22 Days+8.1%

Summary: Homes in 48089 had an average of 22 days on market in Oct 2024, up by 8.1% compared to last year.

Breakdown of Home Sale Times

28 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48089 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 42 homes were sold in 48089; 67% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 5% 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 21 Days Ago

Newest Listings in 48089, MI

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