Is 48092, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48092 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48092 has remained a Seller's Market.

Key Takeaway

48092 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48092, MI

How much do homes in 48092, MI cost?

Median Sold Price

$251,000

$186/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$11,000(+4.6%)

Key Takeaway

Homes in 48092 have sold for 4.6% more than they did a year ago.

Summary: The median home sold price in 48092 was $251,000 in October 2024, up 4.6% from last year, and the median price per square foot was $186.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$105K
N/A
2 $216K$200K
-7.4%
3 $239.9K$255K
+6.3%
4 $285.2K$314K
+10.1%
5+ $354.5K$331K
-6.6%

Summary: 48092 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 7.4%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes decreased by 6.6%.

Median Sold Price Compared To Nearby Zip Codes

48015
+22.7%
48093
+6.7%
48091
+6.2%
48310
+4.9%
48092
+4.6%

Housing Supply in 48092, MI

How many homes are available in 48092, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
89101+13.5%

Summary: The 48092 real estate market had 101 homes for sale in October 2024, a 13.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 2327
+17.4%
3 5054
+8.0%
4 1620
+25.0%
5+ 00
0.0%

Summary: The 48092 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 increased by 17.4%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 25%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2531+24.0%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48092, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.

Summary: A total of 31 homes were sold or pending in 48092 in October 2024, up by 24.0% month-over-month. Of the 31 sold homes, 35% were sold under asking, 19% were sold at asking, and 45% were sold over asking.

Days on Market for 48092, MI

How long does it take to sell a home in 48092, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
23 Days20 Days-9.5%

Summary: Homes in 48092 had an average of 20 days on market in Oct 2024, down by 9.5% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48092 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 31 homes were sold in 48092; 74% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 3% 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 48092, MI

Nearby Markets to 48092, MI