Is 48093, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48093 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48093 has remained a Seller's Market.

Key Takeaway

48093 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48093, MI

How much do homes in 48093, MI cost?

Median Sold Price

$238,000

$165/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$15,000(+6.7%)

Key Takeaway

Homes in 48093 have sold for 6.7% more than they did a year ago.

Summary: The median home sold price in 48093 was $238,000 in October 2024, up 6.7% from last year, and the median price per square foot was $165.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $93K$96.9K
+4.3%
2 $138K$160K
+15.9%
3 $233.4K$255K
+9.2%
4 $284.5K$320K
+12.5%
5+ $210K$370K
+76.2%

Summary: 48093 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes increased by 15.9%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 12.5%, and 5+ bedroom homes increased by 76.2%.

Median Sold Price Compared To Nearby Zip Codes

48093
+6.7%
48092
+4.6%
48088
+4.1%
48312
+3.6%

Housing Supply in 48093, MI

How many homes are available in 48093, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
94102+8.5%

Summary: The 48093 real estate market had 102 homes for sale in October 2024, a 8.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 76
-14.3%
2 2124
+14.3%
3 5458
+7.4%
4 1213
+8.3%
5+ 01
+100.0%

Summary: The 48093 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 14.3%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2831+10.7%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48093, you may be able to get a good deal. 38.7% of homes here sold below asking price last month.

Summary: A total of 31 homes were sold or pending in 48093 in October 2024, up by 10.7% month-over-month. Of the 31 sold homes, 39% were sold under asking, 23% were sold at asking, and 39% were sold over asking.

Days on Market for 48093, MI

How long does it take to sell a home in 48093, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
20 Days22 Days+10.3%

Summary: Homes in 48093 had an average of 22 days on market in Oct 2024, up by 10.3% compared to last year.

Breakdown of Home Sale Times

23 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48093 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 31 homes were sold in 48093; 74% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 0% 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 48093, MI

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