Is 48097, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48097 is a seller's market

Buyer's
Market

Difference Since Last Month

Since last month, 48097 has remained a Seller's Market.

Key Takeaway

48097 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48097, MI

How much do homes in 48097, MI cost?

Median Sold Price

$202,500

$142/sqft

Based on all homes sold in October 2024.

Difference Since Last Month

-$2,500(-1.2%)

Key Takeaway

Homes in 48097 have sold for 1.2% less than they did a month ago.

Summary: The median home sold price in 48097 was $202,500 in October 2024, down 1.2% from last month, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 --
N/A
2 $265K$143.2K
-45.9%
3 $55K$234K
+325.5%
4 $195K-
N/A
5+ $282K-
N/A

Summary: 48097 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 decreased by 45.9%, 3 bedroom homes increased by 325.5%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

48454
+74.6%
48006
+4.4%
48097
-1.2%
48022
-2.0%
48032
-28.6%

Housing Supply in 48097, MI

How many homes are available in 48097, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
22220.0%

Summary: The 48097 real estate market had 22 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 44
0.0%
3 1316
+23.1%
4 32
-33.3%
5+ 20
-100.0%

Summary: The 48097 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 increased by 23.1%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
660.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48097, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 6 homes were sold or pending in 48097 in October 2024, the same as the previous month. Of the 6 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for 48097, MI

How long does it take to sell a home in 48097, MI?

Average Sale Time

Sep 2024Oct 2024CHANGE
40 Days36 Days-11.8%

Summary: Homes in 48097 had an average of 36 days on market in Oct 2024, down by 11.8% compared to last month.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48097 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 6 homes were sold in 48097; 67% of homes were sold within 30 days, 33% 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 4 Days Ago

Newest Listings in 48097, MI

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