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 23 Days Ago

Newest Listings in 48097, MI

Nearby Markets to 48097, MI