$7,719 Closing Credit*
$650,000
1,513 SqFt
3 Beds
•2 Full Baths
Martin Bouma, Mary Jo Hahn, Listing Office: Keller Williams Ann Arbor
Is 48103, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 48103 has remained a Seller's Market.
Key Takeaway
48103 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48103, MI
How much do homes in 48103, MI cost?
Median Sold Price
$507,500
$259/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$11,166(+2.2%)
Key Takeaway
Homes in 48103 have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in 48103 was $507,500 in October 2024, up 2.2% from last year, and the median price per square foot was $259.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $174.7K | +5.9% |
| 2 Bedrooms | $326K | $366K | +12.3% |
| 3 Bedrooms | $460K | $476K | +3.5% |
| 4 Bedrooms | $610K | $623K | +2.1% |
| 5+ Bedrooms | $837.5K | $866K | +3.4% |
Summary: 48103 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 12.3%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 2.1%, and 5+ bedroom homes increased by 3.4%.
Housing Supply in 48103, MI
How many homes are available in 48103, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 157 | 170 | +8.3% |
Summary: The 48103 real estate market had 170 homes for sale in October 2024, a 8.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 4 | +33.3% |
| 2 Bedrooms | 31 | 36 | +16.1% |
| 3 Bedrooms | 64 | 69 | +7.8% |
| 4 Bedrooms | 42 | 44 | +4.8% |
| 5+ Bedrooms | 17 | 17 | 0.0% |
Summary: The 48103 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes increased by 16.1%, 3 bedroom homes increased by 7.8%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 36 | 35 | -2.8% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48103, you could pay more than the asking price. 51.4% of homes here sold above asking price last month.
Summary: A total of 35 homes were sold or pending in 48103 in October 2024, down by 2.8% month-over-month. Of the 35 sold homes, 37% were sold under asking, 11% were sold at asking, and 51% were sold over asking.
Days on Market for 48103, MI
How long does it take to sell a home in 48103, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 22 Days | -43.5% |
Summary: Homes in 48103 had an average of 22 days on market in Oct 2024, down by 43.5% compared to last year.
Breakdown of Home Sale Times
27 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48103 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 35 homes were sold in 48103; 77% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.