$2,464 Closing Credit*
$207,500
395 SqFt
Studio
•1 Full Bath
Elizabeth Brien, Listing Office: The Charles Reinhart Company
Is 48104, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 48104 has remained a Seller's Market.
Key Takeaway
48104 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48104, MI
How much do homes in 48104, MI cost?
Median Sold Price
$507,950
$313/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$11,333(-2.2%)
Key Takeaway
Homes in 48104 have sold for 2.2% less than they did a year ago.
Summary: The median home sold price in 48104 was $507,950 in November 2024, down 2.2% from last year, and the median price per square foot was $313.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $225K | $252.5K | +12.2% |
| 2 Bedrooms | $280.6K | $302.5K | +7.8% |
| 3 Bedrooms | $530K | $510K | -3.8% |
| 4 Bedrooms | $641K | $718K | +12.0% |
| 5+ Bedrooms | $1.0M | $1.2M | +10.2% |
Summary: 48104 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.2%, 2 bedroom homes increased by 7.8%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes increased by 12%, and 5+ bedroom homes increased by 10.2%.
Housing Supply in 48104, MI
How many homes are available in 48104, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 99 | 80 | -19.2% |
Summary: The 48104 real estate market had 80 homes for sale in November 2024, a 19.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 1 | -87.5% |
| 2 Bedrooms | 18 | 18 | 0.0% |
| 3 Bedrooms | 35 | 31 | -11.4% |
| 4 Bedrooms | 22 | 17 | -22.7% |
| 5+ Bedrooms | 16 | 13 | -18.8% |
Summary: The 48104 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 87.5%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 11.4%, 4 bedroom homes decreased by 22.7%, and 5+ bedroom homes decreased by 18.8%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 28 | 22 | -21.4% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48104, you could pay more than the asking price. 40.9% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in 48104 in November 2024, down by 21.4% month-over-month. Of the 22 sold homes, 27% were sold under asking, 32% were sold at asking, and 41% were sold over asking.
Days on Market for 48104, MI
How long does it take to sell a home in 48104, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 32 Days | 42 Days | +32.4% |
Summary: Homes in 48104 had an average of 42 days on market in Nov 2024, up by 32.4% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48104 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 22 homes were sold in 48104; 45% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 14% 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.