$4,334 Closing Credit*
$365,000
2,216 SqFt
3 Full Baths
Mike Shannon, Listing Office: Metropolitan Real Estate
Is 48111, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 48111 was a Seller's Market.
Key Takeaway
48111 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48111, MI
How much do homes in 48111, MI cost?
Median Sold Price
$275,000
$177/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$3,200(-1.2%)
Key Takeaway
Homes in 48111 have sold for 1.2% less than they did a year ago.
Summary: The median home sold price in 48111 was $275,000 in October 2024, down 1.2% from last year, and the median price per square foot was $177.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135K | $410K | +203.7% |
| 2 Bedrooms | $158.2K | $212.7K | +34.4% |
| 3 Bedrooms | $269K | $279.5K | +3.9% |
| 4 Bedrooms | $355K | $371K | +4.5% |
| 5+ Bedrooms | $403.5K | $397K | -1.6% |
Summary: 48111 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 203.7%, 2 bedroom homes increased by 34.4%, 3 bedroom homes increased by 3.9%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes decreased by 1.6%.
Housing Supply in 48111, MI
How many homes are available in 48111, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 112 | 137 | +22.3% |
Summary: The 48111 real estate market had 137 homes for sale in October 2024, a 22.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 4 | 0.0% |
| 2 Bedrooms | 16 | 19 | +18.8% |
| 3 Bedrooms | 47 | 65 | +38.3% |
| 4 Bedrooms | 37 | 40 | +8.1% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The 48111 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 increased by 18.8%, 3 bedroom homes increased by 38.3%, 4 bedroom homes increased by 8.1%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 27 | 19 | -29.6% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48111, you may be able to get a good deal. 42.1% of homes here sold below asking price last month.
Summary: A total of 19 homes were sold or pending in 48111 in October 2024, down by 29.6% month-over-month. Of the 19 sold homes, 42% were sold under asking, 16% were sold at asking, and 42% were sold over asking.
Days on Market for 48111, MI
How long does it take to sell a home in 48111, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 24 Days | 22 Days | -6.1% |
Summary: Homes in 48111 had an average of 22 days on market in Oct 2024, down by 6.1% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48111 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 19 homes were sold in 48111; 79% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
