$4,144 Closing Credit*
$349,000
1,440 SqFt
3 Beds
•1 Full Bath
Tami Simpson, Listing Office: Howard Hanna Real Estate
Is 48116, 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, 48116 has remained a Seller's Market.
Key Takeaway
48116 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48116, MI
How much do homes in 48116, MI cost?
Median Sold Price
$419,249
$235/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$33,258(+8.6%)
Key Takeaway
Homes in 48116 have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in 48116 was $419,249 in October 2024, up 8.6% from last year, and the median price per square foot was $235.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $134K | $159.5K | +19.0% |
| 2 Bedrooms | $320K | $295K | -7.8% |
| 3 Bedrooms | $375K | $403K | +7.5% |
| 4 Bedrooms | $499.9K | $563.7K | +12.8% |
| 5+ Bedrooms | $620K | $866.7K | +39.8% |
Summary: 48116 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19%, 2 bedroom homes decreased by 7.8%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes increased by 39.8%.
Housing Supply in 48116, MI
How many homes are available in 48116, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 130 | 128 | -1.5% |
Summary: The 48116 real estate market had 128 homes for sale in October 2024, a 1.5% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 1 | -66.7% |
| 2 Bedrooms | 28 | 31 | +10.7% |
| 3 Bedrooms | 55 | 57 | +3.6% |
| 4 Bedrooms | 37 | 35 | -5.4% |
| 5+ Bedrooms | 7 | 4 | -42.9% |
Summary: The 48116 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 3.6%, 4 bedroom homes decreased by 5.4%, and 5+ bedroom homes decreased by 42.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 35 | 36 | +2.9% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48116, you could pay more than the asking price. 42.9% of homes here sold above asking price last month.
Summary: A total of 36 homes were sold or pending in 48116 in October 2024, up by 2.9% month-over-month. Of the 35 sold homes, 40% were sold under asking, 17% were sold at asking, and 43% were sold over asking.
Days on Market for 48116, MI
How long does it take to sell a home in 48116, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 23 Days | 54 Days | +135.7% |
Summary: Homes in 48116 had an average of 54 days on market in Oct 2024, up by 135.7% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48116 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 36 homes were sold in 48116; 72% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 6% 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.