$30 Closing Credit*
$2,500
2,504 SqFt
2 Beds
•1 Full Bath
Terri Fenelon, Alayna Iamarino, Listing Office: KW Professionals Brighton
Is 48116, 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, 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
$425,000
$189/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$37,339(+9.6%)
Key Takeaway
Homes in 48116 have sold for 9.6% more than they did a year ago.
Summary: The median home sold price in 48116 was $425,000 in November 2024, up 9.6% from last year, and the median price per square foot was $189.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $134K | $167.2K | +24.8% |
| 2 Bedrooms | $320K | $290K | -9.4% |
| 3 Bedrooms | $375K | $424K | +13.1% |
| 4 Bedrooms | $485K | $569.5K | +17.4% |
| 5+ Bedrooms | $620K | $959.2K | +54.7% |
Summary: 48116 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.8%, 2 bedroom homes decreased by 9.4%, 3 bedroom homes increased by 13.1%, 4 bedroom homes increased by 17.4%, and 5+ bedroom homes increased by 54.7%.
Housing Supply in 48116, MI
How many homes are available in 48116, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 125 | 113 | -9.6% |
Summary: The 48116 real estate market had 113 homes for sale in November 2024, a 9.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 31 | 35 | +12.9% |
| 3 Bedrooms | 55 | 43 | -21.8% |
| 4 Bedrooms | 34 | 29 | -14.7% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The 48116 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 12.9%, 3 bedroom homes decreased by 21.8%, 4 bedroom homes decreased by 14.7%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 39 | 32 | -17.9% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48116, you could pay more than the asking price. 40.6% of homes here sold above asking price last month.
Summary: A total of 32 homes were sold or pending in 48116 in November 2024, down by 17.9% month-over-month. Of the 32 sold homes, 34% were sold under asking, 25% were sold at asking, and 41% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 39 Days | 34 Days | -12.3% |
Summary: Homes in 48116 had an average of 34 days on market in Nov 2024, down by 12.3% compared to last year.
Breakdown of Home Sale Times
20 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 48116 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 32 homes were sold in 48116; 63% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.