$3,502 Closing Credit*
$294,900
1,383 SqFt
4 Beds
•3 Full Baths
Rhonda Cerone, Listing Office: Mi Choice Realty
Is 48117, 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, 48117 has remained a Seller's Market.
Key Takeaway
48117 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48117, MI
How much do homes in 48117, MI cost?
Median Sold Price
$295,000
$164/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$52,550(+21.7%)
Key Takeaway
Homes in 48117 have sold for 21.7% more than they did a year ago.
Summary: The median home sold price in 48117 was $295,000 in October 2024, up 21.7% from last year, and the median price per square foot was $164.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $135K | - | N/A |
| 2 Bedrooms | $180K | $178.5K | -0.8% |
| 3 Bedrooms | $239.9K | $279.9K | +16.7% |
| 4 Bedrooms | $327.5K | $340K | +3.8% |
| 5+ Bedrooms | $645K | $426K | -34.0% |
Summary: 48117 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.8%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes decreased by 34%.
Housing Supply in 48117, MI
How many homes are available in 48117, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 17 | 16 | -5.9% |
Summary: The 48117 real estate market had 16 homes for sale in October 2024, a 5.9% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 0 | -100.0% |
| 3 Bedrooms | 10 | 11 | +10.0% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48117 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 decreased by 100%, 3 bedroom homes increased by 10%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 8 | 5 | -37.5% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48117, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in 48117 in October 2024, down by 37.5% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for 48117, MI
How long does it take to sell a home in 48117, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 14 Days | 38 Days | +162.2% |
Summary: Homes in 48117 had an average of 38 days on market in Oct 2024, up by 162.2% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48117 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 5 homes were sold in 48117; 60% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 20% 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.