$5,213 Closing Credit*
$439,000
2,072 SqFt
3 Beds
•2 Full Baths
Willem Van Reesema, Listing Office: The Charles Reinhart Company
Is 48118, 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, 48118 has remained a Seller's Market.
Key Takeaway
48118 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48118, MI
How much do homes in 48118, MI cost?
Median Sold Price
$421,245
$201/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$55,295(+15.1%)
Key Takeaway
Homes in 48118 have sold for 15.1% more than they did a year ago.
Summary: The median home sold price in 48118 was $421,245 in October 2024, up 15.1% from last year, and the median price per square foot was $201.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $255K | $273K | +7.1% |
| 3 Bedrooms | $367.9K | $413.6K | +12.4% |
| 4 Bedrooms | $412.5K | $490K | +18.8% |
| 5+ Bedrooms | $600K | $514K | -14.3% |
Summary: 48118 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 increased by 7.1%, 3 bedroom homes increased by 12.4%, 4 bedroom homes increased by 18.8%, and 5+ bedroom homes decreased by 14.3%.
Housing Supply in 48118, MI
How many homes are available in 48118, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 59 | 56 | -5.1% |
Summary: The 48118 real estate market had 56 homes for sale in October 2024, a 5.1% 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 | 5 | 5 | 0.0% |
| 3 Bedrooms | 29 | 29 | 0.0% |
| 4 Bedrooms | 21 | 18 | -14.3% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The 48118 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 14.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 20 | 10 | -50.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48118, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in 48118 in October 2024, down by 50.0% month-over-month. Of the 10 sold homes, 50% were sold under asking, 20% were sold at asking, and 30% were sold over asking.
Days on Market for 48118, MI
How long does it take to sell a home in 48118, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 30 Days | 35 Days | +16.8% |
Summary: Homes in 48118 had an average of 35 days on market in Oct 2024, up by 16.8% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48118 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 10 homes were sold in 48118; 60% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.