$4,453 Closing Credit*
$375,000
2,044 SqFt
3 Beds
•3 Full Baths
Jason C Matt, Listing Office: EXP Z Real Estate
Is 48118, 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, 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
$421,650
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$44,150(+11.7%)
Key Takeaway
Homes in 48118 have sold for 11.7% more than they did a year ago.
Summary: The median home sold price in 48118 was $421,650 in November 2024, up 11.7% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $257.5K | $274K | +6.4% |
| 3 Bedrooms | $375K | $416.5K | +11.1% |
| 4 Bedrooms | $434.6K | $490K | +12.7% |
| 5+ Bedrooms | $600K | $523K | -12.8% |
Summary: 48118 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.4%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes decreased by 12.8%.
Housing Supply in 48118, MI
How many homes are available in 48118, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 53 | 48 | -9.4% |
Summary: The 48118 real estate market had 48 homes for sale in November 2024, a 9.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 5 | 0.0% |
| 3 Bedrooms | 27 | 23 | -14.8% |
| 4 Bedrooms | 17 | 16 | -5.9% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The 48118 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 14.8%, 4 bedroom homes decreased by 5.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 11 | 24 | +118.2% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48118, you may be able to get a good deal. 70.8% of homes here sold below asking price last month.
Summary: A total of 24 homes were sold or pending in 48118 in November 2024, up by 118.2% month-over-month. Of the 24 sold homes, 71% were sold under asking, 21% were sold at asking, and 8% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 45 Days | 61 Days | +36.8% |
Summary: Homes in 48118 had an average of 61 days on market in Nov 2024, up by 36.8% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48118 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 24 homes were sold in 48118; 38% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
