Is 48122, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48122 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48122 has remained a Seller's Market.

Key Takeaway

48122 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48122, MI

How much do homes in 48122, MI cost?

Median Sold Price

$145,000

$144/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,000(+3.6%)

Key Takeaway

Homes in 48122 have sold for 3.6% more than they did a year ago.

Summary: The median home sold price in 48122 was $145,000 in October 2024, up 3.6% from last year, and the median price per square foot was $144.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 -$86K
N/A
2 $111K$118K
+6.3%
3 $144.5K$160K
+10.7%
4 $170.1K$175K
+2.9%
5+ -$185K
N/A

Summary: 48122 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 6.3%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Zip Codes

48217
+15.3%
48101
+9.4%
48146
+7.1%
48122
+3.6%

Housing Supply in 48122, MI

How many homes are available in 48122, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
2524-4.0%

Summary: The 48122 real estate market had 24 homes for sale in October 2024, a 4.0% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 99
0.0%
3 1313
0.0%
4 21
-50.0%
5+ 00
0.0%

Summary: The 48122 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 50%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
97-22.2%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48122, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.

Summary: A total of 7 homes were sold or pending in 48122 in October 2024, down by 22.2% month-over-month. Of the 7 sold homes, 29% were sold under asking, 14% were sold at asking, and 57% were sold over asking.

Days on Market for 48122, MI

How long does it take to sell a home in 48122, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
4 Days20 Days+357.8%

Summary: Homes in 48122 had an average of 20 days on market in Oct 2024, up by 357.8% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48122 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 7 homes were sold in 48122; 86% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

Newest Listings in 48122, MI

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