Is 48124, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48124 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48124 has remained a Seller's Market.

Key Takeaway

48124 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48124, MI

How much do homes in 48124, MI cost?

Median Sold Price

$236,833

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$23,833(+11.2%)

Key Takeaway

Homes in 48124 have sold for 11.2% more than they did a year ago.

Summary: The median home sold price in 48124 was $236,833 in October 2024, up 11.2% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $80K$82K
+2.5%
2 $148.7K$160K
+7.6%
3 $213K$239K
+12.2%
4 $320K$330K
+3.1%
5+ $359.9K$425K
+18.1%

Summary: 48124 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.5%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes increased by 18.1%.

Median Sold Price Compared To Nearby Zip Codes

48125
+14.6%
48127
+14.1%
48124
+11.2%
48128
+10.3%
48101
+9.4%

Housing Supply in 48124, MI

How many homes are available in 48124, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
110116+5.5%

Summary: The 48124 real estate market had 116 homes for sale in October 2024, a 5.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 68
+33.3%
2 2221
-4.5%
3 6569
+6.2%
4 1718
+5.9%
5+ 00
0.0%

Summary: The 48124 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes decreased by 4.5%, 3 bedroom homes increased by 6.2%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4643-6.5%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

9 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48124, you could pay more than the asking price. 51.2% of homes here sold above asking price last month.

Summary: A total of 43 homes were sold or pending in 48124 in October 2024, down by 6.5% month-over-month. Of the 43 sold homes, 28% were sold under asking, 21% were sold at asking, and 51% were sold over asking.

Days on Market for 48124, MI

How long does it take to sell a home in 48124, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
19 Days13 Days-33.3%

Summary: Homes in 48124 had an average of 13 days on market in Oct 2024, down by 33.3% compared to last year.

Breakdown of Home Sale Times

35 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48124 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 43 homes were sold in 48124; 81% of homes were sold within 30 days, 19% 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 20 Days Ago

Newest Listings in 48124, MI

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