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 4 Days Ago

Newest Listings in 48124, MI

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