Is 48127, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48127 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48127 has remained a Seller's Market.

Key Takeaway

48127 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48127, MI

How much do homes in 48127, MI cost?

Median Sold Price

$262,500

$216/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$32,500(+14.1%)

Key Takeaway

Homes in 48127 have sold for 14.1% more than they did a year ago.

Summary: The median home sold price in 48127 was $262,500 in October 2024, up 14.1% from last year, and the median price per square foot was $216.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $56K$64K
+14.3%
2 $144.5K$165K
+14.2%
3 $228K$260K
+14.0%
4 $410K$415K
+1.2%
5+ $530.5K$459K
-13.5%

Summary: 48127 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.3%, 2 bedroom homes increased by 14.2%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes decreased by 13.5%.

Median Sold Price Compared To Nearby Zip Codes

48228
+29.7%
48127
+14.1%
48124
+11.2%
48128
+10.3%
48239
+9.0%

Housing Supply in 48127, MI

How many homes are available in 48127, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
9093+3.3%

Summary: The 48127 real estate market had 93 homes for sale in October 2024, a 3.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1111
0.0%
3 6465
+1.6%
4 1212
0.0%
5+ 35
+66.7%

Summary: The 48127 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 increased by 1.6%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 66.7%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
3530-14.3%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48127, you could pay more than the asking price. 53.3% of homes here sold above asking price last month.

Summary: A total of 30 homes were sold or pending in 48127 in October 2024, down by 14.3% month-over-month. Of the 30 sold homes, 33% were sold under asking, 13% were sold at asking, and 53% were sold over asking.

Days on Market for 48127, MI

How long does it take to sell a home in 48127, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
16 Days24 Days+45.4%

Summary: Homes in 48127 had an average of 24 days on market in Oct 2024, up by 45.4% compared to last year.

Breakdown of Home Sale Times

25 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48127 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 30 homes were sold in 48127; 83% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 7% 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 48127, MI

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