$995,000
2.98 Acres
Land
Ahmed Fayz, Mike Fayz, Listing Office: Real Estate One-Dbn Hts
Is 48131, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, 48131 was a Neutral Market.
Key Takeaway
48131 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48131, MI
How much do homes in 48131, MI cost?
Median Sold Price
$270,000
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$22,000(-7.5%)
Key Takeaway
Homes in 48131 have sold for 7.5% less than they did a year ago.
Summary: The median home sold price in 48131 was $270,000 in November 2024, down 7.5% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $100K | - | N/A |
| 2 Bedrooms | $172K | $175.9K | +2.3% |
| 3 Bedrooms | $280K | $285.5K | +2.0% |
| 4 Bedrooms | $355K | $377.9K | +6.5% |
| 5+ Bedrooms | $354K | $316K | -10.7% |
Summary: 48131 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 2.3%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes decreased by 10.7%.
Median Sold Price Compared To Nearby Zip Codes
| 49270 | $216K | $295K | +36.5% |
| 49238 | $176.5K | $188.5K | +6.8% |
| 48131 | $292K | $270K | -7.5% |
Housing Supply in 48131, MI
How many homes are available in 48131, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 34 | 30 | -11.8% |
Summary: The 48131 real estate market had 30 homes for sale in November 2024, a 11.8% 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 | 4 | 3 | -25.0% |
| 3 Bedrooms | 25 | 20 | -20.0% |
| 4 Bedrooms | 4 | 6 | +50.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48131 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 decreased by 25%, 3 bedroom homes decreased by 20%, 4 bedroom homes increased by 50%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 8 | 6 | -25.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48131, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in 48131 in November 2024, down by 25.0% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for 48131, MI
How long does it take to sell a home in 48131, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 31 Days | 21 Days | -30.6% |
Summary: Homes in 48131 had an average of 21 days on market in Nov 2024, down by 30.6% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48131 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 6 homes were sold in 48131; 50% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
