$1,888 Closing Credit*
$159,000
1,193 SqFt
3 Beds
•1 Full Bath
Corey C Bellino, Listing Office: Coldwell Banker Haynes R.E. in Monroe
Is 48161, 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, 48161 was a Seller's Market.
Key Takeaway
48161 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48161, MI
How much do homes in 48161, MI cost?
Median Sold Price
$184,000
$128/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$5,900(-3.1%)
Key Takeaway
Homes in 48161 have sold for 3.1% less than they did a year ago.
Summary: The median home sold price in 48161 was $184,000 in November 2024, down 3.1% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $102K | N/A |
| 2 Bedrooms | $144.9K | $150K | +3.5% |
| 3 Bedrooms | $194K | $195K | 0.5% |
| 4 Bedrooms | $235K | $205K | -12.8% |
| 5+ Bedrooms | $350K | $271K | -22.6% |
Summary: 48161 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 3.5%, 3 bedroom homes increased by 0.5%, 4 bedroom homes decreased by 12.8%, and 5+ bedroom homes decreased by 22.6%.
Housing Supply in 48161, MI
How many homes are available in 48161, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 82 | 79 | -3.7% |
Summary: The 48161 real estate market had 79 homes for sale in November 2024, a 3.7% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 12 | 13 | +8.3% |
| 3 Bedrooms | 40 | 41 | +2.5% |
| 4 Bedrooms | 21 | 17 | -19.0% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The 48161 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 increased by 8.3%, 3 bedroom homes increased by 2.5%, 4 bedroom homes decreased by 19%, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 25 | 13 | -48.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48161, you could pay more than the asking price. 46.2% of homes here sold above asking price last month.
Summary: A total of 13 homes were sold or pending in 48161 in November 2024, down by 48.0% month-over-month. Of the 13 sold homes, 38% were sold under asking, 15% were sold at asking, and 46% were sold over asking.
Days on Market for 48161, MI
How long does it take to sell a home in 48161, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 23 Days | 52 Days | +120.4% |
Summary: Homes in 48161 had an average of 52 days on market in Nov 2024, up by 120.4% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48161 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 13 homes were sold in 48161; 46% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.