$1,068 Closing Credit*
$89,900
2,093 SqFt
4 Beds
•1 Full Bath, 1 Partial
Julie Gerweck-Dazel, Listing Office: Gerweck Real Estate in Monroe
Is 48166, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 48166 was a Seller's Market.
Key Takeaway
48166 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 48166, MI
How much do homes in 48166, MI cost?
Median Sold Price
$299,900
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$49,900(+20.0%)
Key Takeaway
Homes in 48166 have sold for 20% more than they did a year ago.
Summary: The median home sold price in 48166 was $299,900 in October 2024, up 20% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $119.7K | $155K | +29.4% |
| 3 Bedrooms | $239.9K | $246K | +2.5% |
| 4 Bedrooms | $300K | $349.8K | +16.6% |
| 5+ Bedrooms | $225K | $477.4K | +112.2% |
Summary: 48166 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 29.4%, 3 bedroom homes increased by 2.5%, 4 bedroom homes increased by 16.6%, and 5+ bedroom homes increased by 112.2%.
Housing Supply in 48166, MI
How many homes are available in 48166, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 58 | 54 | -6.9% |
Summary: The 48166 real estate market had 54 homes for sale in October 2024, a 6.9% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 3 | 1 | -66.7% |
| 3 Bedrooms | 32 | 28 | -12.5% |
| 4 Bedrooms | 22 | 24 | +9.1% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48166 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 decreased by 66.7%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 12 | 9 | -25.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48166, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in 48166 in October 2024, down by 25.0% month-over-month. Of the 9 sold homes, 33% were sold under asking, 22% were sold at asking, and 44% were sold over asking.
Days on Market for 48166, MI
How long does it take to sell a home in 48166, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 28 Days | 43 Days | +54.8% |
Summary: Homes in 48166 had an average of 43 days on market in Oct 2024, up by 54.8% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48166 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 9 homes were sold in 48166; 67% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
