$4,572 Closing Credit*
$385,000
1,738 SqFt
3 Beds
•3 Full Baths
Frank R Brace, Listing Office: KW Professionals
Is 48187, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 48187 has remained a Seller's Market.
Key Takeaway
48187 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48187, MI
How much do homes in 48187, MI cost?
Median Sold Price
$378,956
$209/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$27,789(+7.9%)
Key Takeaway
Homes in 48187 have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in 48187 was $378,956 in October 2024, up 7.9% from last year, and the median price per square foot was $209.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $160K | $227.5K | +42.2% |
| 2 Bedrooms | $211K | $265K | +25.6% |
| 3 Bedrooms | $322.2K | $355K | +10.2% |
| 4 Bedrooms | $460K | $490K | +6.5% |
| 5+ Bedrooms | $650K | $773.7K | +19.0% |
Summary: 48187 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 42.2%, 2 bedroom homes increased by 25.6%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 19%.
Housing Supply in 48187, MI
How many homes are available in 48187, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 125 | 127 | +1.6% |
Summary: The 48187 real estate market had 127 homes for sale in October 2024, a 1.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 14 | 10 | -28.6% |
| 3 Bedrooms | 56 | 51 | -8.9% |
| 4 Bedrooms | 45 | 56 | +24.4% |
| 5+ Bedrooms | 9 | 10 | +11.1% |
Summary: The 48187 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes decreased by 28.6%, 3 bedroom homes decreased by 8.9%, 4 bedroom homes increased by 24.4%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 45 | 37 | -17.8% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48187, you could pay more than the asking price. 48.6% of homes here sold above asking price last month.
Summary: A total of 37 homes were sold or pending in 48187 in October 2024, down by 17.8% month-over-month. Of the 37 sold homes, 41% were sold under asking, 11% were sold at asking, and 49% were sold over asking.
Days on Market for 48187, MI
How long does it take to sell a home in 48187, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 20 Days | 19 Days | -5.7% |
Summary: Homes in 48187 had an average of 19 days on market in Oct 2024, down by 5.7% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48187 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 37 homes were sold in 48187; 78% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
