Is 48192, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48192 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48192 has remained a Seller's Market.

Key Takeaway

48192 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48192, MI

How much do homes in 48192, MI cost?

Median Sold Price

$190,000

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$10,000(+5.6%)

Key Takeaway

Homes in 48192 have sold for 5.6% more than they did a year ago.

Summary: The median home sold price in 48192 was $190,000 in October 2024, up 5.6% from last year, and the median price per square foot was $169.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $100K$123.5K
+23.5%
2 $149.9K$165.5K
+10.4%
3 $183.4K$190K
+3.6%
4 $190.5K$250.5K
+31.5%
5+ $275K$276.5K
0.5%

Summary: 48192 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.5%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 31.5%, and 5+ bedroom homes increased by 0.5%.

Median Sold Price Compared To Nearby Zip Codes

48229
+13.3%
48146
+7.1%
48192
+5.6%
48138
+4.7%

Housing Supply in 48192, MI

How many homes are available in 48192, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8692+7.0%

Summary: The 48192 real estate market had 92 homes for sale in October 2024, a 7.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 2829
+3.6%
3 4141
0.0%
4 1116
+45.5%
5+ 44
0.0%

Summary: The 48192 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 increased by 3.6%, 3 bedroom homes remained the same, 4 bedroom homes increased by 45.5%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2122+4.8%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

8 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48192, you may be able to get a good deal. 40.9% of homes here sold below asking price last month.

Summary: A total of 22 homes were sold or pending in 48192 in October 2024, up by 4.8% month-over-month. Of the 22 sold homes, 41% were sold under asking, 23% were sold at asking, and 36% were sold over asking.

Days on Market for 48192, MI

How long does it take to sell a home in 48192, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
20 Days17 Days-13.5%

Summary: Homes in 48192 had an average of 17 days on market in Oct 2024, down by 13.5% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48192 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 22 homes were sold in 48192; 77% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 0% 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

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