Is 48193, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48193 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48193 has remained a Seller's Market.

Key Takeaway

48193 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48193, MI

How much do homes in 48193, MI cost?

Median Sold Price

$217,750

$164/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$17,750(+8.9%)

Key Takeaway

Homes in 48193 have sold for 8.9% more than they did a year ago.

Summary: The median home sold price in 48193 was $217,750 in October 2024, up 8.9% from last year, and the median price per square foot was $164.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $184.9K$195K
+5.5%
3 $195K$198.1K
+1.6%
4 $286K$317.5K
+11.0%
5+ $329.9K$375K
+13.7%

Summary: 48193 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 5.5%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 11%, and 5+ bedroom homes increased by 13.7%.

Median Sold Price Compared To Nearby Zip Codes

48195
+9.3%
48193
+8.9%
48192
+5.6%
48138
+4.7%
48183
+4.5%

Housing Supply in 48193, MI

How many homes are available in 48193, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
4235-16.7%

Summary: The 48193 real estate market had 35 homes for sale in October 2024, a 16.7% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 46
+50.0%
3 2316
-30.4%
4 1411
-21.4%
5+ 12
+100.0%

Summary: The 48193 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 50%, 3 bedroom homes decreased by 30.4%, 4 bedroom homes decreased by 21.4%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
169-43.8%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48193, you may be able to get a good deal. 55.6% of homes here sold below asking price last month.

Summary: A total of 9 homes were sold or pending in 48193 in October 2024, down by 43.8% month-over-month. Of the 9 sold homes, 56% were sold under asking, 22% were sold at asking, and 22% were sold over asking.

Days on Market for 48193, MI

How long does it take to sell a home in 48193, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
10 Days28 Days+185.6%

Summary: Homes in 48193 had an average of 28 days on market in Oct 2024, up by 185.6% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48193 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 9 homes were sold in 48193; 56% of homes were sold within 30 days, 44% 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

Newest Listings in 48193, MI

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