$5,047 Closing Credit*
$425,000
2,902 SqFt
3 Beds
•2 Full Baths, 2 Partial
Martin Bouma, Mary Jo Hahn, Listing Office: Keller Williams Ann Arbor
Is 48197, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, 48197 has remained a Seller's Market.
Key Takeaway
48197 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48197, MI
How much do homes in 48197, MI cost?
Median Sold Price
$344,683
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$28,683(+9.1%)
Key Takeaway
Homes in 48197 have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in 48197 was $344,683 in November 2024, up 9.1% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $141.2K | $119K | -15.8% |
| 2 Bedrooms | $239.6K | $234.5K | -2.2% |
| 3 Bedrooms | $300K | $345K | +15.0% |
| 4 Bedrooms | $372K | $390K | +4.8% |
| 5+ Bedrooms | $388.7K | $455K | +17.0% |
Summary: 48197 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.8%, 2 bedroom homes decreased by 2.2%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 17%.
Housing Supply in 48197, MI
How many homes are available in 48197, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 123 | 120 | -2.4% |
Summary: The 48197 real estate market had 120 homes for sale in November 2024, a 2.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 19 | 22 | +15.8% |
| 3 Bedrooms | 50 | 50 | 0.0% |
| 4 Bedrooms | 40 | 35 | -12.5% |
| 5+ Bedrooms | 12 | 12 | 0.0% |
Summary: The 48197 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 15.8%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 38 | 29 | -23.7% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48197, you may be able to get a good deal. 51.7% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in 48197 in November 2024, down by 23.7% month-over-month. Of the 29 sold homes, 52% were sold under asking, 10% were sold at asking, and 38% were sold over asking.
Days on Market for 48197, MI
How long does it take to sell a home in 48197, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 26 Days | 37 Days | +38.7% |
Summary: Homes in 48197 had an average of 37 days on market in Nov 2024, up by 38.7% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48197 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 29 homes were sold in 48197; 45% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.