$3,509 Closing Credit*
$295,500
2,248 SqFt
2 Full Baths
Ricky Hobbs, Listing Office: House Of May
Is 48202, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, 48202 was a Seller's Market.
Key Takeaway
48202 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48202, MI
How much do homes in 48202, MI cost?
Median Sold Price
$203,250
$104/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$36,750(-15.3%)
Key Takeaway
Homes in 48202 have sold for 15.3% less than they did a year ago.
Summary: The median home sold price in 48202 was $203,250 in November 2024, down 15.3% from last year, and the median price per square foot was $104.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $163.2K | $197K | +20.7% |
| 2 Bedrooms | $207.5K | $248.5K | +19.8% |
| 3 Bedrooms | $240K | $170K | -29.2% |
| 4 Bedrooms | $269.9K | $194K | -28.1% |
| 5+ Bedrooms | $225K | $250K | +11.1% |
Summary: 48202 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.7%, 2 bedroom homes increased by 19.8%, 3 bedroom homes decreased by 29.2%, 4 bedroom homes decreased by 28.1%, and 5+ bedroom homes increased by 11.1%.
Median Sold Price Compared To Nearby Zip Codes
| 48206 | $140K | $197.5K | +41.1% |
| 48202 | $240K | $203.2K | -15.3% |
Housing Supply in 48202, MI
How many homes are available in 48202, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 89 | 87 | -2.2% |
Summary: The 48202 real estate market had 87 homes for sale in November 2024, a 2.2% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 9 | +12.5% |
| 2 Bedrooms | 12 | 12 | 0.0% |
| 3 Bedrooms | 23 | 21 | -8.7% |
| 4 Bedrooms | 24 | 22 | -8.3% |
| 5+ Bedrooms | 22 | 23 | +4.5% |
Summary: The 48202 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes remained the same, 3 bedroom homes decreased by 8.7%, 4 bedroom homes decreased by 8.3%, and 5+ bedroom homes increased by 4.5%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48202, you may be able to get a good deal. 72.7% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in 48202 in November 2024, down by 8.3% month-over-month. Of the 11 sold homes, 73% were sold under asking, 9% were sold at asking, and 18% were sold over asking.
Days on Market for 48202, MI
How long does it take to sell a home in 48202, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 34 Days | 110 Days | +218.8% |
Summary: Homes in 48202 had an average of 110 days on market in Nov 2024, up by 218.8% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in 48202 are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 11 homes were sold in 48202; 27% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 45% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.