Is 48217, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48217 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48217 has remained a Seller's Market.

Key Takeaway

48217 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48217, MI

How much do homes in 48217, MI cost?

Median Sold Price

$64,000

$60/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$8,500(+15.3%)

Key Takeaway

Homes in 48217 have sold for 15.3% more than they did a year ago.

Summary: The median home sold price in 48217 was $64,000 in October 2024, up 15.3% from last year, and the median price per square foot was $60.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $30K$64.5K
+115.0%
3 $55.5K$60.2K
+8.6%
4 $61K$114K
+86.9%
5+ $51.5K$57K
+10.7%

Summary: 48217 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 115%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 86.9%, and 5+ bedroom homes increased by 10.7%.

Median Sold Price Compared To Nearby Zip Codes

48218
+18.6%
48217
+15.3%
48229
+13.3%
48122
+3.6%

Housing Supply in 48217, MI

How many homes are available in 48217, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1213+8.3%

Summary: The 48217 real estate market had 13 homes for sale in October 2024, a 8.3% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 01
+100.0%
3 1010
0.0%
4 21
-50.0%
5+ 01
+100.0%

Summary: The 48217 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 100%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 50%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
34+33.3%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48217, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 4 homes were sold or pending in 48217 in October 2024, up by 33.3% month-over-month. Of the 4 sold homes, 25% were sold under asking, 25% were sold at asking, and 50% were sold over asking.

Days on Market for 48217, MI

How long does it take to sell a home in 48217, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
52 Days11 Days-79.1%

Summary: Homes in 48217 had an average of 11 days on market in Oct 2024, down by 79.1% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48217 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 4 homes were sold in 48217; 100% of homes were sold within 30 days, 0% 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 21 Days Ago

Newest Listings in 48217, MI

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