$2,221 Closing Credit*
$187,000
1,494 SqFt
4 Beds
•2 Full Baths
Gilbert Borman, Listing Office: Ville Nouvelle Realty, LLC
Is 48218, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 48218 was a Seller's Market.
Key Takeaway
48218 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48218, MI
How much do homes in 48218, MI cost?
Median Sold Price
$89,000
$76/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$13,950(+18.6%)
Key Takeaway
Homes in 48218 have sold for 18.6% more than they did a year ago.
Summary: The median home sold price in 48218 was $89,000 in October 2024, up 18.6% from last year, and the median price per square foot was $76.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $40K | - | N/A |
| 2 Bedrooms | $55.5K | $70K | +26.1% |
| 3 Bedrooms | $75.8K | $100K | +31.9% |
| 4 Bedrooms | $85K | $85.6K | +0.7% |
| 5+ Bedrooms | $72.5K | $89K | +22.8% |
Summary: 48218 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 26.1%, 3 bedroom homes increased by 31.9%, 4 bedroom homes increased by 0.7%, and 5+ bedroom homes increased by 22.8%.
Housing Supply in 48218, MI
How many homes are available in 48218, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 29 | 35 | +20.7% |
Summary: The 48218 real estate market had 35 homes for sale in October 2024, a 20.7% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 6 | 7 | +16.7% |
| 3 Bedrooms | 16 | 17 | +6.3% |
| 4 Bedrooms | 5 | 9 | +80.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48218 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 16.7%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 80%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 3 | 0.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48218, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in 48218 in October 2024, the same as the previous month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market for 48218, MI
How long does it take to sell a home in 48218, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 75 Days | 10 Days | -86.8% |
Summary: Homes in 48218 had an average of 10 days on market in Oct 2024, down by 86.8% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48218 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 3 homes were sold in 48218; 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.
