Is 48220, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48220 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48220 has remained a Seller's Market.

Key Takeaway

48220 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48220, MI

How much do homes in 48220, MI cost?

Median Sold Price

$252,112

$233/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$16,112(+6.8%)

Key Takeaway

Homes in 48220 have sold for 6.8% more than they did a year ago.

Summary: The median home sold price in 48220 was $252,112 in October 2024, up 6.8% from last year, and the median price per square foot was $233.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $282.5K$140K
-50.4%
2 $202.5K$210K
+3.7%
3 $255K$263.5K
+3.4%
4 $332.5K$292.5K
-12.0%
5+ $427K$533.6K
+25.0%

Summary: 48220 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 50.4%, 2 bedroom homes increased by 3.7%, 3 bedroom homes increased by 3.4%, 4 bedroom homes decreased by 12%, and 5+ bedroom homes increased by 25%.

Median Sold Price Compared To Nearby Zip Codes

48237
+9.6%
48030
+8.4%
48220
+6.8%
48067
0.0%
48069
-1.2%

Housing Supply in 48220, MI

How many homes are available in 48220, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
120135+12.5%

Summary: The 48220 real estate market had 135 homes for sale in October 2024, a 12.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 10
-100.0%
2 3137
+19.4%
3 7382
+12.3%
4 1414
0.0%
5+ 12
+100.0%

Summary: The 48220 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 19.4%, 3 bedroom homes increased by 12.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
4231-26.2%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48220, you could pay more than the asking price. 45.2% of homes here sold above asking price last month.

Summary: A total of 31 homes were sold or pending in 48220 in October 2024, down by 26.2% month-over-month. Of the 31 sold homes, 29% were sold under asking, 26% were sold at asking, and 45% were sold over asking.

Days on Market for 48220, MI

How long does it take to sell a home in 48220, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
19 Days23 Days+20.0%

Summary: Homes in 48220 had an average of 23 days on market in Oct 2024, up by 20% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48220 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 31 homes were sold in 48220; 77% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 6% 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 48220, MI

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