Is 48223, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, 48223 was a Seller's Market.
Key Takeaway
48223 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48223, MI
How much do homes in 48223, MI cost?
Median Sold Price
$105,500
$90/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48223 have sold for 18.5% more than they did a year ago.
Summary: The median home sold price in 48223 was $105,500 in May 2024, up 18.5% from last year, and the median price per square foot was $90.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $54K | $40K | -25.9% |
| 3 Bedrooms | $96.5K | $117.5K | +21.8% |
| 4 Bedrooms | $199.5K | $214.5K | +7.5% |
| 5+ Bedrooms | $175K | $288K | +64.6% |
Summary: 48223 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 25.9%, 3 bedroom homes increased by 21.8%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 64.6%.
Housing Supply in 48223, MI
How many homes are available in 48223, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 86 | 96 | +11.6% |
Summary: The 48223 real estate market had 96 homes for sale in May 2024, a 11.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 15 | 17 | +13.3% |
| 3 Bedrooms | 60 | 69 | +15.0% |
| 4 Bedrooms | 7 | 8 | +14.3% |
| 5+ Bedrooms | 4 | 2 | -50.0% |
Summary: The 48223 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 14 | -30.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48223, you may be able to get a good deal. 64.3% of homes here sold below asking price last month.
Summary: A total of 14 homes were sold or pending in 48223 in May 2024, down by 30.0% month-over-month. Of the 14 sold homes, 64% were sold under asking, 14% were sold at asking, and 21% were sold over asking.
Days on Market for 48223, MI
How long does it take to sell a home in 48223, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 42 Days | +24.9% |
Summary: Homes in 48223 had an average of 42 days on market in May 2024, up by 24.9% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48223 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 14 homes were sold in 48223; 64% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 21% 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.