$3,503 Closing Credit*
$295,000
1,954 SqFt
2 Full Baths
Desiree Bourgeois, Listing Office: Redfin Corporation
Is 48227, 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, 48227 was a Seller's Market.
Key Takeaway
48227 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 48227, MI
How much do homes in 48227, MI cost?
Median Sold Price
$74,593
$58/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$13,093(+21.3%)
Key Takeaway
Homes in 48227 have sold for 21.3% more than they did a year ago.
Summary: The median home sold price in 48227 was $74,593 in October 2024, up 21.3% from last year, and the median price per square foot was $58.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $130K | N/A |
| 2 Bedrooms | $46K | $41.5K | -9.8% |
| 3 Bedrooms | $60K | $74.2K | +23.8% |
| 4 Bedrooms | $81K | $95K | +17.3% |
| 5+ Bedrooms | $127.6K | $80K | -37.3% |
Summary: 48227 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 decreased by 9.8%, 3 bedroom homes increased by 23.8%, 4 bedroom homes increased by 17.3%, and 5+ bedroom homes decreased by 37.3%.
Housing Supply in 48227, MI
How many homes are available in 48227, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 260 | 278 | +6.9% |
Summary: The 48227 real estate market had 278 homes for sale in October 2024, a 6.9% 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 | 24 | 26 | +8.3% |
| 3 Bedrooms | 183 | 197 | +7.7% |
| 4 Bedrooms | 38 | 38 | 0.0% |
| 5+ Bedrooms | 14 | 16 | +14.3% |
Summary: The 48227 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 8.3%, 3 bedroom homes increased by 7.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 42 | 44 | +4.8% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48227, you may be able to get a good deal. 65.9% of homes here sold below asking price last month.
Summary: A total of 44 homes were sold or pending in 48227 in October 2024, up by 4.8% month-over-month. Of the 44 sold homes, 66% were sold under asking, 16% were sold at asking, and 18% were sold over asking.
Days on Market for 48227, MI
How long does it take to sell a home in 48227, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 37 Days | 48 Days | +28.8% |
Summary: Homes in 48227 had an average of 48 days on market in Oct 2024, up by 28.8% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48227 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 44 homes were sold in 48227; 43% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.