Is 48234, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48234 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 48234 was a Seller's Market.

Key Takeaway

48234 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 48234, MI

How much do homes in 48234, MI cost?

Median Sold Price

$55,000

$53/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,000(+10.0%)

Key Takeaway

Homes in 48234 have sold for 10% more than they did a year ago.

Summary: The median home sold price in 48234 was $55,000 in October 2024, up 10% from last year, and the median price per square foot was $53.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $35.6K$42.7K
+20.1%
3 $50K$60.5K
+21.0%
4 $63K$51.5K
-18.3%
5+ $55.5K$105K
+89.2%

Summary: 48234 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 20.1%, 3 bedroom homes increased by 21%, 4 bedroom homes decreased by 18.3%, and 5+ bedroom homes increased by 89.2%.

Median Sold Price Compared To Nearby Zip Codes

48205
+20.8%
48203
+13.2%
48212
+11.8%
48234
+10.0%
48091
+6.2%

Housing Supply in 48234, MI

How many homes are available in 48234, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
141162+14.9%

Summary: The 48234 real estate market had 162 homes for sale in October 2024, a 14.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 2830
+7.1%
3 98114
+16.3%
4 1315
+15.4%
5+ 23
+50.0%

Summary: The 48234 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 7.1%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1826+44.4%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48234, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 26 homes were sold or pending in 48234 in October 2024, up by 44.4% month-over-month. Of the 26 sold homes, 50% were sold under asking, 31% were sold at asking, and 19% were sold over asking.

Days on Market for 48234, MI

How long does it take to sell a home in 48234, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
64 Days37 Days-43.0%

Summary: Homes in 48234 had an average of 37 days on market in Oct 2024, down by 43% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48234 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 26 homes were sold in 48234; 69% of homes were sold within 30 days, 19% of homes were sold within 30 to 90 days, and 12% 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 22 Days Ago

Newest Listings in 48234, MI

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