Is 48235, 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, 48235 was a Seller's Market.
Key Takeaway
48235 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 48235, MI
How much do homes in 48235, MI cost?
Median Sold Price
$92,479
$80/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48235 have sold for 7.5% less than they did a year ago.
Summary: The median home sold price in 48235 was $92,479 in May 2024, down 7.5% from last year, and the median price per square foot was $80.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $58.5K | $55K | -6.0% |
| 3 Bedrooms | $105K | $99.4K | -5.3% |
| 4 Bedrooms | $129K | $140K | +8.5% |
| 5+ Bedrooms | $147K | $130K | -11.6% |
Summary: 48235 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 6%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes decreased by 11.6%.
Housing Supply in 48235, MI
How many homes are available in 48235, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 232 | 249 | +7.3% |
Summary: The 48235 real estate market had 249 homes for sale in May 2024, a 7.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 30 | 37 | +23.3% |
| 3 Bedrooms | 185 | 196 | +5.9% |
| 4 Bedrooms | 13 | 12 | -7.7% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The 48235 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 23.3%, 3 bedroom homes increased by 5.9%, 4 bedroom homes decreased by 7.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 51 | 38 | -25.5% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48235, you could pay more than the asking price. 47.4% of homes here sold above asking price last month.
Summary: A total of 38 homes were sold or pending in 48235 in May 2024, down by 25.5% month-over-month. Of the 38 sold homes, 32% were sold under asking, 21% were sold at asking, and 47% were sold over asking.
Days on Market for 48235, MI
How long does it take to sell a home in 48235, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 36 Days | -17.5% |
Summary: Homes in 48235 had an average of 36 days on market in May 2024, down by 17.5% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48235 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 38 homes were sold in 48235; 74% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 11% 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. Copyright MiRealSource.