Is 48237, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48237 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48237 has remained a Seller's Market.

Key Takeaway

48237 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48237, MI

How much do homes in 48237, MI cost?

Median Sold Price

$230,500

$183/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$20,250(+9.6%)

Key Takeaway

Homes in 48237 have sold for 9.6% more than they did a year ago.

Summary: The median home sold price in 48237 was $230,500 in October 2024, up 9.6% from last year, and the median price per square foot was $183.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $132.7K$152.2K
+14.7%
3 $210.5K$233.2K
+10.8%
4 $268.9K$244K
-9.3%
5+ $266.7K$300K
+12.5%

Summary: 48237 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 14.7%, 3 bedroom homes increased by 10.8%, 4 bedroom homes decreased by 9.3%, and 5+ bedroom homes increased by 12.5%.

Median Sold Price Compared To Nearby Zip Codes

48237
+9.6%
48220
+6.8%
48072
+4.5%
48070
+2.4%
48069
-1.2%

Housing Supply in 48237, MI

How many homes are available in 48237, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6985+23.2%

Summary: The 48237 real estate market had 85 homes for sale in October 2024, a 23.2% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 1514
-6.7%
3 5164
+25.5%
4 37
+133.3%
5+ 00
0.0%

Summary: The 48237 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 decreased by 6.7%, 3 bedroom homes increased by 25.5%, 4 bedroom homes increased by 133.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1620+25.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48237, you could pay more than the asking price. 50% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in 48237 in October 2024, up by 25.0% month-over-month. Of the 20 sold homes, 30% were sold under asking, 20% were sold at asking, and 50% were sold over asking.

Days on Market for 48237, MI

How long does it take to sell a home in 48237, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
29 Days18 Days-38.1%

Summary: Homes in 48237 had an average of 18 days on market in Oct 2024, down by 38.1% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48237 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 20 homes were sold in 48237; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% 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 48237, MI

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