Is 48240, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48240 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48240 has remained a Seller's Market.

Key Takeaway

48240 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48240, MI

How much do homes in 48240, MI cost?

Median Sold Price

$159,066

$147/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$14,116(+9.7%)

Key Takeaway

Homes in 48240 have sold for 9.7% more than they did a year ago.

Summary: The median home sold price in 48240 was $159,066 in October 2024, up 9.7% from last year, and the median price per square foot was $147.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $75K$92.5K
+23.3%
2 $125K$126.5K
+1.2%
3 $149.9K$165K
+10.1%
4 $144K$185K
+28.5%
5+ $162K$247.7K
+52.9%

Summary: 48240 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.3%, 2 bedroom homes increased by 1.2%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 28.5%, and 5+ bedroom homes increased by 52.9%.

Median Sold Price Compared To Nearby Zip Codes

48240
+9.7%
48239
+9.0%
48033
+7.5%
48219
+6.0%

Housing Supply in 48240, MI

How many homes are available in 48240, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7684+10.5%

Summary: The 48240 real estate market had 84 homes for sale in October 2024, a 10.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 01
+100.0%
2 1211
-8.3%
3 6167
+9.8%
4 35
+66.7%
5+ 00
0.0%

Summary: The 48240 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 8.3%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2328+21.7%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48240, you could pay more than the asking price. 46.4% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in 48240 in October 2024, up by 21.7% month-over-month. Of the 28 sold homes, 36% were sold under asking, 18% were sold at asking, and 46% were sold over asking.

Days on Market for 48240, MI

How long does it take to sell a home in 48240, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
19 Days21 Days+10.7%

Summary: Homes in 48240 had an average of 21 days on market in Oct 2024, up by 10.7% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

6 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48240 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 28 homes were sold in 48240; 75% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 4% 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 20 Days Ago

Newest Listings in 48240, MI

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