$1,603 Closing Credit*
$135,000
1,101 SqFt
3 Beds
•1 Full Bath
Shawna Ramsay, Listing Office: RE/MAX Leading Edge
Is 48240, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75K | $92.5K | +23.3% |
| 2 Bedrooms | $125K | $126.5K | +1.2% |
| 3 Bedrooms | $149.9K | $165K | +10.1% |
| 4 Bedrooms | $144K | $185K | +28.5% |
| 5+ Bedrooms | $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%.
Housing Supply in 48240, MI
How many homes are available in 48240, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 76 | 84 | +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
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 12 | 11 | -8.3% |
| 3 Bedrooms | 61 | 67 | +9.8% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 0 | 0 | 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 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 23 | 28 | +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
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 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 19 Days | 21 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
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.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.