$1,633 Closing Credit*
$137,500
892 SqFt
2 Beds
•1 Full Bath
Andrew Fox Jr, Listing Office: RE/MAX City Centre
Is 48240, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$160,000
$110/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$14,000(+9.6%)
Key Takeaway
Homes in 48240 have sold for 9.6% more than they did a year ago.
Summary: The median home sold price in 48240 was $160,000 in November 2024, up 9.6% from last year, and the median price per square foot was $110.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75K | $92.5K | +23.3% |
| 2 Bedrooms | $125K | $132.5K | +6.0% |
| 3 Bedrooms | $150K | $168K | +12.0% |
| 4 Bedrooms | $160K | $182.8K | +14.2% |
| 5+ Bedrooms | $162K | $247.7K | +52.9% |
Summary: 48240 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.3%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 14.2%, 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
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 90 | 92 | +2.2% |
Summary: The 48240 real estate market had 92 homes for sale in November 2024, a 2.2% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 13 | 10 | -23.1% |
| 3 Bedrooms | 70 | 74 | +5.7% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The 48240 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 23.1%, 3 bedroom homes increased by 5.7%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 28 | 21 | -25.0% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48240, you may be able to get a good deal. 47.6% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in 48240 in November 2024, down by 25.0% month-over-month. Of the 21 sold homes, 48% were sold under asking, 10% were sold at asking, and 43% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 17 Days | 29 Days | +70.0% |
Summary: Homes in 48240 had an average of 29 days on market in Nov 2024, up by 70% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
8 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 November 2024, 21 homes were sold in 48240; 57% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 5% 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.