Is 48317, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48317 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48317 has remained a Seller's Market.

Key Takeaway

48317 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48317, MI

How much do homes in 48317, MI cost?

Median Sold Price

$285,000

$198/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$30,000(+11.8%)

Key Takeaway

Homes in 48317 have sold for 11.8% more than they did a year ago.

Summary: The median home sold price in 48317 was $285,000 in October 2024, up 11.8% from last year, and the median price per square foot was $198.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $92.3K$65K
-29.6%
2 $220K$235K
+6.8%
3 $255K$290K
+13.7%
4 $351K$438.5K
+24.9%
5+ $310K$340K
+9.7%

Summary: 48317 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 29.6%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 13.7%, 4 bedroom homes increased by 24.9%, and 5+ bedroom homes increased by 9.7%.

Median Sold Price Compared To Nearby Zip Codes

48316
+12.6%
48317
+11.8%
48314
+9.4%
48315
-8.4%

Housing Supply in 48317, MI

How many homes are available in 48317, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6562-4.6%

Summary: The 48317 real estate market had 62 homes for sale in October 2024, a 4.6% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 2117
-19.0%
3 2827
-3.6%
4 1215
+25.0%
5+ 43
-25.0%

Summary: The 48317 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 19%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2120-4.8%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48317, you could pay more than the asking price. 45% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in 48317 in October 2024, down by 4.8% month-over-month. Of the 20 sold homes, 30% were sold under asking, 25% were sold at asking, and 45% were sold over asking.

Days on Market for 48317, MI

How long does it take to sell a home in 48317, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
21 Days16 Days-23.0%

Summary: Homes in 48317 had an average of 16 days on market in Oct 2024, down by 23% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48317 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 20 homes were sold in 48317; 85% of homes were sold within 30 days, 15% 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 21 Days Ago

Newest Listings in 48317, MI

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