$272,000
11.03 Acres
Land
Michele Shinedling, Listing Office: Heritage Real Estate
Is 48371, 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, 48371 has remained a Seller's Market.
Key Takeaway
48371 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48371, MI
How much do homes in 48371, MI cost?
Median Sold Price
$424,107
$162/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$38,157(+9.9%)
Key Takeaway
Homes in 48371 have sold for 9.9% more than they did a year ago.
Summary: The median home sold price in 48371 was $424,107 in November 2024, up 9.9% from last year, and the median price per square foot was $162.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $111K | $122.2K | +10.1% |
| 2 Bedrooms | $241K | $216.9K | -10.0% |
| 3 Bedrooms | $334.9K | $375K | +12.0% |
| 4 Bedrooms | $472.2K | $492.5K | +4.3% |
| 5+ Bedrooms | $535K | $620K | +15.9% |
Summary: 48371 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.1%, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 4.3%, and 5+ bedroom homes increased by 15.9%.
Housing Supply in 48371, MI
How many homes are available in 48371, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 93 | 85 | -8.6% |
Summary: The 48371 real estate market had 85 homes for sale in November 2024, a 8.6% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 5 | 7 | +40.0% |
| 3 Bedrooms | 44 | 40 | -9.1% |
| 4 Bedrooms | 34 | 27 | -20.6% |
| 5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The 48371 housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 40%, 3 bedroom homes decreased by 9.1%, 4 bedroom homes decreased by 20.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 29 | 18 | -37.9% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48371, you could pay more than the asking price. 55.6% of homes here sold above asking price last month.
Summary: A total of 18 homes were sold or pending in 48371 in November 2024, down by 37.9% month-over-month. Of the 18 sold homes, 28% were sold under asking, 17% were sold at asking, and 56% were sold over asking.
Days on Market for 48371, MI
How long does it take to sell a home in 48371, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 24 Days | 36 Days | +50.2% |
Summary: Homes in 48371 had an average of 36 days on market in Nov 2024, up by 50.2% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48371 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 18 homes were sold in 48371; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% 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.