Is 48422, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48422 is a seller's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 48422 was a Buyer's Market.

Key Takeaway

48422 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48422, MI

How much do homes in 48422, MI cost?

Median Sold Price

$150,000

$115/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$5,000(+3.4%)

Key Takeaway

Homes in 48422 have sold for 3.4% more than they did a year ago.

Summary: The median home sold price in 48422 was $150,000 in October 2024, up 3.4% from last year, and the median price per square foot was $115.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 --
N/A
2 $55.5K$115K
+107.2%
3 $145K$175K
+20.7%
4 $170.9K$182.4K
+6.8%
5+ $189.9K-
N/A

Summary: 48422 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 107.2%, 3 bedroom homes increased by 20.7%, 4 bedroom homes increased by 6.8%, and 5+ bedroom homes did not change.

Housing Supply in 48422, MI

How many homes are available in 48422, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
31310.0%

Summary: The 48422 real estate market had 31 homes for sale in October 2024, the same as September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 97
-22.2%
3 1517
+13.3%
4 55
0.0%
5+ 22
0.0%

Summary: The 48422 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 22.2%, 3 bedroom homes increased by 13.3%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
68+33.3%

Asking Price vs. Sold Price

4 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48422, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 8 homes were sold or pending in 48422 in October 2024, up by 33.3% month-over-month. Of the 8 sold homes, 50% were sold under asking, 38% were sold at asking, and 13% were sold over asking.

Days on Market for 48422, MI

How long does it take to sell a home in 48422, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
35 Days92 Days+163.6%

Summary: Homes in 48422 had an average of 92 days on market in Oct 2024, up by 163.6% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in 48422 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During October 2024, 8 homes were sold in 48422; 13% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 50% 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 48422, MI

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