$588 Closing Credit*
$49,500
1,210 SqFt
3 Beds
•1 Full Bath, 1 Partial
Mahmoud Gasama, Listing Office: EXP Realty LLC
Is 48505, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, 48505 was a Seller's Market.
Key Takeaway
48505 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48505, MI
How much do homes in 48505, MI cost?
Median Sold Price
$25,001
$28/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$3,574(-12.5%)
Key Takeaway
Homes in 48505 have sold for 12.5% less than they did a year ago.
Summary: The median home sold price in 48505 was $25,001 in October 2024, down 12.5% from last year, and the median price per square foot was $28.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $10.5K | N/A |
| 2 Bedrooms | $20K | $22.5K | +12.5% |
| 3 Bedrooms | $30.5K | $26K | -14.8% |
| 4 Bedrooms | $35K | $57K | +62.9% |
| 5+ Bedrooms | - | $30.5K | N/A |
Summary: 48505 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 12.5%, 3 bedroom homes decreased by 14.8%, 4 bedroom homes increased by 62.9%, and 5+ bedroom homes did not change.
Housing Supply in 48505, MI
How many homes are available in 48505, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 53 | 66 | +24.5% |
Summary: The 48505 real estate market had 66 homes for sale in October 2024, a 24.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 19 | 24 | +26.3% |
| 3 Bedrooms | 31 | 37 | +19.4% |
| 4 Bedrooms | 2 | 4 | +100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The 48505 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 increased by 26.3%, 3 bedroom homes increased by 19.4%, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 3 | 9 | +200.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48505, you may be able to get a good deal. 77.8% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in 48505 in October 2024, up by 200.0% month-over-month. Of the 9 sold homes, 78% were sold under asking, 11% were sold at asking, and 11% were sold over asking.
Days on Market for 48505, MI
How long does it take to sell a home in 48505, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 70 Days | 28 Days | -60.0% |
Summary: Homes in 48505 had an average of 28 days on market in Oct 2024, down by 60% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48505 are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 9 homes were sold in 48505; 56% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 11% 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.