$474 Closing Credit*
$39,900
1,876 SqFt
3 Beds
•3 Full Baths
Todd Richards, Listing Office: REMAX Prime Properties
Is 48506, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, 48506 was a Seller's Market.
Key Takeaway
48506 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in 48506, MI
How much do homes in 48506, MI cost?
Median Sold Price
$86,760
$77/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$4,240(-4.7%)
Key Takeaway
Homes in 48506 have sold for 4.7% less than they did a year ago.
Summary: The median home sold price in 48506 was $86,760 in November 2024, down 4.7% from last year, and the median price per square foot was $77.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $18K | $15.5K | -13.9% |
| 2 Bedrooms | $40K | $50K | +25.0% |
| 3 Bedrooms | $120K | $95K | -20.8% |
| 4 Bedrooms | $126K | $175K | +38.9% |
| 5+ Bedrooms | $190K | $185K | -2.6% |
Summary: 48506 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.9%, 2 bedroom homes increased by 25%, 3 bedroom homes decreased by 20.8%, 4 bedroom homes increased by 38.9%, and 5+ bedroom homes decreased by 2.6%.
Housing Supply in 48506, MI
How many homes are available in 48506, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 122 | 123 | +0.8% |
Summary: The 48506 real estate market had 123 homes for sale in November 2024, a 0.8% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 38 | 39 | +2.6% |
| 3 Bedrooms | 62 | 65 | +4.8% |
| 4 Bedrooms | 16 | 13 | -18.8% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The 48506 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 increased by 2.6%, 3 bedroom homes increased by 4.8%, 4 bedroom homes decreased by 18.8%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 26 | 20 | -23.1% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48506, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 20 homes were sold or pending in 48506 in November 2024, down by 23.1% month-over-month. Of the 20 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for 48506, MI
How long does it take to sell a home in 48506, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 23 Days | 35 Days | +51.3% |
Summary: Homes in 48506 had an average of 35 days on market in Nov 2024, up by 51.3% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48506 are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 20 homes were sold in 48506; 65% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 10% 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.