$355 Closing Credit*
$29,900
660 SqFt
2 Beds
•1 Full Bath
Roy Frank, Listing Office: Metro Plus Realty, LLC
Is 48506, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, 48506 has remained a Seller's Market.
Key Takeaway
48506 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48506, MI
How much do homes in 48506, MI cost?
Median Sold Price
$90,000
$84/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$4,900(-5.2%)
Key Takeaway
Homes in 48506 have sold for 5.2% less than they did a year ago.
Summary: The median home sold price in 48506 was $90,000 in October 2024, down 5.2% from last year, and the median price per square foot was $84.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $10K | $20.2K | +102.5% |
| 2 Bedrooms | $40K | $49.5K | +23.8% |
| 3 Bedrooms | $123K | $95.5K | -22.4% |
| 4 Bedrooms | $90.9K | $180K | +97.8% |
| 5+ Bedrooms | $190K | $202.5K | +6.6% |
Summary: 48506 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 102.5%, 2 bedroom homes increased by 23.8%, 3 bedroom homes decreased by 22.4%, 4 bedroom homes increased by 97.8%, and 5+ bedroom homes increased by 6.6%.
Housing Supply in 48506, MI
How many homes are available in 48506, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 106 | 115 | +8.5% |
Summary: The 48506 real estate market had 115 homes for sale in October 2024, a 8.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 30 | 32 | +6.7% |
| 3 Bedrooms | 58 | 62 | +6.9% |
| 4 Bedrooms | 12 | 14 | +16.7% |
| 5+ Bedrooms | 2 | 4 | +100.0% |
Summary: The 48506 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 31 | 21 | -32.3% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48506, you may be able to get a good deal. 47.6% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in 48506 in October 2024, down by 32.3% month-over-month. Of the 21 sold homes, 48% were sold under asking, 14% were sold at asking, and 38% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 23 Days | 27 Days | +16.6% |
Summary: Homes in 48506 had an average of 27 days on market in Oct 2024, up by 16.6% compared to last year.
Breakdown of Home Sale Times
17 Homes Were Sold
Under 30 Days
2 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 October 2024, 21 homes were sold in 48506; 81% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.