$12,900
0.24 Acres
Land
Denise M Ebenhoeh, Listing Office: REMAX Tri County
Is 48616, 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, 48616 was a Neutral Market.
Key Takeaway
48616 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in 48616, MI
How much do homes in 48616, MI cost?
Median Sold Price
$170,000
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$5,000(-2.9%)
Key Takeaway
Homes in 48616 have sold for 2.9% less than they did a year ago.
Summary: The median home sold price in 48616 was $170,000 in November 2024, down 2.9% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $101.9K | $340K | +233.7% |
| 2 Bedrooms | $120K | $139.7K | +16.5% |
| 3 Bedrooms | $175K | $170K | -2.9% |
| 4 Bedrooms | $208.5K | $164K | -21.3% |
| 5+ Bedrooms | $335K | $255K | -23.9% |
Summary: 48616 housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 233.7%, 2 bedroom homes increased by 16.5%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes decreased by 21.3%, and 5+ bedroom homes decreased by 23.9%.
Housing Supply in 48616, MI
How many homes are available in 48616, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 23 | 22 | -4.3% |
Summary: The 48616 real estate market had 22 homes for sale in November 2024, a 4.3% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 16 | 14 | -12.5% |
| 4 Bedrooms | 4 | 5 | +25.0% |
| 5+ Bedrooms | 1 | 0 | -100.0% |
Summary: The 48616 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 50%, 3 bedroom homes decreased by 12.5%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 100%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 5 | 2 | -60.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in 48616, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in 48616 in November 2024, down by 60.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.
Days on Market for 48616, MI
How long does it take to sell a home in 48616, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 10 Days | 130 Days | +1142.9% |
Summary: Homes in 48616 had an average of 130 days on market in Nov 2024, up by 1142.9% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in 48616 has remained consistent over time.
Summary: During November 2024, 2 homes were sold in 48616; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.