Is 48640, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48640 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48640 has remained a Seller's Market.

Key Takeaway

48640 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48640, MI

How much do homes in 48640, MI cost?

Median Sold Price

$221,500

$149/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$23,500(+11.9%)

Key Takeaway

Homes in 48640 have sold for 11.9% more than they did a year ago.

Summary: The median home sold price in 48640 was $221,500 in October 2024, up 11.9% from last year, and the median price per square foot was $149.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $63.5K-
N/A
2 $140K$146.5K
+4.6%
3 $182K$195K
+7.1%
4 $275K$293K
+6.5%
5+ $377.5K$379.9K
+0.6%

Summary: 48640 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 4.6%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 0.6%.

Median Sold Price Compared To Nearby Zip Codes

48642
+17.0%
48640
+11.9%
48623
+4.3%
48657
-2.2%

Housing Supply in 48640, MI

How many homes are available in 48640, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
6266+6.5%

Summary: The 48640 real estate market had 66 homes for sale in October 2024, a 6.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 57
+40.0%
3 3430
-11.8%
4 1520
+33.3%
5+ 78
+14.3%

Summary: The 48640 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 40%, 3 bedroom homes decreased by 11.8%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes increased by 14.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1417+21.4%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48640, you may be able to get a good deal. 52.9% of homes here sold below asking price last month.

Summary: A total of 17 homes were sold or pending in 48640 in October 2024, up by 21.4% month-over-month. Of the 17 sold homes, 53% were sold under asking, 18% were sold at asking, and 29% were sold over asking.

Days on Market for 48640, MI

How long does it take to sell a home in 48640, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
47 Days14 Days-69.6%

Summary: Homes in 48640 had an average of 14 days on market in Oct 2024, down by 69.6% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48640 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 17 homes were sold in 48640; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% 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 21 Days Ago

Newest Listings in 48640, MI

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