Is 48827, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48827 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48827 has remained a Seller's Market.

Key Takeaway

48827 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48827, MI

How much do homes in 48827, MI cost?

Median Sold Price

$246,800

$144/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$53,050(+27.4%)

Key Takeaway

Homes in 48827 have sold for 27.4% more than they did a year ago.

Summary: The median home sold price in 48827 was $246,800 in October 2024, up 27.4% from last year, and the median price per square foot was $144.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $125K$55K
-56.0%
2 $166K$162.4K
-2.1%
3 $191.2K$240K
+25.5%
4 $247.4K$289.9K
+17.2%
5+ $319K$225K
-29.5%

Summary: 48827 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 56%, 2 bedroom homes decreased by 2.1%, 3 bedroom homes increased by 25.5%, 4 bedroom homes increased by 17.2%, and 5+ bedroom homes decreased by 29.5%.

Median Sold Price Compared To Nearby Zip Codes

48827
+27.4%
49264
+23.4%
48821
+16.0%
48813
+9.1%
49284
+2.8%

Housing Supply in 48827, MI

How many homes are available in 48827, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5662+10.7%

Summary: The 48827 real estate market had 62 homes for sale in October 2024, a 10.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 00
0.0%
2 97
-22.2%
3 2729
+7.4%
4 2025
+25.0%
5+ 01
+100.0%

Summary: The 48827 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 decreased by 22.2%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
12120.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48827, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.

Summary: A total of 12 homes were sold or pending in 48827 in October 2024, the same as the previous month. Of the 12 sold homes, 42% were sold under asking, 50% were sold at asking, and 8% were sold over asking.

Days on Market for 48827, MI

How long does it take to sell a home in 48827, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
22 Days30 Days+35.5%

Summary: Homes in 48827 had an average of 30 days on market in Oct 2024, up by 35.5% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48827 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 12 homes were sold in 48827; 83% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 17% 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 20 Days Ago

Newest Listings in 48827, MI

Nearby Markets to 48827, MI