Is 48854, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 48854 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 48854 has remained a Seller's Market.

Key Takeaway

48854 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 48854, MI

How much do homes in 48854, MI cost?

Median Sold Price

$260,000

$150/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$20,000(+8.3%)

Key Takeaway

Homes in 48854 have sold for 8.3% more than they did a year ago.

Summary: The median home sold price in 48854 was $260,000 in October 2024, up 8.3% from last year, and the median price per square foot was $150.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $275K$52.5K
-80.9%
2 $168K$167K
-0.6%
3 $242K$258K
+6.6%
4 $273.2K$315.5K
+15.5%
5+ $361.2K$406K
+12.4%

Summary: 48854 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 80.9%, 2 bedroom homes decreased by 0.6%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes increased by 12.4%.

Median Sold Price Compared To Nearby Zip Codes

49251
+28.7%
48864
+11.1%
48854
+8.3%
48842
+3.0%

Housing Supply in 48854, MI

How many homes are available in 48854, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5158+13.7%

Summary: The 48854 real estate market had 58 homes for sale in October 2024, a 13.7% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 911
+22.2%
3 2835
+25.0%
4 109
-10.0%
5+ 32
-33.3%

Summary: The 48854 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 22.2%, 3 bedroom homes increased by 25%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes decreased by 33.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1217+41.7%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 48854, expect to pay close to the asking price. 41.2% of homes here sold near the asking price last month.

Summary: A total of 17 homes were sold or pending in 48854 in October 2024, up by 41.7% month-over-month. Of the 17 sold homes, 35% were sold under asking, 41% were sold at asking, and 24% were sold over asking.

Days on Market for 48854, MI

How long does it take to sell a home in 48854, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
47 Days30 Days-34.6%

Summary: Homes in 48854 had an average of 30 days on market in Oct 2024, down by 34.6% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 48854 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 17 homes were sold in 48854; 71% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 6% 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 13 Days Ago

Newest Listings in 48854, MI

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