Is 49002, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 49002 is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, 49002 has remained a Seller's Market.

Key Takeaway

49002 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in 49002, MI

How much do homes in 49002, MI cost?

Median Sold Price

$270,650

$210/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,700(+10.5%)

Key Takeaway

Homes in 49002 have sold for 10.5% more than they did a year ago.

Summary: The median home sold price in 49002 was $270,650 in October 2024, up 10.5% from last year, and the median price per square foot was $210.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $98.5K$83K
-15.7%
2 $178.5K$214K
+19.9%
3 $228.2K$250.3K
+9.7%
4 $285K$310.9K
+9.1%
5+ $580K$474.9K
-18.1%

Summary: 49002 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.7%, 2 bedroom homes increased by 19.9%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes decreased by 18.1%.

Median Sold Price Compared To Nearby Zip Codes

49088
+16.4%
49002
+10.5%
49001
+7.2%
49024
+4.9%
49008
-4.5%

Housing Supply in 49002, MI

How many homes are available in 49002, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7877-1.3%

Summary: The 49002 real estate market had 77 homes for sale in October 2024, a 1.3% decrease compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 11
0.0%
2 1816
-11.1%
3 3036
+20.0%
4 2217
-22.7%
5+ 77
0.0%

Summary: The 49002 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 11.1%, 3 bedroom homes increased by 20%, 4 bedroom homes decreased by 22.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2425+4.2%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 49002, you may be able to get a good deal. 48% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in 49002 in October 2024, up by 4.2% month-over-month. Of the 25 sold homes, 48% were sold under asking, 24% were sold at asking, and 28% were sold over asking.

Days on Market for 49002, MI

How long does it take to sell a home in 49002, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
22 Days34 Days+52.0%

Summary: Homes in 49002 had an average of 34 days on market in Oct 2024, up by 52% compared to last year.

Breakdown of Home Sale Times

17 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 49002 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 25 homes were sold in 49002; 68% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 16% 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 14 Days Ago

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