Is 49047, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 49047 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 49047 was a Seller's Market.

Key Takeaway

49047 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in 49047, MI

How much do homes in 49047, MI cost?

Median Sold Price

$195,000

$140/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$25,000(+14.7%)

Key Takeaway

Homes in 49047 have sold for 14.7% more than they did a year ago.

Summary: The median home sold price in 49047 was $195,000 in October 2024, up 14.7% from last year, and the median price per square foot was $140.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $225K$100K
-55.6%
2 $135K$127.7K
-5.4%
3 $182.5K$222.4K
+21.9%
4 $250K$206K
-17.6%
5+ $265K$482.2K
+82.0%

Summary: 49047 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 55.6%, 2 bedroom homes decreased by 5.4%, 3 bedroom homes increased by 21.9%, 4 bedroom homes decreased by 17.6%, and 5+ bedroom homes increased by 82%.

Median Sold Price Compared To Nearby Zip Codes

49031
+20.0%
49047
+14.7%
49120
+1.8%

Housing Supply in 49047, MI

How many homes are available in 49047, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
8284+2.4%

Summary: The 49047 real estate market had 84 homes for sale in October 2024, a 2.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 22
0.0%
2 910
+11.1%
3 4339
-9.3%
4 1924
+26.3%
5+ 99
0.0%

Summary: The 49047 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 11.1%, 3 bedroom homes decreased by 9.3%, 4 bedroom homes increased by 26.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1512-20.0%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 49047, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in 49047 in October 2024, down by 20.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 33% were sold at asking, and 17% were sold over asking.

Days on Market for 49047, MI

How long does it take to sell a home in 49047, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
38 Days48 Days+27.9%

Summary: Homes in 49047 had an average of 48 days on market in Oct 2024, up by 27.9% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in 49047 are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 12 homes were sold in 49047; 42% of homes were sold within 30 days, 42% 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 4 Days Ago

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