Is 49117, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing 49117 is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, 49117 was a Seller's Market.

Key Takeaway

49117 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 49117, MI

How much do homes in 49117, MI cost?

Median Sold Price

$638,500

$378/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$72,250(+12.8%)

Key Takeaway

Homes in 49117 have sold for 12.8% more than they did a year ago.

Summary: The median home sold price in 49117 was $638,500 in October 2024, up 12.8% from last year, and the median price per square foot was $378.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $332.2K$439.5K
+32.3%
2 $377.5K$372.5K
-1.3%
3 $515K$552K
+7.2%
4 $636.2K$885K
+39.1%
5+ $1.3M$1.7M
+24.3%

Summary: 49117 housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 32.3%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 39.1%, and 5+ bedroom homes increased by 24.3%.

Median Sold Price Compared To Nearby Zip Codes

49129
+25.0%
49117
+12.8%
49128
+1.6%

Housing Supply in 49117, MI

How many homes are available in 49117, MI?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
7178+9.9%

Summary: The 49117 real estate market had 78 homes for sale in October 2024, a 9.9% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 20
-100.0%
2 67
+16.7%
3 3033
+10.0%
4 1418
+28.6%
5+ 1920
+5.3%

Summary: The 49117 housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 28.6%, and 5+ bedroom homes increased by 5.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
712+71.4%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in 49117, you may be able to get a good deal. 91.7% of homes here sold below asking price last month.

Summary: A total of 12 homes were sold or pending in 49117 in October 2024, up by 71.4% month-over-month. Of the 12 sold homes, 92% were sold under asking, 0% were sold at asking, and 8% were sold over asking.

Days on Market for 49117, MI

How long does it take to sell a home in 49117, MI?

Average Sale Time

Oct 2023Oct 2024CHANGE
79 Days100 Days+25.4%

Summary: Homes in 49117 had an average of 100 days on market in Oct 2024, up by 25.4% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in 49117 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During October 2024, 12 homes were sold in 49117; 33% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 42% 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

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