Is 48009, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, 48009 has remained a Seller's Market.
Key Takeaway
48009 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48009, MI
How much do homes in 48009, MI cost?
Median Sold Price
$742,813
$362/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48009 have sold for 12% more than they did a year ago.
Summary: The median home sold price in 48009 was $742,813 in May 2024, up 12% from last year, and the median price per square foot was $362.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195.8K | $300K | +53.2% |
| 2 Bedrooms | $310K | $369.7K | +19.3% |
| 3 Bedrooms | $499K | $573.7K | +15.0% |
| 4 Bedrooms | $980K | $1.0M | +7.1% |
| 5+ Bedrooms | $1.5M | $2.0M | +28.9% |
Summary: 48009 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 53.2%, 2 bedroom homes increased by 19.3%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 28.9%.
Housing Supply in 48009, MI
How many homes are available in 48009, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 114 | 157 | +37.7% |
Summary: The 48009 real estate market had 157 homes for sale in May 2024, a 37.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 15 | 21 | +40.0% |
| 3 Bedrooms | 33 | 53 | +60.6% |
| 4 Bedrooms | 38 | 44 | +15.8% |
| 5+ Bedrooms | 22 | 34 | +54.5% |
Summary: The 48009 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes increased by 40%, 3 bedroom homes increased by 60.6%, 4 bedroom homes increased by 15.8%, and 5+ bedroom homes increased by 54.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 36 | -5.3% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48009, you could pay more than the asking price. 44.4% of homes here sold above asking price last month.
Summary: A total of 36 homes were sold or pending in 48009 in May 2024, down by 5.3% month-over-month. Of the 36 sold homes, 36% were sold under asking, 19% were sold at asking, and 44% were sold over asking.
Days on Market for 48009, MI
How long does it take to sell a home in 48009, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 62 Days | 14 Days | -77.1% |
Summary: Homes in 48009 had an average of 14 days on market in May 2024, down by 77.1% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in 48009 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 36 homes were sold in 48009; 94% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing about said listings includes the listing office information. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.