Is 48221, 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, 48221 has remained a Seller's Market.
Key Takeaway
48221 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48221, MI
How much do homes in 48221, MI cost?
Median Sold Price
$140,720
$98/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48221 have sold for 3.9% less than they did a year ago.
Summary: The median home sold price in 48221 was $140,720 in May 2024, down 3.9% from last year, and the median price per square foot was $98.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $93K | N/A |
| 2 Bedrooms | $64.5K | $58K | -10.1% |
| 3 Bedrooms | $135K | $129.9K | -3.8% |
| 4 Bedrooms | $182.2K | $202K | +10.8% |
| 5+ Bedrooms | $288.5K | $280K | -2.9% |
Summary: 48221 housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 10.1%, 3 bedroom homes decreased by 3.8%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes decreased by 2.9%.
Housing Supply in 48221, MI
How many homes are available in 48221, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 203 | 230 | +13.3% |
Summary: The 48221 real estate market had 230 homes for sale in May 2024, a 13.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 17 | 17 | 0.0% |
| 3 Bedrooms | 118 | 137 | +16.1% |
| 4 Bedrooms | 51 | 51 | 0.0% |
| 5+ Bedrooms | 17 | 25 | +47.1% |
Summary: The 48221 housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 16.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 47.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 40 | -4.8% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48221, you could pay more than the asking price. 55% of homes here sold above asking price last month.
Summary: A total of 40 homes were sold or pending in 48221 in May 2024, down by 4.8% month-over-month. Of the 40 sold homes, 33% were sold under asking, 13% were sold at asking, and 55% were sold over asking.
Days on Market for 48221, MI
How long does it take to sell a home in 48221, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 39 Days | 45 Days | +13.4% |
Summary: Homes in 48221 had an average of 45 days on market in May 2024, up by 13.4% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48221 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 40 homes were sold in 48221; 57% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. 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.