Is 48306, 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, 48306 has remained a Seller's Market.
Key Takeaway
48306 is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in 48306, MI
How much do homes in 48306, MI cost?
Median Sold Price
$535,000
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in 48306 have sold for 1% more than they did a year ago.
Summary: The median home sold price in 48306 was $535,000 in May 2024, up 1% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $130K | N/A |
| 2 Bedrooms | $255K | $285K | +11.8% |
| 3 Bedrooms | $440K | $439K | -0.2% |
| 4 Bedrooms | $595K | $625K | +5.0% |
| 5+ Bedrooms | $738K | $790K | +7.0% |
Summary: 48306 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 increased by 11.8%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes increased by 5%, and 5+ bedroom homes increased by 7%.
Housing Supply in 48306, MI
How many homes are available in 48306, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 87 | 100 | +14.9% |
Summary: The 48306 real estate market had 100 homes for sale in May 2024, a 14.9% 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 | 13 | 8 | -38.5% |
| 3 Bedrooms | 21 | 23 | +9.5% |
| 4 Bedrooms | 35 | 49 | +40.0% |
| 5+ Bedrooms | 18 | 20 | +11.1% |
Summary: The 48306 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 decreased by 38.5%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 32 | +10.3% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in 48306, you could pay more than the asking price. 65.6% of homes here sold above asking price last month.
Summary: A total of 32 homes were sold or pending in 48306 in May 2024, up by 10.3% month-over-month. Of the 32 sold homes, 28% were sold under asking, 6% were sold at asking, and 66% were sold over asking.
Days on Market for 48306, MI
How long does it take to sell a home in 48306, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 15 Days | 29 Days | +87.8% |
Summary: Homes in 48306 had an average of 29 days on market in May 2024, up by 87.8% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in 48306 are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 32 homes were sold in 48306; 78% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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.