48740 Housing Market Report January 2025•Alcona County, Michigan

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Housing Prices in 48740, MI

How much do homes in 48740, MI cost?

Housing Market Conditions

Is 48740, MI a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

48740 is a Buyer's Market

Difference Since December 2024

Last month, 48740 was a Seller's Market.

Insight

48740 is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$275,000$175/SqFt
-$3,000
-1.1%

Based on all homes sold in January 2025

Insight

Homes in 48740 have sold for 1.1% less than they did a month ago.

Summary: The median home sold price in 48740 was $275,000 in January 2025, down 1.1% from last month, and the median price per square foot was $175.

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2024Jan 2025Change YoY
1--
N/A
2$152.2K-
N/A
3$278K$275K
-1.1%
4$379K-
N/A
5--
N/A

Summary: 48740 housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes did not change. The home price for 3 bedroom homes decreased by -1.1%. The home price for 4 bedroom homes did not change. The home price for 5 bedroom homes did not change.

Housing supply in 48740, MI

How many homes are available in 48740, MI?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
15Last MonthJan 2025
162 months agoDec 2024
-6.3 %
Change MoMDec – Jan

Summary: The 48740 real estate market had 15 homes for sale in Jan 2025, a 6.3 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
1Last MonthJan 2025
52 months agoDec 2024
-80.0 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
100
0.0%
243
-25.0%
379
+28.6%
431
-66.7%
522
0.0%

Summary: 48740 housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -25.0%. The inventory for 3 bedroom homes increased by +28.6%. The inventory for 4 bedroom homes decreased by -66.7%. The inventory for 5 bedroom homes remained the same.

Asking Price vs. Sold Price

How much do homes in 48740, MI cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price0 Home

At Asking Price1 Home

Under Asking Price0 Home

Insight

If you're buying a home in 48740, expect to pay close to the asking price. 100% of homes here sold near the asking price last month.

Summary: A total of 1 homes were sold or pending in 48740 in January 2025, down by 80.0% month-over-month. Of the 1 sold homes, 0% were sold under asking, 100% were sold at asking, and and 0% were sold over asking.

Days on Market for 48740, MI

How long does it take to sell a home in 48740, MI?

Breakdown of Home Sale Times

Under 30 Days0 Home

30 – 90 Days0 Home

Over 90 Days1 Home

Insight

Most homes in 48740 are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During January 2025, 1 homes were sold in 48740; 0% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 100% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
Last Month1 month agoChange MoM
129 DaysLast MonthJan 2025
89 Days1 month agoDec 2024
+44.5 %
Change MoMDec – Jan

Summary: Homes in 48740 had an average listing age of 129 days in Jan 2025, up by 44.5% compared to the previous month.

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Newest Listings in 48740, MI

What homes are available in 48740, MI?

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MLS Disclaimers and Copyright

Based on information from Water Wonderland MLS Inc., RealComp II Ltd., and Northern Great Lakes Realtors MLS for the period 12/01/2024 - 02/01/2025

IDX © 2025 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. 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. 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 Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/11/2025, 11:20:51 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDXDisclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.

IDX information is provided exclusively 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. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited.

IDX provided courtesy of Realcomp II Ltd. Copyright © 2025 Realcomp II Ltd. Shareholders. All rights reserved. Originating MLS shown with each listing detail.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/11/2025, 11:20:56 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Copyright © 2025 Northern Great Lakes REALTORS® MLS™ All Rights Reserved. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/11/2025, 11:20:52 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.