48847 Housing Market Report December 2024•Gratiot County, Michigan

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Housing Prices in 48847, MI

How much do homes in 48847, MI cost?

Housing Market Conditions

Is 48847, 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

48847 is a Neutral Market

Difference Since December 2023

At the same time last year, 48847 was a Seller's Market.

Insight

48847 is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

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.
$175,000$116/SqFt
+$10,000
+6.1%

Based on all homes sold in the last 12 months

Insight

Homes in 48847 have sold for 6.1% more than they did a year ago.

Summary: The median home sold price in 48847 was $175,000 in December 2024, up 6.1% from last year, and the median price per square foot was $116.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
48801
+12.7%
48847
+6.1%

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 2023Dec 2024Change YoY
1--
N/A
2$90K$135K
+50.0%
3$159.3K$207.5K
+30.3%
4$174.1K$130K
-25.3%
5$200K$165K
-17.5%

Summary: 48847 housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes did not change. The home price for 2 bedroom homes increased by +50.0%. The home price for 3 bedroom homes increased by +30.3%. The home price for 4 bedroom homes decreased by -25.3%. The home price for 5 bedroom homes decreased by -17.5%.

Housing supply in 48847, MI

How many homes are available in 48847, 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
25Last MonthDec 2024
292 months agoNov 2024
-13.8 %
Change MoMNov – Dec

Summary: The 48847 real estate market had 25 homes for sale in Dec 2024, a 13.8 % decrease compared to Nov 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
4Last MonthDec 2024
62 months agoNov 2024
-33.3 %
Change MoMNov – Dec

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.
BedsNov 2024Dec 2024Change MoM
100
0.0%
254
-20.0%
31513
-13.3%
456
+20.0%
542
-50.0%

Summary: 48847 housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -20.0%. The inventory for 3 bedroom homes decreased by -13.3%. The inventory for 4 bedroom homes increased by +20.0%. The inventory for 5 bedroom homes decreased by -50.0%.

Asking Price vs. Sold Price

How much do homes in 48847, 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 Price1 Home

At Asking Price1 Home

Under Asking Price2 Homes

Insight

If you're buying a home in 48847, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in 48847 in December 2024, down by 33.3% month-over-month. Of the 4 sold homes, 50% were sold under asking, 25% were sold at asking, and and 25% were sold over asking.

Days on Market for 48847, MI

How long does it take to sell a home in 48847, MI?

Breakdown of Home Sale Times

Under 30 Days1 Home

30 – 90 Days2 Homes

Over 90 Days1 Home

Insight

Avg time on Rocket Homes in 48847 has remained consistent over time.

Summary: During December 2024, 4 homes were sold in 48847; 25% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 25% 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.
This Year1 year agoChange YoY
61 DaysThis YearDec 2024
73 Days1 year agoDec 2023
-17.1 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in 48847 had an average listing age of 61 days in Dec 2024, down by 17.1% compared to the previous year.

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Newest Listings in 48847, MI

What homes are available in 48847, MI?

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MLS Disclaimers and Copyright

Based on information from Northern Great Lakes Realtors MLS, Michigan Regional Information Center LLC, Greater Lansing MLS, and RealComp II Ltd. for the period 01/01/2023 - 01/01/2025

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: 1/30/2025, 1:20:55 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/30/2025, 1:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. 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, and that the data is deemed reliable but is not guaranteed accurate by the MLS.

Copyright © 2025 Greater Lansing Association of REALTORS®. All Rights Reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/30/2025, 1:20:55 PM 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: 1/30/2025, 1:20:59 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.