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Sarah Mitchell
Compass Real Estate · ZIP 48331
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48331 ZIP Code Housing Market
$430,000median sale price
What is the 48331 housing market like right now?
The median home sale price in ZIP code 48331 is $430,000. Homes sell in an average of 22 days with 37 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of March 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is the 48331 ZIP code a buyer's or seller's market?
ZIP code 48331 is currently a balanced market and homes selling in about 22 days. How we determine this →
What are the latest 48331 housing market stats?
| Metric | Value |
|---|---|
| Median sale price | $430,000 |
| Median list price | $475,000 |
| Average days on market | 22 days |
| Active inventory | 37 listings |
| Sale-to-list price ratio | 100.5% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
The 48331 zip code, located in Farmington Hills, MI, is currently classified as a balanced market. The median sale price stands at $430,000. Homes in this area spend an average of 22 days on the market before going under contract. There are currently 37 active listings in the area, which influences how much negotiating power buyers and sellers have.
ZIP 48331 sits in the Farmington Hills, MI area, roughly 2 miles from downtown Farmington Hills. Because home prices are set street by street, this ZIP can move differently from Farmington Hills's citywide averages. The figures below reflect 48331 specifically — drawn from Redfin transactions, U.S. Census data for its 21,562 residents, and Zillow value estimates.
Homes sold
59
Last 12 weeks
Days on market
22
Average pace
Active listings
37
Sale-to-list
100.5%
Above asking
What is driving the 48331 housing market?
The 48331 real estate market is shaped by a combination of local demand, housing supply, and broader economic trends. As a balanced market, homes are selling at approximately 100.5% of their listed price.
Year-over-year price trends are one of the most important indicators for both homebuyers and investors. Prices in 48331 have remained relatively stable compared to last year. For context, it's valuable to compare this trend against neighboring zip codes and the broader metro area to determine whether this performance is localized or part of a regional pattern.
The Zillow Home Value Index (ZHVI) for 48331 stands at $471,183, which represents Zillow's estimate of the typical home value in the area. The Zillow Observed Rent Index (ZORI) indicates typical rents of $1,768 per month. This gives a price-to-rent ratio of approximately 22.2, which indicates that renting may be more cost-effective than buying in the short term, though long-term appreciation could shift that calculus. Use our mortgage calculator to estimate monthly payments based on current home values and interest rates.
Who lives in 48331?
Population
21,562
Median income
$127,633/yr
Median age
47.6 years
Owner-occupied
78.8%
College grads
66.5%
Avg commute
23.76 min
What is it like living in 48331?
Zip code 48331 is home to approximately 21,562 residents. The median household income is $127,633 per year, which shapes the types of homes and amenities available in the area. With a median age of 47.6 years, the community's age profile influences everything from school enrollment to local business types and recreational offerings. Approximately 78.8% of housing units are owner-occupied, indicating a stable, ownership-oriented community where residents have a vested interest in maintaining property values and neighborhood quality.
About 66.5% of residents hold a bachelor's degree or higher, which often correlates with access to knowledge-economy jobs and higher earning potential in the area. The average commute time is 23.76 minutes, which is close to the national average. These demographic factors, combined with the market data above, help paint a complete picture of what it's like to live and own property in 48331.
Which public schools serve ZIP 48331?
1 schools tracked · 384 students
The largest public schools serving ZIP code 48331 by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Forest Elementary School
Grades K-5 · 384 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Frequently asked questions about 48331
What is the median home price in 48331?
The current median sale price in 48331 is $430,000, based on recent Redfin transaction data. For the most up-to-date pricing and to see how this compares to nearby areas, use our comparison tool.
Is 48331 a buyer's or seller's market?
The 48331 zip code is currently classified as a balanced market. This assessment is based on key indicators including months of supply, sale-to-list price ratios, and average days on market.
What is the population of zip code 48331?
Zip code 48331 has a population of approximately 21,562 residents. The median household income is $127,633 per year. About 78.8% of homes are owner-occupied. This data is sourced from the U.S. Census Bureau and is updated annually.
How do I research neighborhoods in 48331?
Properties Incorporated provides comprehensive data for 48331 including median home prices, price history charts, days on market, active inventory, and Census Bureau demographics. To compare this area with other zip codes or cities, use our comparison tool. For mortgage planning, our mortgage calculator estimates monthly payments based on current prices and interest rates.
How often is the data for 48331 updated?
Market data on Properties Incorporated is updated regularly as new information becomes available. Redfin sales data is typically refreshed monthly, Zillow home value and rent estimates update monthly, and Census Bureau demographics are updated annually.
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