The Michigan Real Estate Market: 2024 Trends

I want to... 🏠 Sell my home | 🗝️ Buy a home | 🗺️ Find a new place to live in Michigan

💡 Key Michigan housing market facts

Data PointValueRankCompared to National Avg
Typical Home Value $247,697[1]#39 of 50 states32.9% lower
Median Listing Price $299,900[2]#46 of 50 states34.6% lower
Median Sale Price $276,700[3]#43 of 50 states35.8% lower
30 Year Mortgage Rate 6.95%[4]#15 of 50 states0.4% lower
Median Days on Market 33[5]#13 of 50 states20% shorter
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🗺️ Buying a house in the Michigan real estate market

Michigan has an affordability score of 4.7, meaning it takes 4.7 years of the median household income ($59,234) to afford Michigan's median home sale price ($276,700). Because of this, we rank Michigan as the 6th most affordable state for buyers based strictly on prices compared to income.

Data PointValueRankCompared to National Avg
Median Sale Price $276,700[6]#43 of 50 states35.8% lower
30 Year Mortgage Rate 6.95%[7]#15 of 50 states0.4% lower
Median Household Income $59,234[8]#33 of 50 states8.2% lower
Affordability Ratio 4.7#6 of 50 states29.2% lower
Buyers Agent Commission 2.96%[9]#46 of 50 states10.7% higher
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Resources for Michigan home buyers

🗺️ Selling a house in the Michigan real estate market

According to our detailed survey of Michigan real estate agents, listing agents (those representing the seller) charge an average commission in Michigan of 2.96%, which is the 17th highest in the United States. Buyers' agents charge an average commission of 2.96%, which is the 5th highest in the United States.

Data PointValueRankCompared to National Avg
Median Listing Price $299,900[10]#46 of 50 states34.6% lower
Median Sale Price $276,700[11]#43 of 50 states35.8% lower
Median Days on Market 33[12]#13 of 50 states20% shorter
Buyer's Agent Commission 2.96%[13]#46 of 50 states10.7% higher
Listing Agent Commission 2.96%[14]#34 of 50 states3.6% higher
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Resources for Michigan home sellers

Moving to Michigan

According to our recent moving trends survey[15], 7% of Americans indicated that they would choose to move to Michigan if money were no object. Likewise, 6% of survey respondents indicated that they would move to Detroit among a choice of America's largest cities. Among medium-sized cities, 6% indicated that they would move to Grand Rapids.

Here's how Michigan cities rank in a number of our research studies.

StudyBest Michigan cityRank
Best Pizza Cities[16]Detroit9th best
Best Coffee Cities[17]Detroit45th best
Best LGBTQ Cities[18]Detroit28th best
Best Bike Cities[19]Detroit37th best
Best Commuter Cities[20]Detroit45th best
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Article Sources

[1] Zillow – "Zillow Home Value Index". Updated May 31, 2024.
[2] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[3] Redfin – "Redfin Data Center". Updated May 2024.
[4] Bankrate – "Bankrate". Updated July 2024.
[5] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[6] Redfin – "Redfin Data Center". Updated May 2024.
[7] Bankrate – "Bankrate". Updated July 2024.
[8] US Census – "US Census, 2020 American Community Survey". Updated 2020.
[9] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated July 2024.
[10] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[11] Redfin – "Redfin Data Center". Updated May 2024.
[12] Realtor.com – "Realtor.com Data Library". Updated May 2024.
[13] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated July 2024.
[14] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated July 2024.
[15] Home Bay – "Half of Americans Are Surprised by How Much It Costs to Move". Updated February 26, 2024.
[16] Clever Real Estate – "The 15+ Best Pizza Cities in America". Updated February 12, 2024.
[17] Clever Real Estate – "The Best (and Worst) Coffee Cities in America". Updated January 12, 2024.
[18] Clever Real Estate – "The Most (and Least) LGBTQ-Friendly Cities in America". Updated October 23, 2023.
[19] Clever Real Estate – "The Most Bike-Friendly Cities in the U.S.". Updated July 17, 2023.
[20] Clever Real Estate – "The Best (and Worst) Cities for Commuters". Updated September 21, 2023.

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