Real estate trends in Michigan | Sellers | Buyers | Investors | The best and worst of Michigan | Michigan resources
Michigan real estate trends (May 2022)
How is the real estate market in Michigan? | |
|---|---|
🏠 Average home value: $218,684 | 📈 0.98% home value increase month over month |
💰 Median sale price: $219,900 | ⏳ 41 days on the market |
🔑 Homes on the market: 13,690 | 📆 2.1 months of housing inventory |
🏦 30-year mortgage rate: 5.59000% | 💵 Average income: #N/A |
State of the market: B | |
Michigan maintains a rather large inventory but still sees good activity. However, its real estate market appears to be cooling down, with home values starting to plateau. | |
*Data last updated May 2022 | |
If you love the great outdoors, Michigan might be the perfect state for you. The Great Lakes State has 3,288 miles of freshwater coastline — the nationwide record that makes it ideal for anyone who enjoys fishing or spending time on the water.
Beyond its natural beauty, Michigan's cities have shaped everything from the American auto industry to popular music. In fact, Detroit was the birthplace of both Motown and techno.
Michigan's climate is shaped by both the Great Lakes and the 11,000 smaller bodies of water that dot the landscape, which bring cool breezes in the summer and plenty of snow in the winter.
If you're thinking of buying or selling in Michigan, these Michigan housing predictions and stats can help you make an informed decision.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1.5% or $3K in listing fees. Eligible buyers get cash back after closing. Find out how much you can save with Clever today!
Selling a home in Michigan
Michigan real estate market forecast for sellers | |
|---|---|
⏰ Homes are selling 26 days slower than the annual average | 💰 Homes are selling for $700 less than the annual average |
💸 Average listing commission: 2.77% | 💸 Average buyer's commission: 2.88% |
How to sell a home in Michigan
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in Michigan (June 2021 Rankings)
- 8 Steps to Selling a House in Michigan
- How to Sell a House By Owner in Michigan (2021 Update)
- 5 Best Michigan Flat-Fee MLS Companies in 2021
- 5 Michigan We Buy Houses for Cash Companies & Alternatives (2021 Rankings)
Cost to sell a home in Michigan
- What's The Average Michigan Real Estate Commission In 2021?
- Michigan Seller Closing Costs in 2021: How Much Will You Pay?
- The Ultimate Guide to Michigan Real Estate Taxes
Buying a home in Michigan
How much home you can buy with $300,000 in... | |
|---|---|
🏠 Detroit: 1,863 sq ft | 🏡 Lansing: 2,419 sq ft |
🏡 Grand Rapids: 1,531 sq ft | 🏠 Ann Arbor: 1,299 sq ft |
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in Michigan
- The 5 Most Affordable Places to Live in Michigan
- The Best Time to Buy a House in Michigan
Investing in Michigan real estate
- Top 5 Best Real Estate Investment Markets in Michigan
- Top 5 Best Real Estate Investment Markets in Michigan
- A Beginner's Guide to Buying an Apartment Building
Best of Michigan
Each month, we compare locations in Michigan based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.
Happiest Counties in Michigan |
|---|
1. Ottawa County |
2. Oakland County |
3. Benzie County |
4. Livingston County |
5. Washtenaw County |
Ready to buy a home in Michigan? Eligible buyers get cash back with Clever!
Worst of Michigan
Each month, we compare locations in Michigan based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.
Least Happy Counties in Michigan |
|---|
1. Clare County |
2. Gladwin County |
3. Ogemaw County |
4. Genesee County |
5. Arenac County |
Least Happy Counties in Michigan |
|---|
1. Clare County |
2. Gladwin County |
3. Ogemaw County |
4. Genesee County |
5. Arenac County |
Michigan resources
- Michigan Department of Licensing & Regulatory Affairs: Real Estate Brokers & Salespersons
- Michigan's real estate license verification
- Michigan's real estate agent code of conduct
- Michigan's disclosure forms
- Transfer taxes in Michigan
- Home buying assistance programs in Michigan
Frequently asked questions about Michigan real estate
It is currently a seller’s market in Michigan. Demand is high, causing properties to be sold quickly and for above-average prices. While that’s the overall state of the market, each city and town is different, which is why it’s still best to check in with a real estate agent to understand your local trends.
Yes, investing in Michigan real estate is a good idea, especially in bigger cities like Detroit or Grand Rapids, where demand for housing is high. However, maximizing your investment requires proper preparation, such as planning your finances and doing research on what kinds of properties are profitable. Check out our guide to invest in real estate to find out more.
It might not be the best time to purchase a house in Michigan at the moment. The high demand is causing a surge in prices, and with inventory selling out quickly, there are few opportunities to strike a deal. However, if you still want to buy, then you’ll need the support of a real estate agent to help negotiate a decent price.
Methodology
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.