Michigan Real Estate Market in 2021: Forecasts + Trends

Clever Real Estate

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Clever Real Estate

July 19th, 2021
Updated July 19th, 2021

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Michigan real estate trends

Real estate trends in Michigan | Sellers | Buyers | Investors | The best and worst of Michigan | Michigan resources

Michigan real estate trends (July 2021)

How is the real estate market in Michigan?
🏠 Average home value: $203,472
📈 1.66% home value increase month over month
💰 Median sale price: $229,000
⏳ 52 days on the market
🔑 Homes on the market: 15,802
📆 1.2 months of housing inventory
🏦 30-year mortgage rate: 3.02%
💵 Average income: $57,144
State of the market: B
Home values are inching up in Michigan. Houses are selling pretty quickly after hitting the market, even though the state has a ton of active listings, so Michigan sellers should feel confident for the foreseeable future.
*Data last updated July 2021

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.

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Selling a home in Michigan

Michigan real estate market forecast for sellers
⏰ Homes are selling 24 days faster than the annual average
💰 Homes are selling for $8,346 more than the annual average
💸 Average listing commission: 2.98%
💸 Average buyer's commission: 3.00%

How to sell a home in Michigan

Cost to sell a home in Michigan

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Buying a home in Michigan

How much home you can buy with $300,000 in...
🏠 Detroit: 1,777 sq ft
🏡 Lansing: 2,283 sq ft
🏡 Grand Rapids: 1,850 sq ft
🏠 Ann Arbor: 1,401 sq ft

Investing in Michigan real estate

Best of Michigan

Each month, we compare cities in Michigan based on different criteria. This month, we're looking at affordability and ranking the best cities in the state.

Most Affordable Cities in Michigan
1. Battle Creek
2. Saginaw
3. Bay City
4. Midland
5. Jackson

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Worst of Michigan

Each month, we compare cities in Michigan based on a different criteria. This month we're looking at affordability data. These are the cities that ranked the worst in the state.

Least Affordable Cities in Michigan
1. Traverse City
2. Ann Arbor
3. Detroit-Warren-Dearborn
4. Grand Rapids-Kentwood
5. Holland

Michigan resources

👋 Next Steps: Talk to an expert!

If you're weighing your options for buying or selling a house, Clever can help!

Our fully-licensed concierge team is standing by to answer questions and provide free, objective advice on getting the best outcome with your sale or purchase.

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Give us a call at 1-833-2-CLEVER or enter your info below. Our concierge team will be in touch shortly to help.

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Methodology

Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, S&P Global, 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.

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