Michigan Real Estate Market in 2022: Forecasts + Trends

By Clever Real Estate Updated September 1, 2023

Michigan real estate trends

Michigan real estate trends (May 2022)

How is the real estate market in Michigan?
🏠 Average home value: $237,028	📈 0.64% 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: 6.95000%	💵 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

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: 1,863 sq ft	🏡 Lansing: 2,419 sq ft
🏡 Grand Rapids: 1,531 sq ft	🏠 Ann Arbor: 1,299 sq ft

Investing in Michigan real estate

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

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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

👋 Next Steps: Talk to an expert!

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Frequently asked questions about Michigan real estate

Is it a buyer's or seller's market in Michigan?

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.

Is Michigan a good state to invest in real estate?

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.

Is it a good time to buy a house in Michigan?

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.

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