Michigan Housing Market

Like most of the country, Michigan experience a red-hot real estate market during the pandemic as people reallocated funds to housing and took advantage of low interest rates. Now, with rates up, fewer people are selling their homes. That has reduced inventory but not prices, as buyers compete for fewer homes.

Home prices in Michigan were up 6.9% year-over-year in March. At the same time, the number of homes sold fell 14.5% and the number of homes for sale fell 1.1%.

Michigan Housing Market Overview

What is the housing market like right now?

In March 2024, home prices in Michigan were up 6.9% compared to last year, selling for a median price of $246,800. On average, the number of homes sold was down 14.5% year over year and there were 8,215 homes sold in March this year, down 9,606 homes sold in March last year. The median days on the market was 29 days, down 4 year over year.

Top 10 Metros in Michigan with the Fastest Growing Sales Price

1. Jackson, Mi | 46.6%

2. Birmingham, Mi | 24.0%

3. Battle Creek, Mi | 22.7%

4. Madison Heights, Mi | 22.0%

5. Muskegon, Mi | 21.0%

6. Holland, Mi | 18.7%

7. Garden City, Mi | 17.0%

8. Lansing, Mi | 16.6%

9. Romulus, Mi | 14.8%

10. Grand Rapids, Mi | 14.6 %

Michigan Housing Supply

Are there enough homes for sale to meet buyer demand?

In March 2024, there were 25,968 homes for sale in Michigan, down 1.1% year over year. The number of newly listed homes was 10,412 and down 0.2% year over year. The average months of supply is 2 months, up 0 year over year.

Michigan Housing Demand

How competitive is the market?

In March 2024,

• 35.5% of homes in Michigan sold above list price, up 3.0 points year over year.

• There were only 23.1% of homes that had price drops, up from 19.0% of homes in March last year.

• There was a 99.1% sale-to-list price, up 0.5 points year over year.

Top 10 Most Competitive Cities in Michigan

• Rockford, Mi

• Kentwood, MI

• Livonia, Mi

• Novi, Mi

• Wyoming, Mi

• Southgate, Mi

• Clawson, Mi

• Forest Hills, Mi

• Madison Heights, Mi

• Zeeland, Mi