GITNUX REPORT 2024

Michigans Average House Price Trends and Statistics Revealed in Detail

Unveiling Michigans Real Estate Market: Insight into Home Prices, Trends, and Affordability Factors

Author: Jannik Lindner

First published: 7/17/2024

Statistic 1

Detroit's median home price is $65,000

Statistic 2

Grand Rapids has a median home price of $245,000

Statistic 3

Ann Arbor's median home price is $425,000

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Lansing has a median home price of $135,000

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Flint's median home price is $55,000

Statistic 6

Kalamazoo's median home price is $185,000

Statistic 7

Traverse City has a median home price of $325,000

Statistic 8

Saginaw's median home price is $85,000

Statistic 9

Holland has a median home price of $275,000

Statistic 10

Marquette's median home price is $225,000

Statistic 11

Muskegon's median home price is $145,000

Statistic 12

Jackson's median home price is $115,000

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Midland's median home price is $175,000

Statistic 14

Bay City's median home price is $105,000

Statistic 15

Mount Pleasant's median home price is $165,000

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Alpena's median home price is $125,000

Statistic 17

Escanaba's median home price is $115,000

Statistic 18

The median home value in Michigan is $202,100

Statistic 19

The median list price in Michigan is $224,900

Statistic 20

The median price of newly constructed homes in Michigan is $325,000

Statistic 21

The median price of luxury homes in Michigan is $750,000

Statistic 22

The median price of waterfront properties in Michigan is $450,000

Statistic 23

The median price of a condo in Michigan is $180,000

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The median price of a farm in Michigan is $679,000

Statistic 25

The median price of a historic home in Michigan is $350,000

Statistic 26

The median price of a multi-family home in Michigan is $275,000

Statistic 27

The median price of a lakefront property in Michigan is $385,000

Statistic 28

The median price of a Victorian-style home in Michigan is $295,000

Statistic 29

The median price of a ranch-style home in Michigan is $215,000

Statistic 30

The median price of a colonial-style home in Michigan is $265,000

Statistic 31

The median price of a craftsman-style home in Michigan is $245,000

Statistic 32

The median price of a mid-century modern home in Michigan is $285,000

Statistic 33

31.9% of homes in Michigan have negative equity

Statistic 34

The foreclosure rate in Michigan is 1 in every 4,754 homes

Statistic 35

The average mortgage rate in Michigan is 3.02% for a 30-year fixed

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The average property tax rate in Michigan is 1.54%

Statistic 37

The average closing costs in Michigan are $3,700

Statistic 38

The average down payment for a house in Michigan is 12%

Statistic 39

The average days on market for homes in Michigan is 58

Statistic 40

The average age of homes in Michigan is 53 years

Statistic 41

Michigan's home price volatility index is 0.0242

Statistic 42

Michigan's home price seasonality index is 0.0134

Statistic 43

Home values in Michigan have gone up 5.7% over the past year

Statistic 44

Michigan's home price appreciation rate over the last 5 years is 42.3%

Statistic 45

Michigan's home value forecast for the next year is a 3.8% increase

Statistic 46

Michigan's home price appreciation rate in the last quarter was 1.2%

Statistic 47

Michigan's home price index is 382.91 (1980 Q1 = 100)

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Michigan's home price growth rate compared to national average is -1.2%

Statistic 49

Michigan's home price appreciation rate for urban areas is 6.2%

Statistic 50

Michigan's homeownership rate is 71.9%

Statistic 51

The average price per square foot for homes in Michigan is $150

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Michigan's price-to-rent ratio is 15.8

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Michigan's housing affordability index is 146.8

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Michigan's home price-to-income ratio is 3.2

Statistic 55

The average price of a mobile home in Michigan is $55,000

Statistic 56

The average price of a tiny home in Michigan is $45,000

Statistic 57

The average price of a vacation home in Michigan is $275,000

Statistic 58

The average price of a foreclosed home in Michigan is $120,000

Statistic 59

Michigan's home price-to-construction cost ratio is 1.45

Statistic 60

The average price of a log cabin in Michigan is $225,000

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The average price of an energy-efficient home in Michigan is $285,000

Statistic 62

The average price of a fixer-upper home in Michigan is $95,000

Statistic 63

Michigan's home price affordability index for first-time buyers is 0.85

Statistic 64

The average price of a smart home in Michigan is $310,000

Statistic 65

Michigan's home price-to-rent ratio for urban areas is 18.2

Statistic 66

The average price of a home with a pool in Michigan is $350,000

Statistic 67

The average price of a home with acreage in Michigan is $425,000

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Summary

  • The median home value in Michigan is $202,100
  • Home values in Michigan have gone up 5.7% over the past year
  • The average price per square foot for homes in Michigan is $150
  • Detroit's median home price is $65,000
  • Grand Rapids has a median home price of $245,000
  • Ann Arbor's median home price is $425,000
  • The average days on market for homes in Michigan is 58
  • 31.9% of homes in Michigan have negative equity
  • The foreclosure rate in Michigan is 1 in every 4,754 homes
  • Michigan's homeownership rate is 71.9%
  • The median list price in Michigan is $224,900
  • Michigan's home price appreciation rate over the last 5 years is 42.3%
  • The average mortgage rate in Michigan is 3.02% for a 30-year fixed
  • Lansing has a median home price of $135,000
  • The average property tax rate in Michigan is 1.54%

With Michigans housing market showcasing a myriad of figures more diverse than its Great Lakes, from Detroits budget-friendly $65,000 median home price to Ann Arbors upscale $425,000 abode, its clear that the Wolverine State has something for every wallet size. Dive into the statistics floating around the Mitten State – where 31.9% of homes wear negative equity like a badge of honor, and the average down payment is as mysterious as the deep blue waters of Lake Superior. From Victorian-style homes in Marquette to energy-efficient gems in Mount Pleasant, come for the housing market drama, stay for the price-to-rent ratio intrigue!

City-Specific Data

  • Detroit's median home price is $65,000
  • Grand Rapids has a median home price of $245,000
  • Ann Arbor's median home price is $425,000
  • Lansing has a median home price of $135,000
  • Flint's median home price is $55,000
  • Kalamazoo's median home price is $185,000
  • Traverse City has a median home price of $325,000
  • Saginaw's median home price is $85,000
  • Holland has a median home price of $275,000
  • Marquette's median home price is $225,000
  • Muskegon's median home price is $145,000
  • Jackson's median home price is $115,000
  • Midland's median home price is $175,000
  • Bay City's median home price is $105,000
  • Mount Pleasant's median home price is $165,000
  • Alpena's median home price is $125,000
  • Escanaba's median home price is $115,000

Interpretation

In the whimsical real estate dance of Michigan's housing market, each city twirls to its own beat, showcasing a range of personalities through their median home prices. From the humble elegance of Flint at $55,000 to the extravagant flair of Ann Arbor at $425,000, one thing is clear: diversity reigns supreme. Whether you're dreaming of a lakeside retreat in Traverse City or a cozy nook in Saginaw, there's a little something for everyone in this delightful symphony of housing prices. So pick your favorite note and make a move - the Michigan real estate orchestra awaits your entrance!

Current Market Values

  • The median home value in Michigan is $202,100
  • The median list price in Michigan is $224,900
  • The median price of newly constructed homes in Michigan is $325,000
  • The median price of luxury homes in Michigan is $750,000
  • The median price of waterfront properties in Michigan is $450,000
  • The median price of a condo in Michigan is $180,000
  • The median price of a farm in Michigan is $679,000
  • The median price of a historic home in Michigan is $350,000
  • The median price of a multi-family home in Michigan is $275,000
  • The median price of a lakefront property in Michigan is $385,000
  • The median price of a Victorian-style home in Michigan is $295,000
  • The median price of a ranch-style home in Michigan is $215,000
  • The median price of a colonial-style home in Michigan is $265,000
  • The median price of a craftsman-style home in Michigan is $245,000
  • The median price of a mid-century modern home in Michigan is $285,000

Interpretation

In the diverse real estate landscape of Michigan, home prices tell a colorful story. From the average buyer's hunt for a cozy condo to the luxury enthusiast's dream of a waterfront property, the state offers a range of options to fit every taste and budget. Whether you're drawn to the charm of a historic home or the sleek lines of a mid-century modern masterpiece, finding your perfect abode comes with its own price tag. In Michigan, the housing market is as varied as its residents, with each property type adding its unique flavor to the mix, turning the search for a home into a delightful adventure through a landscape of value and personality.

Financial Aspects

  • 31.9% of homes in Michigan have negative equity
  • The foreclosure rate in Michigan is 1 in every 4,754 homes
  • The average mortgage rate in Michigan is 3.02% for a 30-year fixed
  • The average property tax rate in Michigan is 1.54%
  • The average closing costs in Michigan are $3,700
  • The average down payment for a house in Michigan is 12%

Interpretation

The housing market in Michigan seems to be playing a high-stakes game of financial limbo, with nearly a third of homes teetering on negative equity while the drumbeat of foreclosures resounds every 1 in 4,754 homes. Despite these ominous signs, the average mortgage rate remains tantalizingly low at 3.02%, beckoning eager buyers with dreams of homeownership but the walloping property tax rate of 1.54% could be the sneaky rug puller. And let's not forget the pricey entrance fee of $3,700 in closing costs, making that 12% down payment feel like a costly ante to enter this housing poker game. In Michigan, the stakes are high, the odds are shifting, and the players must tread carefully through this minefield of numbers and risks.

Market Dynamics

  • The average days on market for homes in Michigan is 58
  • The average age of homes in Michigan is 53 years
  • Michigan's home price volatility index is 0.0242
  • Michigan's home price seasonality index is 0.0134

Interpretation

With a market as dynamic as Michigan's real estate scene, one could say that buying a home in the Great Lakes State is like aging fine wine - it takes time, patience, and a hint of unpredictability. The average 58 days on the market reflect a balanced pace of transactions, while the average 53-year-old homes add a touch of vintage charm to the mix. Despite a modest volatility index of 0.0242 and a subtle seasonality index of 0.0134, Michigan's housing market embodies a nuanced blend of stability and surprise, making it a noteworthy contender for those seeking a home sweet home with character.

Market Trends

  • Home values in Michigan have gone up 5.7% over the past year
  • Michigan's home price appreciation rate over the last 5 years is 42.3%
  • Michigan's home value forecast for the next year is a 3.8% increase
  • Michigan's home price appreciation rate in the last quarter was 1.2%
  • Michigan's home price index is 382.91 (1980 Q1 = 100)
  • Michigan's home price growth rate compared to national average is -1.2%
  • Michigan's home price appreciation rate for urban areas is 6.2%

Interpretation

Michigan's housing market is on a rollercoaster ride, with home values shooting up faster than you can say "mitten state." With a price appreciation rate that's got more ups and downs than a Detroit pothole, homeowners in the Great Lakes State must be feeling both elated and slightly dizzy. While the forecast predicts a slower climb in the coming year, Michigan's urban areas are leading the charge with a growth rate that's leaving their rural counterparts in the dust. So, buckle up, Michigan homeowners, it looks like your property values are along for the wild ride!

Ownership Statistics

  • Michigan's homeownership rate is 71.9%

Interpretation

In Michigan, where the homeownership rate clocks in at a solid 71.9%, the real estate market seems to be giving off some seriously committed relationship vibes. With almost three-quarters of the state's residents planting their flags in the homeowning camp, it's safe to say that Michiganders are all in when it comes to putting down roots. Whether it's the allure of the Great Lakes or simply a testament to the state's staying power, Michigan's homeownership rate suggests that when it comes to where to hang your hat, residents are saying, "This is home, and we're here to stay."

Price Metrics

  • The average price per square foot for homes in Michigan is $150
  • Michigan's price-to-rent ratio is 15.8
  • Michigan's housing affordability index is 146.8
  • Michigan's home price-to-income ratio is 3.2
  • The average price of a mobile home in Michigan is $55,000
  • The average price of a tiny home in Michigan is $45,000
  • The average price of a vacation home in Michigan is $275,000
  • The average price of a foreclosed home in Michigan is $120,000
  • Michigan's home price-to-construction cost ratio is 1.45
  • The average price of a log cabin in Michigan is $225,000
  • The average price of an energy-efficient home in Michigan is $285,000
  • The average price of a fixer-upper home in Michigan is $95,000
  • Michigan's home price affordability index for first-time buyers is 0.85
  • The average price of a smart home in Michigan is $310,000
  • Michigan's home price-to-rent ratio for urban areas is 18.2
  • The average price of a home with a pool in Michigan is $350,000
  • The average price of a home with acreage in Michigan is $425,000

Interpretation

Ah, the colorful tapestry of Michigan's housing market! From charming tiny homes to luxurious vacation retreats, the state offers a diverse array of options for homebuyers. With price-to-rent ratios and affordability indices to consider, navigating the real estate landscape requires a keen eye for value. Whether you're drawn to a cozy log cabin or a cutting-edge smart home, Michigan has something for every taste and budget. Just remember, choosing between a fixer-upper and an energy-efficient oasis is all part of the adventure in the Great Lakes State!

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