As we move through the beginning of the year, Michigan’s real estate market remains steady, with moderate price growth and inventory levels that continue to favor sellers in most areas.
Home Values
The average home value across Michigan is approximately $250,000, reflecting an increase of about 3–4% year over year. While price growth has slowed compared to the peak years of the market, values are still rising, helping homeowners maintain and build equity.
Inventory
Michigan currently has about 3 months of housing supply statewide. A balanced market typically falls between 4 and 6 months of inventory, which means available homes remain limited. Although inventory has improved slightly compared to recent years, supply is still not high enough to fully meet buyer demand.
Is This a Buyer’s Market?
Statewide, Michigan is not a buyer’s market at this time. With inventory hovering around 3 months, the market continues to lean slightly in favor of sellers. Buyers are seeing more choices and slightly better negotiating conditions than in previous years, but well-priced homes are still moving quickly in many areas.
What This Means
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Home values remain stable with modest growth
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Sellers continue to benefit from limited inventory
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Buyers have more opportunities than before, but competition still exists
Market conditions can vary significantly by city and neighborhood, so local data matters.