RealTrends Market Report
Michigan, MI
Single-Family Homes
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Michigan, MI
Mon Dec 04 2023
This week the median list price for Michigan, MI is $249,900 with the market action index hovering around 45. This is less than last month's market action index of 47. Inventory has held steady at or around 15,098.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Real-Time Market Profile
| Median List Price | $249,900 | |
| Median Price of New Listings | $209,949 | |
| Per Square Foot | $158 | |
| Average Days on Market | 94 | |
| Median Days on Market | 56 | |
| Price Decreased | 37% | |
| Price Increased | 1% | |
| Relisted | 9% | |
| Inventory | 15,098 | |
| Median Rent | ||
| Market Action | 45 | |
| Strong Seller's Market | ||
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Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $659,000 | 2,800 | 0.5 - 1 acre | 4 | 3 | 25 | 132 | 321 | 84 |
| $325,000 | 1,796 | 0.25 - 0.5 acre | 3 | 2 | 49 | 268 | 464 | 42 |
| $187,000 | 1,308 | 8,000 - 10,000 sqft | 3 | 1 | 72 | 361 | 570 | 35 |
| $79,900 | 1,060 | 4,500 - 6,500 sqft | 3 | 1 | 83 | 225 | 384 | 63 |