RealTrends Market Report
Michigan, MI
Single-Family Homes
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Michigan, MI
Fri Jul 26 2024
This week the median list price for Michigan, MI is $299,900 with the market action index hovering around 47. This is less than last month's market action index of 49. Inventory has held steady at or around 16,712.
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 | $299,900 | |
| Median Price of New Listings | $285,000 | |
| Per Square Foot | $165 | |
| Average Days on Market | 81 | |
| Median Days on Market | 35 | |
| Price Decreased | 33% | |
| Price Increased | 1% | |
| Relisted | 7% | |
| Inventory | 16,712 | |
| Median Rent | ||
| Market Action | 47 | |
| 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 |
|---|---|---|---|---|---|---|---|---|
| $749,900 | 3,072 | 0.5 - 1 acre | 4 | 3 | 24 | 448 | 419 | 56 |
| $385,000 | 2,011 | 0.25 - 0.5 acre | 3 | 2 | 41 | 780 | 575 | 28 |
| $229,900 | 1,476 | 0.25 - 0.5 acre | 3 | 2 | 69 | 883 | 817 | 28 |
| $98,700 | 1,104 | 4,500 - 6,500 sqft | 3 | 1 | 83 | 502 | 586 | 49 |