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Michigan
Real Estate Appreciation & Housing Market Trends






Michigan Real Estate Market & Appreciation

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Average Home Values

Median Home Value

$255,260

Number Of Homes And Apartments:

4,009,253

Michigan Home Prices

> $1,291,884
$969,001 - $1,291,884
$645,955 - $969,000
$516,755 - $645,954
$387,534 - $516,754
$258,362 - $387,533
$129,138 - $258,361
$64,580 - $129,137
$0 - $64,579
1.2%
1.2%
1.4%
1.4%
5.0%
5.0%
6.5%
6.5%
11.5%
11.5%
22.5%
22.5%
29.6%
29.6%
12.8%
12.8%
9.5%
9.5%
0% 100.0%
% of Homes

Michigan Appreciation Rates

Rent & Homeownership

Average Market Rent:

$1,575 / per month

Homeownership Rate

Owners
Renters
70.9%
70.9%
29.1%
29.1%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.5%
12.5%
87.5%
87.5%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.6%
14.6%
37.7%
37.7%
33.2%
33.2%
14.5%
14.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.0%
72.0%
4.7%
4.7%
4.9%
4.9%
13.2%
13.2%
5.1%
5.1%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.6%
1.6%
8.9%
8.9%
24.8%
24.8%
43.7%
43.7%
17.0%
17.0%
4.0%
4.0%
0% 100.0%
% of Homes