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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 Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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:
$211,725

Number Of Homes And Apartments:
3,980,408

Michigan Home Prices

> $1,322,208
$991,547 - $1,322,208
$661,015 - $991,546
$528,826 - $661,014
$396,591 - $528,825
$264,338 - $396,590
$132,138 - $264,337
$66,048 - $132,137
$0 - $66,047
0.8%
0.8%
0.9%
0.9%
3.1%
3.1%
3.9%
3.9%
8.9%
8.9%
18.7%
18.7%
34.0%
34.0%
17.6%
17.6%
12.2%
12.2%
0.0% 100.0%
% OF HOMES

Michigan Appreciation Rates

 
Time Period Total Appreciation Average Annual Rate Compared to America*
Latest Quarter:
2021 Q4 - 2022 Q1
2.61% 10.87%
3
Last 12 Months:
2021 Q1 - 2022 Q1
16.40% 16.40%
5
Last 2 Years:
2020 Q1 - 2022 Q1
25.26% 11.92%
5
Last 5 Years:
2017 Q1 - 2022 Q1
48.30% 8.20%
7
Last 10 Years:
2012 Q1 - 2022 Q1
95.63% 6.94%
8
Since 2000:
2000 Q1 - 2022 Q1
76.05% 2.60%
1
* 10 is highest

Rent & Homeownership

Average Market Rent:
$1,275 / per month

Homeownership Rate

Owners
Renters
Vacant
70.1%
70.1%
29.9%
29.9%
13.7%
13.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
12.9%
12.9%
38.5%
38.5%
34.0%
34.0%
14.6%
14.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
72.1%
72.1%
4.6%
4.6%
4.9%
4.9%
12.9%
12.9%
5.4%
5.4%
0.0%
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%
25.1%
25.1%
43.9%
43.9%
16.7%
16.7%
3.9%
3.9%
0.0% 100.0%
% OF HOMES