Michigan Housing Market – Update

Home prices in Michigan were up 9.6% year-over-year in January. At the same time, the number of homes sold fell 0.89% and the number of homes for sale fell 11.4%.3.

Michigan Housing Supply

Are there enough homes for sale to meet buyer demand?

In January 2024, there were 23,916 homes for sale in Michigan, down 11.4% year over year. The number of newly listed homes was 7,315 down 7.3% year over year. The average month of supply is 2 months, down year over year.

Michigan Housing Demand – How Competitive is the Market?

In January 2024, 25.0% of homes in Michigan sold above list price, up 1.4 points year over year. There were only 25.2% of homes that had price drops, up from 23.0% of homes in January last year. There was a 97.5% sale-to-list price, up 0.3 points year over year.