Michigan housing market
Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$263,760+3.8% YoY · prices are rising fast
Market right nowBuyer's marketMore homes for sale than last year, 22% have cut their price
Income needed to buy, per year$57,178About 0.8× the local median income ($72,336): affordable for a typical household
Days on market51 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+2.5%Zillow expects prices to rise slightly
The typical home in Michigan is worth $263,760, up 3.8% from a year ago. That is well above what local incomes have historically supported: fair value is about $218,828, so the area is 20.5% overvalued. It is a buyer's market: homes take about 51 days to sell, listings are up 19% from a year ago, 22% of listings have had a price cut. Zillow expects prices to rise about 2.5% over the next year. A household needs about $57,178 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $72,336. In the latest IRS figures, 9,155 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
| Typical home value | $263,760 |
| Change in 1 year | +3.8% |
| Overvalued % | +20.5% |
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| Fair home value | $218,828 |
| Change in 5 years | +24.4% |
| Zillow forecast, next 12 months | +2.5% |
| Home value to income | 3.6× |
| Monthly mortgage payment (20% down) | $1,429 |
| Income needed to afford it | $57,178 |
| Property tax rate | 1.25% |
Rent and investing
| HUD Fair Market Rent, 2 bedrooms | $1,361 |
Market activity
| Listings vs a year ago | +19.2% |
| Days on market | 51 |
| Listings with a price cut | 21.6% |
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| Homes for sale | 30,291 |
| Pending sales per 100 listings | 39 |
| Asking price per sq ft | $186 |
People and jobs
| Median household income | $72,336 |
| Population change (1 year) | +0.3% |
| Unemployment rate | 5.7% |
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| Population | 10,127,884 |
| Income adjusted for cost of living | $75,193 |
| Net moves in (IRS) | −9,155 |
| Cost of living (US = 100) | 96.2 |
Schools, risk and environment
| FEMA hazard risk score (0 to 100) | 82.0 |
| Unhealthy air days a year | 9 |
| Flood risk score | 84.6 |
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| Wildfire risk score | 39.8 |
| Walkability (1 to 20) | 7.7 |
| Road, rail and air noise | 54 dB |
Questions people ask
- Is Michigan overvalued?
- Home prices in Michigan are well above what local incomes have historically supported: fair value is about $218,828, so the area is 20.5% overvalued.
- Is Michigan a buyer's or seller's market?
- Michigan is a buyer's market: homes take about 51 days to sell, listings are up 19% from a year ago, 22% of listings have had a price cut.
- Are home prices going down in Michigan?
- Home values in Michigan are up 3.8% over the last year. Zillow's forecast for the next 12 months is +2.5%.
- How much do you need to earn to buy a home in Michigan?
- A household needs about $57,178 a year to afford the typical home in Michigan at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $72,336.
Metro areas
Detroit-Warren-Dearborn, MIGrand Rapids-Wyoming-Kentwood, MILansing-East Lansing, MIFlint, MIAnn Arbor, MISouth Bend-Mishawaka, IN-MIKalamazoo-Portage, MISaginaw, MIMuskegon-Norton Shores, MIJackson, MITraverse City, MIMonroe, MINiles, MIBattle Creek, MIBay City, MIMidland, MI
Counties
Alcona CountyAlger CountyAllegan CountyAlpena CountyAntrim CountyArenac CountyBaraga CountyBarry CountyBay CountyBenzie CountyBerrien CountyBranch CountyCalhoun CountyCass CountyCharlevoix CountyCheboygan CountyChippewa CountyClare CountyClinton CountyCrawford CountyDelta CountyDickinson CountyEaton CountyEmmet CountyGenesee CountyGladwin CountyGogebic CountyGrand Traverse CountyGratiot CountyHillsdale CountyHoughton CountyHuron CountyIngham CountyIonia CountyIosco CountyIron CountyIsabella CountyJackson CountyKalamazoo CountyKalkaska CountyKent CountyKeweenaw CountyLake CountyLapeer CountyLeelanau CountyLenawee CountyLivingston CountyLuce CountyMackinac CountyMacomb CountyManistee CountyMarquette CountyMason CountyMecosta CountyMenominee CountyMidland CountyMissaukee CountyMonroe CountyMontcalm CountyMontmorency CountyMuskegon CountyNewaygo CountyOakland CountyOceana CountyOgemaw CountyOntonagon CountyOsceola CountyOscoda CountyOtsego CountyOttawa CountyPresque Isle CountyRoscommon CountySaginaw CountySaint Clair CountySaint Joseph CountySanilac CountySchoolcraft CountyShiawassee CountyTuscola CountyVan Buren CountyWashtenaw CountyWayne CountyWexford County