What are thoughts on Michigan's Real Estate Market this 2024?

[Jayvelyn Carbonel]

Experts are currently discussing the real estate market, but they don’t all agree on what’s going to happen. In September, the typical price of a home that was sold went up by 5.18% compared to last year, rising from $239,200 to $251,600. However, the question is: Is Michigan still a seller’s market? Let’s dig into the details.

Home sellers in Michigan can benefit from the current high prices. Listing on MLS can lead to faster sales and a 17.5% higher selling price compared to off-MLS homes, potentially resulting in thousands of dollars in extra proceeds when selling through platforms like Houzeo.

The latest real estate statistics in Michigan mirror the national pattern of strong demand and limited supply. In Michigan, both home sales and property prices went up, even in the face of a sluggish market in 2023.