While Mortgage Rates Tumble, Home Values Heat Up in Michigan
Thanks to low mortgage rates, it's an excellent time to buy or sell a home across the U.S. But what about in Michigan?
Is the state's housing market too pricey for buyers? Not-so-great if you've got a home you want to sell? Or just right — for everybody?
Home values provide some answers. They indicate that the market in Michigan is heating up, according to Zillow, though you might find vast differences from one city or one corner of the state to the next.
Current home values in Michigan
Home values have been rising throughout Michigan and are up 5.92% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $153,900 , Zillow says.
Could you afford that? Let's say you want to buy that mid-priced home using a 30-year fixed-rate mortgage at this week's average interest rate, which is a low 3.69%, says mortgage company Freddie Mac.
With the 30-year mortgage rate at 3.69% and the median home price for Michigan at $153,900 , a representative monthly mortgage payment would be $707.51.
How the Michigan housing market stacks up
Downtown Traverse City, Michigan, USA.
Property values in Michigan are high by historical standards and are lower than what the typical house is worth nationwide.
The median home value throughout the U.S. is $229,600, which is up 4.88% from a year ago.
Zillow predicts U.S. home values will rise 2.2% over the next year, while in Michigan, they're expected to rise 2.38%.
Homes are going on the market in Michigan at a median price of $122 per square foot, versus $155 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Michigan home prices over the last 10 years
Year | Avg. Price |
|---|---|
2019* | $148,775 |
2018 | $140,475 |
2017 | $129,567 |
2016 | $118,883 |
2015 | $109,333 |
2014 | $99,958 |
2013 | $90,333 |
2012 | $82,333 |
2011 | $81,783 |
2010 | $87,508 |
2009 | $96,033 |
*2019 price average through August 2019.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Michigan is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
Year | Avg. Price |
|---|---|
2019* | $305,000 |
2018 | $290,000 |
2017 | $270,000 |
2016 | $247,500 |
2015 | $225,000 |
2014 | $210,000 |
2013 | $187,500 |
2012 | $167,500 |
2011 | $160,000 |
2010 | $172,500 |
2009 | $185,000 |
*2019 price average through August 2019.
