Michigan is a state that gets to experience all four seasons. Lake Michigan, Lake Superior, Lake Huron, and Lake Erie provide ample beachfront for people to enjoy during the warm summers. A plethora of snow throughout the state makes various winter sports enjoyable. Mild spring and autumn weather provides a great break from the summer and winter weather.
Many people may think about moving to Michigan, but they might want to know what the housing market is like. They may want to know if buying a home in Michigan is worth it. While this ultimately comes down to a personal choice, learning a bit about the state of real estate in Michigan might be beneficial.
What is the state of the housing market in 2022?
The housing market in Michigan is going strong. The primary issue that the state is facing right now is that the demand is much greater than the supply. People who own homes in this state simply aren’t letting them go.
In a year-over-year comparison by Redfin, the number of homes sold in Michigan is down 6.1%. In March of 2022, there were 9,130 homes sold in the state. In March of 2021, there were 9,720 homes sold.
The good news for sellers is that the median sale price for homes in the state is up by about 7% since March 2021. In March of 2022, the median sale price for homes was $225,800. It was $211,100 in March of 2021. A whopping 49.7% of homes sold in Michigan sold for above the list price, but only around 20% of homes had price drops.
Where is the Michigan housing market booming?
The top five metro areas with the fastest-growing sales price were South Lyon, Forest Hills, Burton, Holt, and Pontiac. Surprisingly, these aren’t the most competitive markets. The top five most competitive cities in the housing market are Zeeland, Walker, Comstock Park, Kentwood, and Grant.
Overall, the housing market throughout Michigan is thriving. Buyers can still get good deals on homes, but it might take time to find those. Sellers usually have their choice of offers to sort through before they settle on one. While buyers might search for a while, they need to put in fast offers because homes aren’t staying on the market for long in Michigan.
Finding your ideal home in Michigan may take some searching. In the hot housing market, supply isn’t fully meeting demand. Because of this, you have to be ready with a strong offer when you’re ready to place one on a home. The Potempa Team is here to help you find the mortgage solutions that enable you to put in the strongest offer possible so you can encourage home sellers to accept your offer on your dream home in the Great Lakes State. Call today!