Articles

As 2023 gets closer to the end of the quarter for the year the real estate trends and values for the year have been stable with overall growth!

According to Zillow, the average home value for MI overall is $235,361 which represents a 2.3% increase in value over the past year. Sales have shown that 44% of sales over list price and only 40% under list price as of 5/31/23 indicating some negations are taking place but overall, not tipping in one direction or the other. The marketing time overall is also still very low with the homes averaging under 10 days.

Looking into the future and taking the current information these are the Michigan Metro Areas that likely will see a higher rise in value in 2024:

• Traverse City, MI: Projected increase from June 2023 to June 2024 – 7.9%

• Muskegon, MI: Projected increase from June 2023 to June 2024 – 7.6%

• Battle Creek, MI: Projected increase from June 2023 to June 2024 – 7.3%

• Saginaw, MI: Projected increase from June 2023 to June 2024 – 7.2%

• Grand Rapids, MI: Projected increase from June 2023 to June 2024 – 6.1%

• Flint, MI: Projected increase from June 2023 to June 2024 – 6.0%

• Ludington, MI: Projected increase from June 2023 to June 2024 – 6.0%

• Holland, MI: Projected increase from June 2023 to June 2024 – 5.9%

• Bay City, MI: Projected increase from June 2023 to June 2024 – 5.9%

• Midland, MI: Projected increase from June 2023 to June 2024 – 5.7%

Source: https://www.noradarealestate.com/blog/michigan-housing-market/