Buyer or Seller Market in Michigan
Real estate update for Michigan home owners (and those hoping to be!)
Is it a buyer's or seller's market in the mitten state? Buckle up, because the answer might surprise you.
What is the current real estate market like in Michigan right now?
In December 2023, pending home sales rose 8.3% month-over-month. As mortgage rates slowly decrease, more buyers are entering the market.
See all the homes sold in Grand Haven and Spring Lake over the past month. During this period, the median sale for the area was a 1,811-square-foot home on West Spring Lake Road in Spring Lake that sold for $397,000
Are house prices dropping in Michigan?
Michigan home prices dropped steadily in the second half of 2022, but they've been on the rise since the beginning of this year, according to Redfin data. July's median sale price is about 2 percent higher than in July of last year.
In December 2023, home prices in Michigan were up 6.0% compared to last year, selling for a median price. On average, the number of homes sold was down 9.55% year over year and there were 8,089 homes sold in December this year, down 8,945 homes sold in December last year
What are the best months to sell a house in Michigan?
Michigan has a dynamic real estate market. It can be challenging to sell your house in the current economic situation. May up to July are considered the home-selling months. You can sell faster and earn higher sale proceeds during this time of the year, according to Houzeo data.
What month do homes sell the fastest?
Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.
Thinking of listing this spring? Here is a quick guide on how to get your home ready.
What is the average house price in Michigan right now?
The average Michigan home value is $228,329, up 4.2% over the past year and goes to pending in around 16 days, according to Zillow.
Interested in more home pricing data? Check out this summary of 2023 and predictions for 2024.
Will home prices drop in 2024 in Michigan?
Average Home Prices: The average median home price in Michigan is $251,600, up by 5.4% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory.
As more people enter the market due to falling mortgage rates, this means more buyers and more competition, increasing prices. However, this could also lead to more inventory, which could help keep prices reasonable.
So, When to Buy and Sell a home in Michigan?
Traditionally, spring and summer are the peak selling seasons in Michigan, with May to July offering the fastest sales and potentially higher profits. But if you're flexible and strategic, you can find opportunities year-round.
Tips for Buyers:
Embrace patience: Inventory might be tight, but persistence pays off. Partner with a realtor who can navigate the market and unearth hidden gems.
Think outside the box: Consider lesser-known areas or fixer-upper opportunities for more flexibility.
Be prepared to act fast: When the right house pops up, be ready to move quickly with a pre-approved mortgage and a competitive offer.
Tips for Sellers:
Price strategically: Work with your realtor to determine a fair price that attracts buyers without leaving money on the table.
Highlight your home's unique selling points: Waterfront views? Spacious backyard? Updated kitchen? Showcase what makes your house special.
Stage for success: Invest in decluttering, minor repairs, and curb appeal to make a great first impression.
Remember: The Michigan market is dynamic, and every situation is unique. Partnering with a knowledgeable and experienced realtor is your key to navigating the waters smoothly, whether you're buying your dream home or selling your current one. So, don't be discouraged by the headlines – with the right approach, you can find your perfect piece of the Michigan dream.
If you have other questions about the market or buying and selling, just give me call or send me an email!