Top Things to Know About Michigan Real Estate in 2024
Top Things to Know About Michigan Real Estate in 2024
Michigan's real estate market has been on fire for the past few years, and 2023 was no exception. House values continued to rise, and homes sold quickly.
But what can you expect from the Michigan real estate market in 2024?
Will Michigan Be a Buyer’s or Seller's Market in 2024?
Increasing interest rates, low inventory, and high home values made 2023 a challenging year to buy a home. This was especially true for popular lakeshore areas like Grand Haven, Holland, West Olive, and Spring Lake.
In the coming year, experts expect mortgage rates to go down. In fact, mortgage rates are already trending down, and they're likely to fall further in 2024.
This is great news for first time home buyers that struggled to purchase a Michigan home in 2023 with skyrocketing interest rates.
Home prices are also continued to hold high, also making it a good year for those looking to sell their home.
Overall, 2024 is looking to be a better year overall for Michigan home buyers as rates go down, and still a great time to sell as home prices are still up and homes that are priced right are selling quickly.
Michigan Real Estate Market Stats
The average home value in Michigan is $233,858, which is up 3.3% from last year.
Homes in Michigan are going to pending status in about 10 days.
As of October 31, 2023, there are 29,768 properties listed for sale in Michigan.
The median sale price for homes in Michigan is $239,000.
In September 2023, 45.2% of sales were recorded over the list price.
West Michigan continues to see strong growth, with Muskegon as the second fastest growing metropolitan area in the state. This makes it an attractive market for both buyers and sellers.
Should you buy or sell your Michigan home in 2024?
The decision of whether or not to buy or sell a home is a personal one. There is no right or wrong answer, and the best time to move is when you're ready.
However, if you're considering a move in the coming year, here are a few things to keep in mind:
If you're thinking about selling, now is a good time to do it. Home values are still high, and there are plenty of buyers in the market.
If you're thinking about buying, there’s no time like the present. Interest rates are slightly down, and generally inventory increases during the spring. So, if you find a home you love it’s a great time.
No matter what you decide, it's important to talk to a qualified real estate agent. We can help you understand the market, determine your home value, and find the perfect home for you.
I hope this helps give you a better understanding of what to expect from the Michigan real estate market in 2024. If you have any questions, please don't hesitate to contact me.
In addition to the information above, here are a few other things to keep in mind when thinking about buying or selling a home in Michigan:
The Michigan real estate market is very diverse, so it's important to do your research and find an agent who is familiar with the area where you're interested in buying or selling.
The cost of living in Michigan is relatively affordable, which makes it a great place to buy a home.
Michigan has a beautiful natural landscape, with plenty of lakes, rivers, and forests to explore.
Michigan is a great place to raise a family, with excellent schools and plenty of family-friendly activities.
If you’re thinking of buying or selling in 2024, I would love to talk with you. Contact me today!