Realitor.com Mi (2024)

FAQs

What is the average price of a home in MI? ›

There have been 140,593 residential properties sold in the Michigan real estate market over the past 12 months. As of May 2024, the median home price in MI on single-family homes is $255,000. The median single-family home value for properties over the last 12 months is $259,871.

You aren't required to hire a Realtor to sell a home in Michigan, but it can make the process much easier. If you choose the “for sale by owner” route, you won't have to pay a listing agent's commission — but you may still need to pay your buyer's agent.

The same survey found that homes in Detroit sell best in September, while Ann Arbor and Flint homes sell better in July. Even so, the best time to sell a house in Michigan, from a state level, is June.

"Commissions have always been negotiable, but there's always been a standard and there's been a standard in the state of Michigan, typically five to six percent," Maynard Neal with NERG Real Estate Experts said.

Michigan Housing Market Overview

In June 2024, home prices in Michigan were up 5.5% compared to last year, selling for a median price. On average, the number of homes sold was down 15.5% year over year and there were 10,504 homes sold in June this year, down 12,430 homes sold in June last year.

Michiganders would need a minimum income of $50,049 to live comfortably. That income will be harder to stretch if you live in downtown Detroit, where Apartments.com says the average rent is $1,047 a month.

Who pays closing costs in Michigan, buyers or sellers? Both homebuyers and sellers will owe at least some closing costs in any state, including Michigan. Typically, buyers pay for a longer roster of expenses, largely related to taking out a mortgage.

Unlike some states, Michigan does not require that sellers involve a lawyer in the house-selling transaction. Even if it's not required, you might decide to engage a lawyer at some point in the process—for example, to review the final contract or to assist with closing details.

No. When you privately sell a car in Michigan, the Bill of Sale does not need to be notarized. Some buyers and sellers do so anyways as it can add another level of protection to both parties.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March.

Do you have to pay taxes when you sell your house in Michigan? ›

Transfer taxes: Michigan is one of many states that levy charges for transferring property ownership to a new owner, and it's typically sellers who cover the cost of this tax. The state's transfer tax rate is $4.30 for every $500 in value.

List your house on a Thursday to increase the chances of your home selling more quickly and for more money. Homes listed on a Thursday typically go pending faster than any other day of the week, all other things being equal. The difference is notable in a market where homes are typically selling in seven days.

The average Michigan real estate commission is 5.53%. However, this rate may vary based on the agreement, property type, and market conditions. Real estate agent commission rates also vary depending on your location. In major cities like Lansing and Detroit, agents may charge up to 6% of the home's value.

Yes, your real estate agent or Realtor can help you negotiate the price of a home. They know how to haggle over house prices effectively and may help you identify more creative ways to negotiate. What can you negotiate in a home sale? You can negotiate more than just the price of a home.

Average Cost Of Living In Michigan

The Great Lakes State has a pretty low cost of living overall, coming in at 89.6, which means the cost of living in Michigan is around 11% below the national average.

The average sale price at the midway point of 2022 was just over $260,000, according to data from Michigan Realtors. If you're looking in Emmet County, home to the calm summer vibes of Petoskey, average prices are more than $523,000. But head to Bay County, and average prices are an affordable $156,600.

The Michigan housing crisis is exacerbated by a fundamental imbalance: high demand and low supply. The state has seen a surge in population in certain areas, driven by job opportunities and quality of life improvements. However, housing development has not kept pace with this influx.