It’s a hot housing market, but now that interest rates are inching up, many experts expect the market to cool off. Right now, it’s something of a mixed bag when it comes to home prices rising across Michigan, with some areas even seeing prices lower than a year ago but higher than a month ago.
I’m always keeping my eyes on these numbers, because I’d like to buy a house at some point, but definitely not until the market dips. You don’t want to be in that situation where you purchase a house and then find yourself in the hole, when a year later, the value drops and suddenly you owe more on the house than it’s worth. I was around in 2008 and saw too many horror stories like that.
Realtor.com has released its latest update on housing costs in various metro areas. In Michigan, as I mentioned earlier, it’s something of a mixed bag. According to the newest data, in March 2022, an average Michigan home listed for $241,950. That median list home price is up 6.38% from a month earlier but down 3.20% from March 2021. Michigan’s median price per square foot was $156, up 4.54% from a month ago and up 3.45% from a year ago. a Michigan home’s median days on market were 39.
As for the Detroit area, in March 2022, an average Wayne County home listed for $129,450. That median list home price is up 5.3% from a month earlier but down 14.5% from March 2021. Wayne County’s median home was 1,219 square feet for $107 per square foot. The average home in Wayne County was on the market for 34 days. In the Lansing area, an average Ingham County home listed for $159,900 in April, up 18% from a month earlier and down about 0.7% from April 2021. Ingham County’s median home was 1,494 square feet for $116 per square foot. Going way north, in March 2022, an average Marquette home listed for $265,000, up 23.54% from a month earlier and up 11.86% from a year earlier. The average home in Marquette was on the market for 102 days.
It does look like home prices are starting to come down. A lot will shake out as the year goes on, as the Federal Reserve decides how much to raise interest rates. Check out the top 50 areas in Michigan to buy a house below.