Michigan Home Prices & Values

$115,800 Zillow Home Value Index What's This?  
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The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

  • 2.2% 1-year change
  • 7.5% 1-year forecast

The median home value in Michigan is $115,800. Michigan home values have gone up 2.2% over the past year and Zillow predicts they will rise 7.5% within the next year. The median list price per square foot in Michigan is $97. The median price of homes currently listed in Michigan is $139,000 while the median price of homes that sold is $150,100. The median rent price in Michigan is $850.

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Michigan is 3.9%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Michigan homeowners underwater on their mortgage is 20.8%.

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Relative ZHVI
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Michigan Market Overview

Data through Jul 31, 2014
  • $115,800 ZHVI
  • 7.5% 1-yr forecast What's This?  
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    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more

    (Jul 31, 2015)
  • $139,000 Median listing price
  • $150,100 Median sale price
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Michigan Market Health

Data through Jul 31, 2014
  • 4.0/10 Less healthy What's This?  
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    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.

  • 96 Average days on Zillow (Jun 30, 2014)
  • 20.8% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 3.9% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)
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Cities in Michigan

Name Median ZHVI Name Median ZHVI Name Median ZHVI
Ann Arbor $273,000 Grand Rapids Township $212,700 Sterling Heights $160,800
Dearborn $103,400 Grand Rapids $99,600 Warren $88,600
Lansing Township $64,800 Saginaw $46,600 Detroit $41,700

Listings & Sales

Data through Jul 31, 2014
  • $97 Median list price / sq ft
  • $105 Median sale price / sq ft
  • 35.7% Listings with price cut
23.1%
Sold below listing
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Michigan Rentals

Data through Jul 31, 2014
Zillow Rent Index What's This?
Close The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more
$949 Michigan
$1,318 United States
  • No data Breakeven horizon
  • $850 Rent list price
  • $0.87 Rent list price / sq ft
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