Home Values

Michigan Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$117,900

  • 3.9% 1-year change
  • 8.7% 1-year forecast

The median home value in Michigan is $117,900. Michigan home values have gone up 3.9% over the past year and Zillow predicts they will rise 8.7% 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 $151,450. The median rent price in Michigan is $875.

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 Aug 31, 2014
  • $117,900 ZHVI
  • 8.7% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Aug 31, 2015)
  • $139,000 Median listing price
  • $151,450 Median sale price
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Michigan Market Health

Data through Aug 31, 2014
  • 6.2/10 Healthy
    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.
  • No recent data Average days on Zillow
  • 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
Ann Arbor $269,700
Grand Rapids Township $213,400
Sterling Heights $163,300
Name Median ZHVI
Grand Rapids $100,800
Warren $89,800
Lansing Township $67,000
Name Median ZHVI
Saginaw $49,700
Detroit $42,600
Flint $36,400

Listings & Sales

Data through Aug 31, 2014
  • $97 Median list price / sq ft
  • $105 Median sale price / sq ft
  • 39.4% Listings with price cut
21.5%
Sold below listing
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Michigan Rentals

Data through Aug 31, 2014
  • Zillow Rent Index

  • $962 Michigan
    $1,328 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • No data Breakeven horizon
  • $875 Rent list price
  • $0.87 Rent list price / sq ft
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