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

$119,700

  • 3.2% 1-year change
  • 3.1% 1-year forecast

The median home value in Michigan is $119,700. Michigan home values have gone up 3.2% over the past year and Zillow predicts they will rise 3.1% within the next year. The median rent price in Michigan is $975.

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 3.3%, which is lower than the national value of 6.0%. 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 18.4%.

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Relative ZHVI
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Michigan Market Overview

Data through Jul 31, 2015
  • $119,700 ZHVI
  • 3.1% 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
    (Jul 31, 2016)
  • No data Median listing price
  • $154,290 Median sale price
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Michigan Market Health

Data through Jul 31, 2015
  • 5.7/10 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.
  • 83 Average days on Zillow (Jun 30, 2015)
  • 18.4% Homes with negative equity (15.4% US Avg) (Mar 31, 2015)
  • 3.3% Delinquent on mortgage (6.0% US Avg) (Mar 31, 2015)
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Cities in Michigan

Name Median ZHVI
Ann Arbor $260,600
Sterling Heights $155,000
Dearborn $96,400
Name Median ZHVI
Grand Rapids $95,400
Warren $83,500
Lansing Township $64,500
Name Median ZHVI
Saginaw $45,600
Detroit $40,600
Flint $39,100

Listings & Sales

Data through Jul 31, 2015
  • No recent data Median list price / sq ft
  • $108 Median sale price / sq ft
  • No data Listings with price cut
17.4%
Sold below previous sale price
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Michigan Rentals

Data through Jul 31, 2015
  • Zillow Rent Index

  • $1,037 Michigan
    $1,376 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
  • $975 Rent list price
  • $0.90 Rent list price / sq ft
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