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Home Values Rising in Michigan Amid Coronavirus Crisis
See how the housing market is doing in the Great Lakes State during COVID-19.
Current home values in Michigan
Home values have been rising throughout Michigan and are up 18.3% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $319,642, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Michigan: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $319,642 home at 3.33% would give a typical Michigan homebuyer a monthly payment of $1,124, assuming a 20% down payment.
How the Michigan housing market stacks up
Families can take a weekend to go boating in one of the big lakes in Michigan
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Michigan, they're predicted to rise 4.4%.
Homes right now are going on the market in Michigan at a median price of $129 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Michigan home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $176,024 |
| 2019 | $148,775 |
| 2018 | $140,475 |
| 2017 | $129,567 |
| 2016 | $118,883 |
| 2015 | $109,333 |
| 2014 | $99,958 |
| 2013 | $90,333 |
| 2012 | $82,333 |
| 2011 | $81,783 |
| 2010 | $87,508 |
| 2009 | $96,033 |
*2020 price average through March 31, 2020.
How much for an average-sized home?
Here's what a 2,500-square-foot home in Michigan is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $321,293 |
| 2019 | $305,000 |
| 2018 | $290,000 |
| 2017 | $270,000 |
| 2016 | $247,500 |
| 2015 | $225,000 |
| 2014 | $210,000 |
| 2013 | $187,500 |
| 2012 | $167,500 |
| 2011 | $160,000 |
| 2010 | $172,500 |
| 2009 | $185,000 |
*2020 price average through March 31, 2020.
