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

Mother and kids boating
Suzanne Tucker / Shutterstock
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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."