Michigan Housing Report May 2023
The Michigan housing market experienced changes in various key indicators in March 2023. This report provides an overview of the recent trends and performance of the housing market in Michigan, including changes in home prices, the number of homes sold, and median days on the market.
Home Prices: In March 2023, the median home price in Michigan increased by 2.9% compared to the previous year, reaching the Median Sale of $218,684. This indicates a positive growth in home prices, which may have implications for affordability.
Median Sale Price (March 2022 to March 2023)
The movement and speed of home price changes serve as key indicators of the housing market's strength.
Number of Homes Sold: However, the number of homes sold in Michigan showed a decline, with an average decrease of 10.9% year over year (Figure 2). In March this year, a total of 8,788 homes were sold, which is 9,858 homes fewer than in March last year. This decrease in sales volume may suggest changes in demand or market activity.
Number of homes sold (March 2022 to March 2023)
The direction and pace at which homes are bought and sold are indicators of how active and strong the housing market is.
Median Days on the Market: The median days on the market for homes in Michigan increased by 14 days year over year, totaling 32 days (below). This indicates that homes are spending more time on the market before going under contract. A longer time on the market may give buyers more time and control in their purchasing decisions.
Median days on Market (March 2022 to March 2023)
The duration that homes remain on the market before being sold is an indicator of the competitiveness of the housing market. A shorter time on the market signifies a more competitive environment where buyers need to act quickly to compete. Conversely, a longer time on the market gives buyers more time and control. Currently, the median time homes spend on the market is 32 days.
Conclusion: Overall, the Michigan housing market experienced a 2.9% increase in median home prices, while the number of homes sold decreased by 10.9% in March 2023. Additionally, the median days on the market increased by 14 days year over year. These changes in key indicators may suggest shifts in market dynamics and competitiveness. It is important for stakeholders in the Michigan housing market to closely monitor these trends for a better understanding of the current market conditions.
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“I am a license loan officer. And I help ordinary people build equity and wealth through home ownership”
