Median home values went up 8.6% in 2018 to $151,000 and are expected to rise another 5.9% in 2019. An important indicator of whether any real estate market is a good location for investors is its economic performance. Recent housing market activity and trends can provide … All information is believed accurate but not guaranteed. Stay up to date with the latest tips for Traditional & Airbnb Investments, Michigan Housing Market 2020: Invest in These Cities, The 5 Hottest Cities in the Midwest Real Estate Market, The Impact of the Coronavirus on the Michigan Housing Market. Michigan’s economic base consists mainly of manufacturing, agricultural production, and tourism. Although the state of Michigan was hit pretty hard by the economic recession back in 2008, it has been staging a major comeback. Furthermore, experts forecast that while the housing market in Michigan will slow in the coming months due to the effects of the coronavirus pandemic, they’re positive that it’ll stabilize and grow at a more normal pace. As of today, Midland housing data shows median days on market for a home is 26 days. Keep in mind this is just the state average. This is lower than the national median of $311,254 according to Redfin. Here are the updated housing market trends & predictions for 2020 & 2021. Demand is estimated for 10,400 new homes, The Detroit, MI housing market is somewhat competitive, scoring 48 out of 100. What Kind of Airbnb Occupancy Rate Can You Expect? We’ll discuss the Michigan real estate market trends and forecast for 2020 as well as list the 5 best cities for you to consider investing in according to Mashvisor’s data and predictive analytics. What’s the Best Airbnb Analytics Platform for 2019? Pricing. Single-family detached homes are the single most common housing type in Michigan City, accounting for 62.98% of the city's housing … In the meantime, here is Mashvisor’s data on the Michigan housing market. Use analytics to find lucrative traditional or Airbnb properties in a matter of minutes. One of the best states to invest in real estate in the Midwest is non-other than Michigan. No Need for Real Estate Classes. So, what are you waiting for? Need Michigan residential home sales data? When searching for where to invest in real estate, many will consider the Midwest housing market for its affordability and profitability. Full real estate market profile of Michigan City, Indiana. As of now, the housing market remains a hot seller's real estate market, with annual price growth reaching record highs and inventory continuing to fall. Related: The 5 Hottest Cities in the Midwest Real Estate Market. Now that we covered why the Michigan housing market makes for a good investment location in 2002, let’s explore the best cities here for owning a rental property. To learn more about how we’ll help you make faster and smarter real estate investment decisions, click here. Moreover, it’s also ranked 4th in terms of innovation potential. Housing is the cornerstone of thriving communities and every person deserves safe, affordable,and quality housing, yet according to the Michigan Statewide Housing Needs Assessment, about 50% of our state’s renters, and 25% of its homeowners pay too much for housing. Use our patented search to check MI home values, average rental prices, the current housing market and more. Traverse City Housing Market Information. In turn, this tells real estate investors that there’s a large pool of renters in Michigan. Click here to start your 7-day free trial with Mashvisor now, The Best Way to Find Multi Unit Properties for Sale, How to Invest Money in Real Estate to Make More Money: 5 Different Ways, How To Start Investing In Real Estate To Prepare For Retirement, 20 Cities with No Airbnb Legal Issues in 2020, Why You Need Big Data for Real Estate Analysis, How to Perform Rate of Return Analysis on a Rental Property, Understanding Multi-Family Investment Property Returns and Benefits, 6 Reasons Virtual Leasing and Home Buying Is the Future, Why You Should Consider Buying Multi Family Foreclosures (and How To). The … Using an Investment Property Calculator: The Pros and Cons. Another reason to invest in Michigan rental properties is the fact that it’s a strong rental market. 6.87% over the last 12 months. During the 12 months ending June 2014, home sales increased 22 percent, and the average sales price was up nearly 7 percent from a year earlier (Metrostudy, A Hanley Wood Company). Knowledge is power. You can start analyzing Michigan rental properties for sale right now using Mashvisor! However, fewer entry-level or starter homes are being built across the State of Michigan. The average Detroit house price was $60K last month, up 39.5% since last year. Most Current Statistics Available. Below is a list of the 5 cities in Michigan where traditional, long-term rentals have the highest potential for profits in terms of cash on cash return according to our data. With home prices lower than the national median, Michigan is a great option for both experienced and beginner real estate investors due to its affordability and strong rental market. Midland Housing Market Information. This attracts people to the state and, in turn, is increasing the demand for housing. Combined with the lack of homes for sale on the market overall, this makes it difficult for young and first-time buyers to find homes that they can afford. Click here to start your 7-day free trial with Mashvisor now to start and end your search in a matter of minutes. Visit our website to read about the current market conditions, view real estate market videos that are updated monthly, and view quarterly market reports for Michigan counties showing the listing inventory and days on market by city. Single-family detached homes are the single most common housing type in Midland, accounting for 75.18% of the city's housing units. However, the state is now focused on revitalizing and recovering its strength as an economic heavyweight and socio-cultural hub in the US.
2020 michigan housing market data