Michigan (MI) housing market

Name: Michigan Housing Market Data
Creator: Redfin

Warm Market

Statewide monthly sale-market indicators for rental investors — not a substitute for local rent comps, taxes, or insurance, but a fast read on price level, pace, and negotiation pressure.

Data period: May 2026

Market snapshot

Median sale price: $298K
Median days on market: 24 days
Months of supply: 2.6
Active inventory: 25,751
Homes sold: 9,856
Sale-to-list ratio: 99.5%
Listings with price drop: 27.9%
Data month: May 2026

Analyze a rental property in Michigan Run a deal in the Michigan market

Pair this view with the rental property calculator, DSCR calculator, and cap rate calculator — or browse all calculators.

Rental Investor Snapshot

Labels below come from monthly sale-market indicators only. True cash flow requires local rent, taxes, insurance, vacancy, and expense assumptions — model those in the rental calculator, then sanity-check against sale-speed signals here.

Market temperature: Competitive
Buyer leverage: High
Pricing signal vs. U.S. median: Easier buy-in vs. U.S. median (price only)
Investor fit (heuristic): Buy-in vs. U.S. · Appreciation · Negotiation

Watch-outs

Elevated price cuts can signal negotiation room — verify condition, rents, and comps street-by-street.

Suggested next step: Run a rental property analysis with your own rent, financing, vacancy, and expense assumptions — then sanity-check against this market's sale-speed and negotiation signals.

Warm Market

The market is active with moderate buyer demand.

Michigan market summary

The Michigan housing market is heating up. As of May 2026, the median home sale price is $298K, up 4.6% year-over-year. Homes are spending a median of 24 days on the market, 4.3% longer than a year ago.

There are 25,751 homes for sale — 2.2% more than last year. With 2.6 months of supply, this is a seller's market. 15,782 new listings were added during this period, down 0.0% year-over-year.

Homes are selling for 99.5% of their list price on average, suggesting room for negotiation. 38.4% of homes sell above their asking price. 27.9% of listings have had a price drop.

Market Opportunity Score

Based on current market conditions

Contributing Factors

Months of Supply– 2.6

Days on Market– 24

Price Drops↑ 27.9%

Sale-to-List Ratio– 99.5%

Market Temperature– Warm

How This Market Compares

vs. National Median

Median Price (National: $450K)↓ 33.8%

Days on Market (National: 42)↓ 42.9%

Inventory (National: 1,460,440)↓ 98.2%

Investor takeaway

A significant share of sellers are cutting prices, which can signal motivated sellers and potential deals. Prices are 34% below the national median on this sale snapshot — that can mean lower buy-in, but cash flow still depends on local rent, financing, and expenses.

Michigan market trends

Loading chart…

Detailed market metrics

Median list price

$314K

Price per sq ft

$184

Sale-to-list ratio

99.5%

Months of supply

2.6

Sold above list

38.4%

Price drops

27.9%

New listings

15,782

– 0.0% YoY

Pending sales

13,305

Michigan housing market FAQs

What is the median home price in Michigan?

For the latest published month, the median sale price in Michigan is $298K. Median means half of homes sold above that price and half below — it is a useful benchmark, not a rule for every listing.

Is Michigan a buyer's or seller's market?

With about 2.6 months of supply, conditions often favor sellers (inventory is relatively tight versus sales pace). Buyers may need to move quickly and keep offers competitive.

How long do homes stay on the market in Michigan?

For the latest published month, the median days on market in Michigan is 24 days — half of homes went pending faster and half slower.

Is Michigan good for rental property investors?

Sale-market stats show how competitive buying is (speed, negotiation, inventory). They do not prove rent performance. Michigan can still work for rentals if the numbers work on a deal-by-deal basis — use local rent comps, financing, vacancy, and expenses in the rental property calculator.

How should investors analyze a rental property in Michigan?

Start with purchase price, financing, rent, vacancy, operating expenses, and capital repairs. Stress-test rates and rent. Will It Flow’s rental property calculator is built to translate those inputs into cash flow, DSCR, cap rate, and cash-on-cash return for Michigan deals.

Metro markets in Michigan

Open a metro for the same investor snapshot and trends, then run a shortlist through the DSCR calculator and cap rate calculator.

Warren, MI

$341K median · 17 days on market

Hot Market

Detroit, MI

$225K median · 22 days on market