Home values in Michigan dropped 1% from May to August and 3.8% from June to August, according to Redfin. Most states are following the same pattern. Louisiana took the biggest hit with home values dropping an estimated 13.8% in the past three months.
What are the hottest real estate markets in Michigan?
- Rockford. With a population of 6,310, the city of Rockford experienced a 13.9% year-over-year growth rate.
- Auburn Hills.
- East Grand Rapids.
Is housing market cooling down in Michigan?
After three summers of robust traffic, there has been a 14-percent decline in Michigan home showings through mid-August, according to Real Estate One, the state’s largest residential brokerage.
Is it good time to buy house in Michigan?
The number of homes for sale has been on the upswing in 2022, according to Redfin data. Plus, the number of sellers who have dropped their prices increased throughout the summer. So, if you have good credit and you can afford a sizable down payment, the market in Michigan is starting to look a bit sunnier for buyers.