Market Analysis March 12, 2024 6 min read

Michigan Housing Market Trends: What to Expect in 2024

A comprehensive analysis of Michigan's real estate market trends and forecasts for 2024.

Michigan housing market

Price Appreciation

Michigan home prices are expected to rise moderately in 2024, with an estimated appreciation rate of 3-5% across major markets. Detroit and Grand Rapids continue to lead in price growth.

Inventory Levels

Housing inventory remains tight but is showing signs of improvement. New construction is helping to ease supply constraints in suburban areas.

Buyer Demographics

Millennials continue to drive market demand, particularly in urban areas and near tech hubs. Remote work is influencing buying patterns.

Regional Market Insights

Southeast Michigan

  • Strong demand in Detroit suburbs
  • Growing tech sector influence
  • Increasing urban renewal projects

West Michigan

  • Competitive Grand Rapids market
  • Rising lakefront property values
  • New development in suburban areas

Mid-Michigan

  • Stable Lansing market
  • University area investment opportunities
  • Affordable family housing options

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