The Michigan housing market is a little tight, with only two months of inventory. In addition, Michigan property prices have increased by 45.6% in the last five years. Despite the steady rise, buyers are still lining up to make Michigan their home. Cities like Lyon, Green Oak, and Georgetown have seen a rise in population and pricing. Some cities are, however, a little more popular than others.
Fastest Growing Real Estate Markets in Michigan 2024
Michigan saw an influx of new residents from 2023 to 2024. According to World Population Review, these larger cities (population over 20,000) received the highest percentage of new residents.
1. Lyon
An unhurried approach to life, family-oriented neighborhoods, and a thriving downtown await migrants to Lyon. Lyon experienced a population growth of 16.21%. Some of the popular neighborhoods include Mill River and Downtown South Lyon, and the median property price in the city is $525,000. Properties are popular, with an average listing period of 21 days.
2. Green Oak
The best of rural living plus great amenities make Green Oak a desirable location. The population of 20,414 increased by 4.49%, and properties sold for 3% above asking price. The median house price in Green Oak is $524,900, and the area offers eleven public schools and four private and charter schools for growing families.
3. Georgetown
Outdoor life is encouraged in Georgetown whether you fancy a walk on the boardwalk or a scenic picnic in one of the botanic gardens. The population of 56,185 grew by 3.65%. Migrants flock to areas such as Grand Rapids. House prices have dropped slightly, and the median listing price is now $360,000.
4. Allendale
Allendale offers the tranquility of Lake Michigan's beaches and the energy of a university town. The median house sale price is $434,934, and prices are up 15.7% from the year before. However, competition doesn't seem too fierce, as listings spend an average of 81 days on the market.
5. Auburn Hills
Auburn Hills offers healthy property supply and demand, and the average listing stays on the market for just over a month. The median property price is $289,900, and migrants are flocking to the city, pushing the 26,592-strong population up by 2.13%. There are eleven public schools and four private and charter schools.
6. Oakland
There's no shortage of natural beauty in Oakland whether you're in search of grassy plains or lake beaches. While the average listing price is a staggering $1 million, the median sale price is much lower at $550,000. Properties spend on average 147 days on the market. Oakland can attribute much of its popularity to its vibrant community life, making it the ideal landing spot for families and professionals alike.
7. Okemos
Thriving suburban life with its sprawling neighborhoods, artisanal stores, and plentiful school districts contribute to the population increase of 1.43% in Okemos. The median property listing price is $352,000, and a healthy supply and demand ratio means the properties stay on the market for an average of 33 days.
2024 Michigan Real Estate Trends
A Seller’s Market
Property prices in Michigan keep creeping upward even with high interest rates. This is because sellers are holding onto their properties and new property developments aren’t popping up fast enough. Population growth in some of the cities increases the demand, which in turn, pushes up the house prices.
Thanks to the high demand, it’s not unusual for buyers to offer more than the listed price. Over 30% of properties listed sell for more than the listing price.
Quick Turnaround
The average property listing in Michigan stays on the market for a mere 14 days. Compare this to Florida, for instance, where properties go on pending around 33 days after listing.
Dipping Inventory
The low inventory seems like it will continue, which means that the property prices will continue to rise.
Start Your Michigan Real Estate Career Today
Michigan offers a low cost of living compared to other states, making it a desirable location for those seeking the comforts of city life and the tranquility of rural living. With a Michigan real estate license, you can write your paycheck by sourcing great properties for a growing list of potential buyers.
Updated 7/27/24