Michigan Housing Market Trends
Real-time market data powered by Zillow Research. Last updated: 2026-03-03
Is Now a Good Time to Buy in Michigan?
The Michigan housing market is showing balanced conditions.
home values have grown a moderate 3.7% year-over-year. there are currently 778 homes on the market.
Median Home Value
$250,331
Zillow Home Value Index
Year-over-Year
+3.7%
Home value change
5-Year Change
+34.9%
Since 2021
Median Rent
$1,347/mo
Zillow Observed Rent Index
Active Listings
778
Homes for sale
Home Value Trends
5-year Zillow Home Value Index (ZHVI) for Michigan vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.
Rent Trends
Average rent in Michigan: $1,347/mo (+3.1% YoY)
Rent vs. Buy Analysis
With a median home value of $250,331 and average rent of $1,347/mo, the price-to-rent ratio in Michigan is 15.5. A ratio of 15-21 means it could go either way — run the numbers.
Run Full Rent vs. Buy CalculatorTop Markets in Michigan
Explore housing data for 12 metro areas in Michigan. Click any market for detailed trends and analysis.
Ann Arbor, MI
$398,084
Avg rent: $2,050/mo
Traverse City, MI
$396,318
Avg rent: $1,922/mo
Grand Rapids, MI
$338,550
Avg rent: $863/mo
Holland, MI
$332,242
Avg rent: $1,526/mo
Kalamazoo, MI
$262,073
Avg rent: $1,354/mo
Niles, MI
$259,531
Avg rent: $1,375/mo
Detroit, MI
$254,400
Avg rent: $1,455/mo
Monroe, MI
$254,089
Ludington, MI
$249,386
Muskegon, MI
$237,339
Avg rent: $1,196/mo
Lansing, MI
$234,119
Avg rent: $1,304/mo
Marquette, MI
$231,815
Avg rent: $1,376/mo
Continue Learning About Michigan
Market data provided by Zillow Research. Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) are trademarks of Zillow, Inc.