Dowagiac MI Real Estate - Dowagiac MI Homes For Sale | Zillow (2024)

FAQs

Is it a good time to buy a house in Michigan right now? ›

Michigan Housing Market Conditions

The current real estate market conditions in Michigan are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.

June, July, and August are the best months to sell your house in Michigan. The median sale price of houses in June 2023 was $260,400, which is expected to rise in 2024. However, cities like Birmingham and Houghton Lake follow an upward trend throughout the year.

Michigan Housing Market Overview

In June 2024, home prices in Michigan were up 5.3% compared to last year, selling for a median price. On average, the number of homes sold was down 14.3% year over year and there were 10,651 homes sold in June this year, down 12,421 homes sold in June last year.

There have been 140,353 residential properties sold in the Michigan real estate market over the past 12 months. As of June 2024, the median home price in MI on single-family homes is $257,250. The median single-family home value for properties over the last 12 months is $262,732.

With a forecasted 2024 home sales growth of 6.1% and forecasted 2024 home price growth of 7.2%, Grand Rapids is officially on the national radar. Kent and Ottawa counties are now red-hot markets.

Late spring and early summer are the busiest and most competitive time of year for the real estate market. There's usually more inventory listed for sale than other times of year, and home prices are steeper to reflect the increased demand.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

In good weather buyers are more prepared to go house hunting. As such, Spring is a pretty up-beat time of year and often considered to be the time when the most buyers are active in the market. The flip side is that it's also when you can expect to be up against the greatest number of competing sellers.

Late summer to early fall is also considered one of the best times of the year to buy a house because the competition levels cool down following the busy spring and early summer months.

“Our record investments to build housing have reduced our statewide shortage by 50,000 units, helping tens of thousands more Michiganders have a safe, affordable place to call home,” said Governor Whitmer.

What is the outlook for the housing market in Michigan? ›

2024 Michigan Home Prices:

The average median home price in Michigan is $251,600, reflecting a 5.4% year-over-year increase. Experts predict further price increases due to tight inventory levels.

Housing Market Forecast for 2024

“The market will move toward more of a balanced housing market in the second half of the year, but prospective home buyers will still face competition.” Though affordability obstacles persist for buyers, other indicators suggest that the market is tilting toward buyers.

Buyer closing costs in Michigan typically range from 2% to 5% of the home's purchase price. Sellers pay 8% to 10% of the home's purchase price, including an agency commission of about 5% to 6%. Based on a median Michigan home value of $201,100, sellers should expect to pay $16,088 to $20,110 during the closing process.

The Great Lake State is a current favorite of real estate investors due to many factors including a strong economy, affordable prices and stable rents! Easy Street Capital is proud to be a leading provider of investment property loans for real estate investors looking to build rental portfolios in Michigan!

Today's mortgage rates in Michigan are 6.373% for a 30-year fixed, 5.635% for a 15-year fixed, and 7.654% for a 5-year adjustable-rate mortgage (ARM).

And as you might imagine, recessions are a risky time to buy a home. If you lose your job, for example, a lender will be much less likely to approve your loan application. Even if a recession doesn't affect you directly, if your area is hard-hit, that could have a serious effect on the local real estate market.

Michigan faces an acute housing shortage - worse than the national average for both owners and renters. Housing shortages are most severe in SE Michigan and West Michigan.