![]() The sale-to-list price was 100.9%, which is 1.2 points lower than last year.Only 33.8% of properties experienced price reductions, compared to 23.0% of residences in July of the previous year. A high or rising percentage of homes selling above the asking price may be an indication of increased market competition. ![]() In Michigan, 49.9% of homes sold for less than the asking price in July 2022, a 5.4-point decrease from the previous year.The median number of days on the market was 16, an increase from last year. There were 11,395 homes sold in July of this year, down from 13,145 homes sold in July of last year, a 13.3% decrease in sales on average. Real estate firm Redfin reports that in July, property prices in Michigan increased 7.7% from the same month last year.The mean home value in Michigan has increased by about 137% from the previous ten years (statewide) (Zillow Home Value Index). As more purchasers fight for the same houses, Michigan home prices are still rising.Attractive Mortgage Rates Michigan has a major role to play in advancing the real estate industry. The Great Lakes State offers some pricey neighborhoods where you can buy a house, including the affluent Detroit enclave Huntington Woods. Since the housing crisis, the Michigan real estate market has recovered, and in certain locations, homes are flying off the shelves. You are not the only one wanting to purchase a home in Michigan. Q1: How can I find Michigan’s lowest mortgage rates?.Frequently Asked Questions about Mortgage Rates in Michigan. ![]()
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