Michigan: Here’s How Much Home Prices Are Rising

It's a hot housing market, but now that interest rates are inching up, many experts expect the market to cool off. Right now, it's something of a mixed bag when it comes to home prices rising across Michigan, with some areas even seeing prices lower than a year ago but higher than a month ago.

I'm always keeping my eyes on these numbers, because I'd like to buy a house at some point, but definitely not until the market dips. You don't want to be in that situation where you purchase a house and then find yourself in the hole, when a year later, the value drops and suddenly you owe more on the house than it's worth. I was around in 2008 and saw too many horror stories like that.

Realtor.com has released its latest update on housing costs in various metro areas. In Michigan, as I mentioned earlier, it's something of a mixed bag. According to the newest data, in March 2022, an average Michigan home listed for $241,950. That median list home price is up 6.38% from a month earlier but down 3.20% from March 2021. Michigan's median price per square foot was $156, up 4.54% from a month ago and up 3.45% from a year ago. a Michigan home's median days on market were 39.

As for the Detroit area, in March 2022, an average Wayne County home listed for $129,450. That median list home price is up 5.3% from a month earlier but down 14.5% from March 2021. Wayne County's median home was 1,219 square feet for $107 per square foot. The average home in Wayne County was on the market for 34 days. In the Lansing area, an average Ingham County home listed for $159,900 in April, up 18% from a month earlier and down about 0.7% from April 2021. Ingham County's median home was 1,494 square feet for $116 per square foot. Going way north, in March 2022, an average Marquette home listed for $265,000, up 23.54% from a month earlier and up 11.86% from a year earlier. The average home in Marquette was on the market for 102 days.

It does look like home prices are starting to come down. A lot will shake out as the year goes on, as the Federal Reserve decides how much to raise interest rates. Check out the top 50 areas in Michigan to buy a house below.

It's a wild time to buy a house. The prices seem to just keep going up and up, with no end to this housing bubble in sight. I would love to buy my first hour, but like many, I'm being forced to wait until the housing market drops a bit, and it's anybody's guess when that will happen.

If you are buying a house right now, you should make sure it's in a good place to live, since you're likely paying a pretty penny for it. Thankfully, the folks at Niche.com have done the homework to determine the best places to buy a house in Michigan. They recently released a list of the best places to live in the state, factoring in both cities, suburbs, towns and city neighborhoods.

"The Best Places to Buy a House ranking provides a comprehensive assessment of the housing and community of an area," they explain the in the study. "This grade takes into account key factors of a location’s housing market, including home values, taxes, crime rates, and quality of local schools, in an attempt to measure the quality and stability of an area’s real estate market." They also look at aspects such as home value to income ratio, public schools grades, monthly housing costs, the cost of living, the higher education rate, the median home value and much more. Statistics are mainly obtained from the U.S. Census and represent the most recent data available, they state.

So, what places are the best to reside in Michigan? Read on for the top 50 list via Niche.com, and best of luck with your home buying experience.

This list is via Niche.com.

https://www.niche.com/places-to-live/oneida-eaton-mi/

http://new.williamston-mi.us/

https://www.blendontownship-mi.gov/

http://www.tecumsehtownship.org/

https://www.niche.com/places-to-live/sheridan-charter-township-newaygo-mi/

http://twp.jamestown.mi.us/

http://www.ferrysburg.org/

https://www.twp-lima.org/

https://www.frankenmuth.org/

https://www.courtlandtwpmi.gov/

https://www.bloomfieldtwp.org/Home.aspx

https://www.niche.com/places-to-live/ingersoll-township-midland-mi/

https://www.baldwintownship.org/

https://www.niche.com/places-to-live/haslett-ingham-mi/

https://www.niche.com/places-to-live/jenison-ottawa-mi/

https://www.niche.com/places-to-live/dewitt-clinton-mi/

https://www.niche.com/places-to-live/quinnesec-dickinson-mi/

https://www.michigan.org/city/freeland

https://www.resorttownship.org/township-resources/news/

https://www.cityofmidlandmi.gov/

https://www.gpwmi.us/

https://www.niche.com/places-to-live/oakland-charter-township-oakland-mi/

https://www.niche.com/places-to-live/webster-township-washtenaw-mi/

https://troymi.gov/

http://fultonheights.org/

https://www.brightontwp.com/

https://www.texastownship.org/

https://www.portagetownship.info/

https://crockery-township.org/

https://norwaytwpmi.com/

https://www.zeelandtwp.org/

https://www.ci.northville.mi.us/

https://www.niche.com/places-to-live/cannon-township-kent-mi/

https://www.zillow.com/beverly-hills-mi/

https://www.niche.com/places-to-live/forest-hills-kent-mi/

https://www.niche.com/places-to-live/west-ishpeming-marquette-mi/

https://www.niche.com/places-to-live/tilden-township-marquette-mi/

https://www.ci.huntington-woods.mi.us/

https://www.hudsonville.org/

https://www.ottawahillsgr.org/

https://www.grossepointefarms.org/

https://www.michigan.org/city/okemos

https://loditownshipmi.org/

https://royaltontownship.org/

https://www.eastgr.org/

https://www.michigan.org/city/berkley

https://www.niche.com/places-to-live/n/eastgate-grand-rapids-mi/

http://www.larkintownship.org/