Michigan started 2024 with a total of 13,116 single-family homes on the market, with a median home price of $249,000 and an average price per square foot of $184.21. By the end of the year, inventory had increased to 16,289 homes on the market (+24%), with a median home price of $259,000 (+4%), and an average price per square foot of $182 (-1%).
At the start of 2024, the median days on market (DOM) was 63 days – by the end of the year, median DOM had decreased to 63 days.
Michigan started the year with 30.99% of homes taking a price cut. (For reference, 35% is the national average for price reductions in a "normal" year.) By the end of the year, about 33.97% of homes for sale had taken a price cut.
