- Grand Rapids- One city that defies trends is Grand Rapids. In fact, Grand Rapids was named the 7th hottest real estate market in the country for 2023 by USA Today, one of only two Midwest cities on the list. At the end of 2022, the median price for a home in Grand Rapids was $358,000, and home prices are expected to rise another 10% in 2023.
- Traverse City- Traverse City is located in northern Michigan, with access to Traverse Bay and Lake Michigan. The median home listing price is $449,000. Despite the fact that the average home in 2022 sold for $350,000, homes are selling at 97.37% of their asking price.
- Dearborn- Two of Detroit’s suburbs, Dearborn and Dearborn Heights, are experiencing significant population growth despite residents leaving Detroit. Population growth has topped 12% in recent years, and home prices are well below state and national averages. The average home is worth $216,000, up from $153,000 in 2020.
- Macomb Township- Macomb Township is located 26 miles north of Detroit and has grown significantly in the last decade. The population increased by 15% to 91,663 people. In the last year, home prices increased by 7% to a median sales price of $402,000. Homes in this area sell quickly. The average time a home was on the market was only 25 days.
- Novi- Novi, which has a population of over 66,000 people, has a competitive market. Its population has increased by more than 20% since 2010. While home prices fell by 8% in December 2022 compared to the same month the previous year, median sales prices topped $420,000 and homes sold in about 21 days. According to Redfin, well-priced homes sell for about 1% above list price and go to pending status within seven days.
Sources:
“Michigan’s Fastest-Growing Real Estate Markets in 2023.” AceableAgent, 23 Jan. 2023, https://www.aceableagent.com/blog/michigans-fastest-growing-markets-and-trends/.