Michigan Real Estate Market Trends & Analysis

The Michigan real estate market is in the same position as the rest of its nationwide counterparts. There's no shortage of demand or competition despite today's historic home values. Relatively low interest rates, pent-up demand, and years of government assistance have pushed more buyers off the fence and facilitated more activity than today's inventory levels can handle. As a result, home prices are becoming exorbitantly expensive. Though less conducive to rehabbing and flipping, today's market conditions signal a shift in investment strategies. New indicators created in the wake of the pandemic appear to favor long-term buy-and-hold strategies like rental properties.

Michigan Real Estate Fees & Regulations

Real Estate

Closing Conducted by: Title Companies, Lenders, Real Estate Agents, Attorneys
Conveyance: Warranty Deed

Foreclosure Procedure

Primary Foreclosure Method: Non-Judicial
Process Period: 2 - 3 months
Notice of Sale: Sheriff
Redemption Period: Up to 12 Months


Income Tax: 4.25%
Corporate Tax: 6.00%
Sales Tax: 6.00%
Estate Tax: No
Inheritance Tax: No
Median Property Tax: 1.62%
Property Taxes by County: http://www.tax-rates.org/michigan/property-tax#Counties

Average Transactional Costs

Closing Cost: $2,435.00
Transfer Fee: Transfer fee: State 0.75%; County 0.11% - 0.15%
Origination Fee: $1,835.00