Michigan Real Estate Market Trends & Analysis
The Michigan real estate market has recovered at a slower pace than the rest of the country. Due largely, in part, to the collapse of the auto industry and a relatively high unemployment rate, the Michigan economy has posed more of an obstacle to the local housing industry than anything else in recent history.
That said, the state is in the midst of a comeback. Real estate in Michigan is expected to appreciate at a faster rate than the national average, continuing a trend that has already lasted at least one year. Employment rates have shown signs of improvement amongst a growing labor force.
Perhaps even more importantly, however, Michigan’s price-to-rent ratio suggests the recent growth in employment will translate into increased homeownership rates across the state. At the very least more buyer interest, in addition to encouraging price forecasts suggest Michigan will be a market everyone can partake in: Buyers, sellers and real estate investors.
That said, the state is in the midst of a comeback. Real estate in Michigan is expected to appreciate at a faster rate than the national average, continuing a trend that has already lasted at least one year. Employment rates have shown signs of improvement amongst a growing labor force.
Perhaps even more importantly, however, Michigan’s price-to-rent ratio suggests the recent growth in employment will translate into increased homeownership rates across the state. At the very least more buyer interest, in addition to encouraging price forecasts suggest Michigan will be a market everyone can partake in: Buyers, sellers and real estate investors.
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 |
Taxes
| 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 |
Overview
- Median Home Value: $153,900
- 1-Year Appreciation Rate: +5.9%
- Median Home Value (1-Year Forecast): +3.1%
- Median Rent Price: $1,200
- Price-To-Rent Ratio: 10.68
- Average Days On Market: 62
- Unemployment Rate: 4.2% (latest estimate by the Bureau Of Labor Statistics)
- Population: 9,995,915 (latest estimate by the U.S. Census Bureau)
- Median Household Income: $52,668 (latest estimate by the U.S. Census Bureau)
- Percentage Of Vacant Homes: 15.14%
- Foreclosure Rate: 1 in every 3,318
Michigan Foreclosure Trends & Statistics
Tax Lien Investing
- Tax Lien or Deed: Tax Deed State (used to be Tax lien State)
- Interest Rate: Now no interest anymore because of switch to Tax Deed State)
- Redemption Period:2 years up to sale (no Excess proceeds are being paid)