ATTOM’s Real Estate Sales Trends for Michigan
Real Estate Sales Trends for Michigan Indicate a Resilient Market
Real estate professionals in Michigan face challenges due to low inventory and rising prices. ATTOM’s real estate sales trends data is a resource that can pinpoint where the best deals are and where the risks outweigh the potential investment.
In the face of the COVID pandemic, Michigan real estate market trends showed rising home sale prices and more home equity. The number of homes with negative equity is decreasing as home sales and home sale prices drive the value of homes up.
Michigan has some of the lowest foreclosure rates in the country after experiencing record unemployment in the summer of 2020. This finding is an indicator of the resiliency of the state’s real estate market.
As is the case in most of the United States, home inventories are low and mortgage rates are also historically low, which is creating high demand and a hot seller’s market. Real estate agents face the challenge finding homes that buyers will consider.
In Detroit, the largest city in the state, home prices are low, and rentals are showing high returns on investment. The city’s population is shrinking, but there are an increasing number of millennials who are relocating to the city. Demographic changes are causing speculators to consider whether Detroit could become one of the hottest real estate markets for investors.
Michigan Housing Market Data
ATTOM’s data powers informed decisions on Michigan’s real estate based on quarterly sales trends data such as:
Annual home price appreciation trends
Decreasing homeownership tenure
Vibrant institutional investor activity
Discover the following trends for the state of Michigan:
- FHA, REO Sales
- Third-party foreclosure auction sales
- Short sales
- Total distressed sales