Michigan Housing Market Analysis: The Last 16 Quarters in Data

Michigan home prices rose 23% over the 16 quarters from Q3 2022 through Q2 2026, according to the FHFA All-Transactions House Price Index. The pace has cooled without reversing: the latest reading shows 4.6% year-over-year growth as of Q2 2026, the slowest of the entire window. On the listing side, Realtor.com inventory data retrieved through FRED puts the median asking price at $298,233 and counts 21,549 active listings statewide. Prices still climbing while more homes sit on the market: that tension is the Michigan story right now, and the numbers below walk through it quarter by quarter.

How Michigan Home Prices Have Moved

The FHFA index for Michigan opened the window at 475.7 in Q3 2022 and closed at 584.9 in Q2 2026. The only meaningful quarterly decline came immediately: the index slipped to 469.6 in Q4 2022, the same quarter the Freddie Mac 30-Year Fixed Rate Mortgage Average jumped from 5.62% to 6.66%. After that stumble, the index rose in 13 of the following 14 quarters, and the lone exception was a nearly flat Q4 2024 (538.9 to 538.6).

The year-over-year numbers tell the cooling story more clearly. Q3 2022 posted 12.6% annual growth, the hottest reading in the window. By Q2 2023 growth had decelerated to 5.3%. Then it did something few people expected: it re-accelerated, reaching 7.7% in Q4 2023 and 8.4% in Q1 2024, even though mortgage rates averaged 7.30% in Q4 2023, their peak for the period. Michigan buyers kept paying up while borrowing costs were at their worst.

Since that second peak, the direction has been steady. Growth eased to 7.2% in Q2 2024, 6.5% by Q4 2024, 5.2% in Q2 2025, and 4.6% in Q2 2026. Not one of the 16 quarters went negative year over year. Cooling, yes. Falling, no.

What Homes Are Listed For

Michigan asking prices run on a hard seasonal clock: they crest in summer and sag in winter, every year, without fail. The useful comparison is summer against summer. Q2 2023 medians hit $291,506, Q2 2024 reached $296,600, and Q2 2025 topped them both at $302,133. The peak for the whole window came in Q3 2025, at $305,617.

Then the pattern broke. Q2 2026 came in at $298,233, which is 1.3% below Q2 2025. That is the first negative year-over-year listing price reading in all 16 quarters, and it happened while the FHFA index, which tracks actual transactions rather than asking prices, was still rising 4.6%. Sellers are asking slightly less; closed prices have not followed, at least not yet in this data. The most recent monthly reading, July 2026, showed a median list price of $310,000, the usual midsummer crest.

How Many Homes Are on the Market

Point to point, Michigan inventory looks almost unchanged: 21,014 active listings in Q3 2022 and 21,549 in Q2 2026, a gain of just 2.5% according to Realtor.com's active listing count retrieved through FRED. The path between those endpoints is the real story. Inventory collapsed through early 2023, bottoming at 13,611 in Q2 2023 as owners holding cheap pandemic-era mortgages declined to list. It has been rebuilding ever since. Every quarter from Q2 2024 onward posted year-over-year inventory growth, most of it double digit: 23.2% in Q3 2024, 21.2% in Q2 2025, 10.1% in Q2 2026. The high-water mark for the window was 24,342 listings in Q3 2025, and the July 2026 monthly count reached 26,018.

For a seller, the listing count is a leverage gauge. When 13,611 homes were on the market in mid-2023, a buyer who passed on your house had few alternatives. With 21,549 on the market now, buyers can compare, negotiate, and wait. That does not mean prices drop; the FHFA data shows they have not. It means individual homes compete harder for the same buyer's attention, and pricing or condition mistakes cost more time than they did three years ago.

What Homes Are Worth in Michigan's Largest Cities

Statewide numbers hide a lot of variation, so here is the same window at street level. The table shows the Zillow Home Value Index (ZHVI), a smoothed, seasonally adjusted estimate of the typical home value in the city proper (not the wider metro area), for Michigan's five largest cities as of Q2 2026, with the baseline each change is measured against.

Sterling Heights is the strongest of the five right now, with typical values up 2.9% year over year. Detroit sits at the other end at -4.6%. The quarter-by-quarter city numbers, with the same up and down markers, are in the quarterly reports listed further down this page.

Sales, Supply, and Pending Deals

Prices tell you what homes are worth; transactions tell you whether anything is actually moving. Per the Redfin market tracker (all residential, not seasonally adjusted), completed sales in Michigan averaged 9,502 homes a month in Q2 2026 (down 8% from the same months a year earlier), with pending sales running 12,689 a month. The median sale price, what buyers actually paid, averaged $290,200, up 4.9% year over year. At the current sales pace the market holds 2.6 months of supply, which by the common rule of thumb is seller's market territory, and the typical home that sold went under contract in 27 days. Redfin figures for Q2 2026 reflect April and May, the months reported so far; year over year comparisons use the same months a year earlier.

*Partial quarter; see the note above. All change markers compare against the year-earlier baseline shown beneath them.

The Numbers, Quarter by Quarter

What This Means If You're Selling

The equity you built since 2022 is real

A 23% statewide price gain in four years means most Michigan owners who bought before late 2022 are sitting on meaningfully more equity than they started with, and longtime owners on far more. That cushion is what gives you options: it can absorb repair credits, negotiation, or the discount that comes with a fast as-is sale, and still leave you ahead of where you were. If you want context for how Michigan's run compares, our national market analysis tracks the same 16 quarters for the country as a whole.

More competition means condition decides your buyer pool

Michigan inventory has now grown year over year for nine straight quarters. A move-in-ready house still draws the broad retail crowd. A house with a dated kitchen, an aging roof, or a foundation question competes against a growing supply of listings that do not have those problems, and financed buyers, along with their lenders and inspectors, get choosier when alternatives exist. Condition increasingly determines which buyers even show up, and that matters more in a 21,549-listing market than it did in a 13,611-listing one.

If you need to sell fast in Michigan

Here is where we level with you: EZ Time Home Buyers does not buy houses in Michigan. We will not pretend otherwise, and we will not take your information just to resell it as a lead. What we did instead was research the state the same way we research our own markets. Our independent directory of Michigan cash home buyers breaks down who actually operates there, how they work, and who is worth calling if a fast, as-is sale fits your situation. We don't buy in Michigan ourselves, so we did the homework on who does.

Quarterly Market Reports

Every quarter in this analysis has its own report page with that quarter's index reading, listing data, mortgage rate, and city values, including the quarters where the story was very different from today's:

• 2022: Q3 · Q4
• 2023: Q1 · Q2 · Q3 · Q4
• 2024: Q1 · Q2 · Q3 · Q4
• 2025: Q1 · Q2 · Q3 · Q4
• 2026: Q1 · Q2

Data and Methodology

• Price index: FHFA All-Transactions House Price Index for Michigan (MISTHPI), retrieved from FRED.
• Listing prices: Realtor.com Housing Inventory: Median Listing Price in Michigan (MEDLISPRIMI), retrieved from FRED.
• Inventory: Realtor.com Housing Inventory: Active Listing Count in Michigan (ACTLISCOUMI), retrieved from FRED.
• Mortgage rate context: Freddie Mac 30-Year Fixed Rate Mortgage Average (MORTGAGE30US), retrieved from FRED.
• City home values: Zillow Home Value Index (ZHVI), all homes, smoothed and seasonally adjusted, city level, retrieved August 26, 2026.
• Sales, pending sales, months of supply, and days on market: Redfin market tracker (monthly, all residential, not seasonally adjusted); transaction counts shown as monthly averages within each quarter, retrieved August 26, 2026.
• Sales, pending sales, months of supply, and days on market: Redfin market tracker (monthly, all residential, not seasonally adjusted); transaction counts shown as monthly averages within each quarter, retrieved August 26, 2026.
• Monthly series are averaged to calendar quarters.
• Data retrieved August 26, 2026. This page reports historical data; it is not a price forecast or investment advice.