Michigan Property Prices 2025 – Quick Guide

Thinking about buying or renting in Michigan? You’re not alone. Home seekers are flocking to the Great Lakes state because it offers a mix of affordable living, solid job markets, and a variety of neighborhoods. Below you’ll get the most up‑to‑date price figures, the towns that are hot right now, and a few tricks to stretch your budget.

Key Cities and Their Average Home Prices

Detroit remains the most affordable major city. In 2025 the median single‑family home sits around $250,000, which translates to roughly $130 per square foot. If you look at downtown condos, prices climb to $300‑$350 per square foot, but still under the national average for big cities.

Grand Rapids has become a magnet for young professionals. Median home values hover near $350,000, or $150 per square foot. New builds in the suburbs can push that number higher, especially near the River Trails area.

Ann Arcadia (yes, the typo is intentional—actually Ann Arbor) commands a premium because of its university vibe. Median homes cost about $475,000, around $220 per square foot. Rental apartments here average $1,500 for a two‑bedroom unit.

Lansing, the state capital, sits in the middle of the pack. Median prices are $300,000, roughly $140 per square foot. The city’s steady government jobs keep demand stable, so you won’t see wild price swings.

Smaller towns like Traverse City and Holland see median values of $320,000 and $310,000 respectively. They’re great if you want a slower pace but still want decent schools and community events.

How to Get the Best Deal in Michigan

First, eye the local inventory. When the market shows a surplus of homes (often in the winter months), sellers become more flexible on price and repairs. Second, don’t ignore the “foreclosure” and “short‑sale” sections. They can shave 10‑20% off the asking price, but you’ll need a willing lender and a bit of patience.

Third, factor in property taxes. Michigan’s average tax rate is about 1.68% of assessed value. That means a $300,000 home could add $5,000‑$6,000 to your yearly costs. Check the county assessor’s site for exact numbers before you sign.

Finally, work with a local real‑estate agent who knows the neighborhoods inside out. They can spot emerging areas—like the Eastside of Grand Rapids—where prices are still low but expected to rise.

Overall, Michigan offers a sweet spot for buyers who want space without breaking the bank. Whether you’re eyeing a historic bungalow in Detroit or a new build near Ann Arbor, the state’s price range gives you room to negotiate. Keep an eye on seasonal inventory changes, understand tax impacts, and partner with a knowledgeable agent, and you’ll land a solid deal.

Ready to start your search? Grab a few listings, compare the per‑square‑foot numbers, and set a realistic budget based on your income and tax expectations. Michigan’s market is friendly for first‑time buyers, but the smartest moves come from doing the homework now.