Realitor.com Mi (2024)

FAQs

What is the average price of a home in MI? ›

Michigan Real Estate Overview

There were 138,788 residential properties sold in the past year in Michigan. The median home value in Michigan is $250,249. There are a total of 3,842,602 residential properties in the MI.

Yes, you can sell your house without a Realtor in Michigan. You can list your home on For Sale By Owner websites that attract millions of buyers every month. Or, you can work with Flat Fee MLS companies that will get you on the MLS for a small flat fee.

The average Michigan real estate commission is 5.53%. However, this rate may vary based on the agreement, property type, and market conditions. Real estate agent commission rates also vary depending on your location. In major cities like Lansing and Detroit, agents may charge up to 6% of the home's value.

What percent commission do most real estate agents charge? The typical commission under the current model has been somewhere between 5 and 6 percent of a home's purchase price, which is then split evenly between the agent representing the buyer and the agent representing the seller.

Michigan Housing Market Overview

In May 2024, home prices in Michigan were up 6.8% compared to last year, selling for a median price. On average, the number of homes sold was down 0.52% year over year and there were 10,781 homes sold in May this year, down 10,835 homes sold in May last year.

Many homes in Michigan Center are selling fast, if you're buying plan to act quickly. Summary: During May 2024, 5 homes were sold in Michigan Center; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Michiganders would need a minimum income of $50,049 to live comfortably. That income will be harder to stretch if you live in downtown Detroit, where Apartments.com says the average rent is $1,047 a month.

With a forecasted 2024 home sales growth of 6.1% and forecasted 2024 home price growth of 7.2%, Grand Rapids is officially on the national radar. Kent and Ottawa counties are now red-hot markets.

The closing cost in Michigan for buyers are approximately 2%–5% of the home's agreement value. While the sellers are expected to pay around 6–10% of the home's purchase price.

Buyers are the ones who predominantly pay the closing costs in Michigan. But it can be split between the buyer and seller. Discuss with your buyer what expenses they are willing to pay and bargain to reduce your closing costs.

How much earnest money is required in Michigan? ›

“The general best practice of 'how much to put down' is usually set by the market area in which you plan to buy.” The typical earnest money deposit in Michigan ranges from 1% to 3% of the property's purchase price, though it can go as high as 5% to 10% in faster-moving markets.

Unlike some states, Michigan does not require that sellers involve a lawyer in the house-selling transaction. Even if it's not required, you might decide to engage a lawyer at some point in the process—for example, to review the final contract or to assist with closing details.

In conclusion, being a real estate agent in Michigan is worth considering if you are willing to work hard, stay competitive, and adapt to market changes. The potential for high earnings, flexibility, and diverse opportunities make it an attractive career path.

Nationwide, real estate agent salaries range from an average of $28,270 for the bottom 10th percentile up to $102,170 in the top 10th percentile. Why is there such a huge gap in pay? How much you work is going to affect how much you earn, and location also makes a difference.