"Michigan's housing market sits at a crossroads-relatively affordable compared with much of the country but slowed by limited new construction and aging inventory. The state earned a C on the Realtor.com® State-by-State Housing Report Card, part of the Let America Build campaign that measures how well states balance affordability with new homebuilding. Michigan's grade reflects both opportunity and challenge: homes remain within reach for many families, but supply isn't growing fast enough to meet demand. And that's true across the country."
"President Donald Trump recently put pressure on homebuilders to increase construction nationwide, given the issues with construction in the country. In a post on his Truth Social platform in early October, he accused major builders of hoarding lots to prop up prices-likening them to OPEC, which restricts oil output to maintain high prices. "They're my friends ... but now, they can get Financing, and they have to start building Homes. They're sitting on 2 Million empty lots, A RECORD," Trump wrote."
Michigan scored 50 and earned a C on the Realtor.com® State-by-State Housing Report Card, placing the state in the middle tier nationally. The median listing price was $284,536 in 2024, below the national average, while median household income of $69,042 provides relatively strong buying power. The Realtor Affordability Score of 0.86 indicates many listings are attainable for middle-income households. New construction lagged: Michigan accounted for 1.5% of national new home permits despite representing 3% of the U.S. population, yielding a permit-to-population ratio of 0.43. The new construction premium—the price gap between new and existing homes—was 34.9%.
Read at SFGATE
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