Cities with the most expensive homes in Michigan
Purchasing a home is one of the most important investments there is. More than a place to live, homeownership is an asset with the potential to tremendously rise in value. But with home prices reaching record heights, affordability plays a huge role for buyers.
The typical home value in the United States was $362,143 in August, 2.5% higher than the year before.
High mortgage rates are also making monthly payments more expensive; as of September 19, the 30-year fixed mortgage rate sits at 6.09%.
Although home prices have inflated all across the U.S., there are some cities that command a higher price tag than others. Location, size, age, and condition are all contributing factors to home value.
Stacker compiled a list of cities with the most expensive homes in Michigan using data from Zillow. Cities are ranked by the Zillow Home Values Index for all homes as of August 2024. The charts in this story were created automatically using Matplotlib.
Metros with the most cities in the top 30 in Michigan
#1. Detroit-Warren-Dearborn, MI: 10
#2. Traverse City, MI: 8
#3. Niles, MI: 4
#4. Grand Rapids-Kentwood, MI: 2
#4. Holland, MI: 2
#6. Ann Arbor, MI: 1
