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Michigan Real Estate Market Update: January 2024

Michigan Real Estate Market Update: January 2024

Current Real Estate Market

As we get through the holiday hustle and bustle, you may be ready to look forward to buying or selling a home in 2024. But is now the right time? To truly get a pulse on where we are right now, we need to look back at the past six months of home sales. The number of homes sold was actually on the decline during that time due to high interest rates on mortgages. Most people looking to buy a home felt like it was too expensive to buy a home.

2024 Real Estate Predictions

Thankfully, we have already started to see mortgage interest rates start to come down to around 7% and are expected to go down slightly more in the coming months. At Janiga Estates, we are anticipating a rather good “busy season” this spring. If you are looking to list your house or purchase a new home this year, give us a call to start preparing. That way when the time is right, you are ready to make a move to take advantage of the natural swings in the real estate markets.

Check out this quick explanation from Stephanie Janiga on the current and future state of the Michigan real estate market:

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