Five Michigan communities saw home values increase at more than twice the state average over the last year.
Greenbush in Alcona County had its typical home value increase 14% to about $235,435 between December 202 3and December 2024, according to Zillow data analyzed by Stacker, a New Jersey-based data media company.
Other significant risers included Mackinac Island (13%), Copper Harbor in Keweenaw County (12.7%), Douglas in Allegan County (10.5%), and Somerset Center in Hillsdale County (9.6%).
Below is home pricing data for 50 Michigan communities. Home values are “typical,” meaning they’re in the 35th to 65th percentile, according to Zillow data compiled by Stacker.
Below are three takeaways from MLive’s recent article, “Home prices are increasing fastest in these Michigan communities”
Michigan home values rising
Throughout Michigan, the typical home value in December was $241,165, according to Zillow’s home value index. Home values were up 4.7% from the same time in 2023.
Nationally, the typical home value in late 2024 was $358,461 — up 2.6% from a year ago.
Oakland County remains a hot spot
Of the top 50 communities included in the Stacker report, 15 were located in Oakland County, Michigan’s second-largest county.
Oakland County is home to much of Detroit’s northern suburbs. Its median household income ranks second in the state and 180th in the nation, according to federal records.
RELATED: These 14 Michigan homes sold for more than $5M in 2024
The Village of Franklin saw its typical home value increase by more than $56,000 in one year, and almost $245,000 over five years.
Similarly, the city of Lake Angelus had a five-year increase of $487,503, pushing the typical home value beyond $1.6 million.
Northern Michigan home values soaring
Northern communities made up the top three cities/villages for year-over-year home value percentage increases. They also earned four of the top nine spots in dollar increases from December 2023 to December 2024.
The typical home price in the small coastal town of Leland was more than $1.06 million in late 2024. Located in Leelanau County, about 30 minutes north of Traverse City, the community had the largest five-year increase in home value with the typical price increasing by more than $472,000,
Also representing Leelanau County were Glen Arbor, Lake Leelanau, Northport and Maple City.
