Avg. Michigan Home < $100k, 1st Time Since 1994
According to housing sale data from the Michigan Association of Realtors, the average price of a home sold in Michigan in 2009 was $99,121, a 16.3% decrease from the $118,388 average price in 2008, and 35% below the peak average price of $152,845 in 2006. The $99,121 average home price in 2009 marks the first year since 1994 (15 years ago) that the average Michigan home sold for below $100,000 (see chart).
Update: December 2009 stats are available here. If you take out Detroit, the statewide average (unweighted) home price rises to $101,286 for 2009, and if you take out both the Detroit and the Flint areas, the statewide average rises to $102,061.