Are We in a Buyer’s Market, Seller’s Market, or Something in Between? Michigan Real Estate in Transition

Are We in a Buyer’s Market, Seller’s Market, or Something in Between?
Michigan Real Estate in Transition

The question on nearly every homeowner’s mind right now is simple: Who holds the advantage—buyers or sellers? The answer, at least here in Michigan, is more nuanced than it’s been in years. After the whirlwind of post-pandemic price surges and historically low inventory, the market has started to catch its breath. Prices remain strong, but balance is quietly returning.

Across the state, Michigan’s median home price has climbed to around $287,000—up roughly 6% from last year. Genesee County is keeping pace, with median prices near $230,000 and year-over-year gains approaching 9%. Homes are still moving quickly, averaging about three weeks on the market, which signals that buyer demand hasn’t disappeared. However, inventory is up nearly 9% statewide, giving buyers more choices and slowing the frenzied competition that defined recent years.

If you’re a seller in areas like Grand Blanc, Davison, or Fenton, that means opportunity still knocks—but it’s not as loud as it once was. Today’s buyers are more deliberate. They’ll pay top dollar for a well-maintained, well-priced property, but they won’t fight over a home that’s overpriced or outdated. Roughly 44% of homes in parts of Genesee County are now selling below asking, a clear signal that strategy and presentation matter more than ever. To win in this evolving market, sellers need to combine smart pricing with visual appeal—fresh paint, quality photos, and strong online marketing can make or break a listing.

For buyers, this shift offers something we haven’t seen in several years: breathing room. Rising inventory and slower appreciation mean you can shop thoughtfully without feeling rushed. While mortgage rates remain higher than they were a few years ago, that dynamic is also keeping price growth moderate. Buyers who stay pre-approved and ready to act still have an edge—especially when homes in prime condition hit the market—but they now have leverage to negotiate repairs or price adjustments when justified.

In essence, Michigan real estate has entered its “middle ground” phase. It’s not the red-hot seller’s market of 2021, nor the deep buyer’s market of 2008. It’s something in between—a transitional stage where both sides can win, depending on how prepared they are. Sellers who understand local data, price strategically, and showcase their home beautifully will continue to see success. Buyers who stay informed, flexible, and financially ready can find real value and avoid overpaying.

Zooming in locally, Genesee County’s neighborhoods each tell their own story. In Grand Blanc, newer subdivisions with move-in-ready homes still draw multiple offers. In Davison, resale homes in family-friendly communities may sit longer, giving buyers more negotiating power. Even within a few miles, supply and demand can look very different. That’s why working with a local expert who understands micro-markets—down to the street and school district—can make all the difference.

So, are we in a buyer’s market or a seller’s market? The best answer might be this: We’re in a smarter market. It’s one where strategy, timing, and preparation matter more than luck. Sellers can still move homes quickly with the right game plan, and buyers can finally breathe easier knowing they have a seat at the table again. For those willing to play smart, this “in-between” market might just be the perfect time to make their move.