Cadillac, MI Housing Market

Market Overview

Cadillac’s PropertyIQ Score of 64 out of 100 places the market in moderate territory. The top score drivers include home value momentum (12 month) at 11.34%, home value momentum (3 month) at -1.46%, median days on market at 46 days, and share of listings with a price cut at 20.9%. This mix shows positive annual price momentum but near-term cooling. The median home value is $234,586, below the Michigan state average of $269,576, and the rent index is $1,013, below the state average of $1,084.

Compared with state benchmarks, Cadillac has a lower median home value and lower median household income. The median household income is $62,833, while the state average is $71,149. The unemployment rate is 5, matching the state average of 5. This means the market is relatively affordable on price, but local incomes are also lower than the state norm. The reported home value year-over-year change is $7. Population growth data is not available, so demographic-driven demand trends cannot be directly measured. Overall, the 64/100 score supports a moderate market: there is evidence of annual appreciation and steady employment, but recent price momentum and listing behavior suggest softening conditions.

Key Trends

One trend is the divergence between annual and quarterly price momentum. The 12-month home value momentum of 11.34% indicates strong appreciation over the past year, but the 3-month figure of -1.46% shows momentum has turned negative in the most recent quarter.

Another trend is inventory and pricing adjustments. There are 171 homes for sale, median days on market is 46 days, and 20.9% of listings have had a price cut. Together these suggest inventory is not extremely tight and sellers are adjusting prices to attract buyers.

A third trend is relative affordability compared with the state. The median home value of $234,586 is about $35,000 below the state median of $269,576, and the rent index of $1,013 is $71 below the state rent index of $1,084. Median household income is also below the state average, but home values are lower by a slightly larger percentage than incomes, which may give local households a somewhat more favorable housing cost profile.

A fourth trend is labor market stability paired with lower income. The unemployment rate of 5 matches the state average, indicating employment is not underperforming. However, median household income of $62,833 is $8,316 below the state average, which may limit how much upward price pressure local buyers can absorb.

Who Is This Market For

This market is likely to appeal to first-time buyers and budget-conscious households. The median home value of $234,586 is well below the state average, and the rent index of $1,013 is below the state average, which can make ownership more accessible for households earning around the local median income of $62,833. The presence of price cuts on 20.9% of listings and a median days on market of 46 days may also give buyers more room to negotiate.

Investors may also find the market worth evaluating. The lower home values relative to rents can support a moderate rental yield, and the rent index of $1,013 provides a baseline for rental income. However, the recent 3-month home value momentum of -1.46% and the share of listings with price cuts suggest that short-term price appreciation is not guaranteed. Move-up buyers may be more cautious because median household income is below the state average and price momentum has cooled, although the stable unemployment rate offers some confidence in local economic conditions.

Outlook

The near-term outlook is mixed and leans toward continued softness until the quarterly price trend stabilizes. The 12-month home value momentum of 11.34% shows the market has produced strong annual gains, but the 3-month momentum of -1.46% and the 20.9% share of listings with price cuts indicate sellers are facing more resistance. With 171 homes for sale and a median days on market of 46 days, buyers are not facing extreme scarcity. The unemployment rate of 5, equal to the state average, suggests local employment conditions are not deteriorating, which may support demand. However, the absence of population growth data and the reported home value year-over-year change of $7 limit the ability to project longer-term price growth. Based on the numbers, the market is likely to remain moderate, with near-term price movement dependent on whether the negative 3-month momentum reverses.