The most expensive homes in Michigan are primarily in the Detroit-Warren-Dearborn and Traverse City metro areas. Lake Angelus tops the list with a typical home value of $1.74M, followed by Leland at $1.15M. Home values have generally increased over five years, with some cities like Kewadin seeing an 87% rise. Current mortgage rates are around 6.58%, impacting affordability despite rising home prices.