If
$M = M^{-1}, \tag 1$
then
$M^2 = I, \tag 2$
so by the multiplicative property of determinants,
$(\det M)^2 = \det (M^2) = \det I = 1, \tag 3$
which implies that
$\det M = \pm 1. \tag 4$
Now in fact, we can go a little further with only a little more work and show that every eigenvalue or $M$ is in the set $S = \{-1, 1\}$. For if
$Mv = \mu v \tag 5$
for some non-zero vector $v$, then
$\mu^2 v = \mu(\mu v) = \mu Mv = M(\mu v) = M(Mv)= M^2 v = Iv = v; \tag 6$
thus
$\mu^2 = 1, \tag 7$
or
$\mu = \pm 1. \tag 8$
Since the eigenvalues of $M$ lie in the set $S$, and $\det M$ is the product of its eigenvalues, we again see that we must have (4).
Finally, we can also write
$(M + I)(M - I) = M^2 - I = 0, \tag 9$
whence
$\det(M + I) \det(M - I) = 0; \tag {10}$
thus
$\det(M + I) = 0 \tag{11}$
or
$\det(M - I) = 0; \tag{12}$
in the former case, there exists a vector $v$ with
$Mv = -v; \tag{13}$
in the latter
$Mv = v, \tag{14}$
which gives a quick and easy proof of the existence of eigenvectors corresponding the eigenvalues $\mu = \pm 1$.