Northwest, Michigan YTD Sales and Prices
Blog Search
Subscribe
Get the latest Michigan Housing Reports delivered straight to your inbox!
2023 vs. 2022 and Pre-Pandemic 2019
Waterfront
Sales of waterfront properties have declined by
8% compared to last year, and range between
a 25% to 30% decline when compared to each
of the prior four years. Despite this, prices
continue to ascend—rising by 7% compared
to last year, and escalating by 82% since the
pre-pandemic period.
Non-Waterfront
The closed sales for non-waterfront properties
have been on a declining trajectory for each of
the past four years—experiencing a 9% drop
compared to last year, and a 24% reduction
since 2019. Nonetheless, the prices for nonwaterfront
properties have surged by 61%
from $247,000 in 2019 to $397,000 this year,
marking a 3% increase compared to last year.
Condos
Condominium sales have declined by 24% and
20% compared to 2019 and the previous year,
respectively. Since the advent of the pandemic,
the average condo price has soared by 54% from
$247,000 to $381,000.
Buyers Continue to Wait for the Best Listings
Over one-third of September’s new
pendings were fresh listings that went
under contract within 10 days or less.
The past month’s figure of 36% was only
surpassed by September 2021, marking it
as an exceptional period. A significant pool
of buyers, who have been actively looking
but have yet to find what they are seeking,
continue to closely monitor new listings. The
most appealing properties continue to be
snapped up swiftly.
