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Northwest Michigan Housing Report Year End 2023

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After a few years of supply shortages, inventory began to return to more normal levels in the second half of 2023. Demand remains strong and buyers continue to wait for an opportunity to pounce on the best new listings. Nearly half of all fourth quarter sales closed at or above full asking price—in pre-pandemic years, roughly 25 to 30% of sales were at or above full price. Interest rates are expected to ease in 2024 and may drop below 6% by the second half. Continued strong demand combined with increased supply and lower interest rates should all contribute to additional 2024 sales. Buyers will continue to pay premium prices for the best listings.

’23 Annual All Property Types Combined

Grand Traverse, Leelanau, and Benzie, Antrim, Kalkaska and Wexford Counties

3,935

Listings
-3% from last year

2,924

Closed Sales
-10% from last year

$254

Price Per Sq. Ft.
+7% from last year

$466K

Avg. Sale Price
+9% from last year

$1.36B

Closed Volume
-2% from last year

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