Southwest Michigan’s housing market sales in March plunged 14 percent compared to sales in March 2023. However, selling prices continue to rise to record levels in March, according to exclusive monthly preview numbers supplied only to MoodyOnTheMarket.com.
The Southwestern Michigan Association of Realtors reports that the number of houses sold in March dropped to 202 from 236 in March 2023. The level of sales in March 2024 was the lowest in TEN YEARS, since March 2014. The highest number of sales in March was 286 four years ago in 2020.
At the end of the first quarter of 2024, house sales were down 6 percent compared to 2023 (510 vs. 545).
The inventory of houses for sale increased 5 percent, providing a 4.1-months supply at the end of March (641 vs. 612). Realtors say this level still needs to be higher for buyers searching listings for sale across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties. For comparison, in March 2014, there were 2219 houses for sale.
In March 2024, the average selling price increased slightly to $321,752 compared to $321,345 in March 2023. Year-to-date, the average selling price increased 9 percent ($325,471 vs. $299,667).
The median selling price in March 2024 increased 7 percent to $250,000 from $233,500 in March 2023. Year-to-date, the median selling price rose 12 percent to $245,000 from $219,000 in March 2023.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
The total dollar volume dropped 14 percent in March 2024 due to the decrease in sales ($64,933,986 vs. $75,837,608). The year-to-date total dollar volume is up 2 percent ($165,990,642 vs. $163,318,594).
The number of bank-owned or foreclosed homes as a percentage of all transactions was 2 percent (3 houses). The previous low percentage was 3 percent in March 2023, and the highest percentage in March was 60 percent in 2009.
The Freddie Mac mortgage rate in March was 6.79, down from 6.94 in February for a 30-year conventional mortgage. A year ago, the rate was 6.32.
This data reflects home sales across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties and should not be used to determine the market value of any individual property. If you want to know the market value of your property, please contact your local REALTOR®.
