More houses for sale, more houses sold…for higher prices. Almost everything was coming up ‘roses’ in the Southwest Michigan residential real estate market in April. That’s according to our exclusive MoodyOnTheMarket.com ‘early preview’ of the housing market—supplied to us by the REALTORS of the region.
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Southwest Michigan’s housing market sales bloomed, and selling prices stormed higher. Selling prices continued to rise to record levels for prices in April. The inventory of houses rose 11 percent above that a year ago.
The number of houses sold in April skyrocketed 27 percent to 246 from 194 in April 2023. The level of sales in April 2024 was the highest since April 2019. The highest number of sales in April was 296 in 2019. Year-to-date, sales were up 2 percent (755 vs. 739).
The inventory of houses for sale increased 11 percent, generating a 4.2-months supply at the end of April (684 vs. 617). This level continues to be low for buyers searching listings for sale across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties. For comparison, in April 2010—during a recession, there were 3452 houses for sale.
In April 2024, the average selling price rose 18 percent to $381,875 compared to $324,093 in April 2023. Year-to-date, the average selling price increased 13 percent ($343,974 vs. $306,103).
The median selling price in April 2024 increased 12 percent to $268,500 from $240,000 in April 2023. Year-to-date, the median selling price grew 12 percent to $255,000from $225,000 in April 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 soared 49 percent in April 2024 with the increase in sales ($93,892,180 vs. $62,893,256). The year-to-date total dollar volume climbed 15 percent ($259,700,822 vs. $226,211,850).
The number of bank-owned or foreclosed homes as a percentage of all transactions was under 1 percent (1 house). The previous low percentage was also 1 percent in April 2023, and the highest percentage in April was 54 percent in 2009.
The Freddie Mac mortgage rate in April was 7.17 up from 6.79 in March for a 30-year conventional mortgage. A year ago, the rate was 5.1.
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®.
