Southwest Michigan housing market sees record high selling prices
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ST. JOSEPH, Mich. -- According to the Southwest Michigan Association of Realtors, 2023-2024 saw a year-to-date 6% increase in home selling prices from December to December.
Those numbers are flexible, with some months, like November, seeing a 20% average increase in sale price.
Right now, the average sales price for a home in the region is $377,000, a number that went as high as $420,000 in May of 2024.
Record-high prices are a result of many factors, including a lack of inventory and entry-level housing.
The Southwest Michigan Association of Realtors recommend first-time buyers look into buying sooner rather than later, because trends don’t show prices going down anytime soon.
They add that having a realtor represent homebuyers is important and that the new federal administration likely won’t have much of an impact on the state of the housing market.