Home sales in southwest Michigan were at a ten-year low in 2023.
The Southwestern Michigan Association of Realtors says the region experienced a burst in housing sales from 2016 to 2020, and then COVID hit, causing the supply to dwindle and, ultimately, sales to slow.
At the end of 2023, housing prices climbed to the highest level on record since 2013 while the inventory remained tight. It dropped 4% in 2023 from 2022 levels, leaving the region with a four-month supply in December.
The number of houses sold each month in 2023 from January until November was lower than the same month in 2022. In December, sales were up 13% from December of 2022, although for the whole year, they were down 15%.
Average and median selling prices each month in 2023 were higher than the same month in 2022 for ten months, with exceptions of January and February.
There were eight bank-owned, or foreclosed, homes as part of all transactions in December of 2023, which was 4%. That was the highest percentage during 2023. For most of 2023 the rate was 2%.
