Northern Michigan Home Sales Down, Prices Up
Sept. 17, 2024
Northern Michigan residential real estate sales numbers continue their slow slowdown, while prices continue to rise. The five-county average sale price for a home last month rose to $581,568, helped by a massive average sale price of $1,011,861 in Leelanau County. Every other county posted a new high as well, except Grand Traverse County: Its average sale price of $504,971 was just below last August’s record of $509,194. The county’s 145 sales bested the 138 of August 2023, though both represent the fewest homes sold dating back to 2011.
Overall there were 293 homes sold in the region during August, which topped the 289 for August 2023; both were lower than any August dating back over a decade, to when there were 292 in 2013.
As noted with the Leelanau average, sales at the higher end continue to grow. There were 68 homes sold in the five-county area at $750,000 or higher in August, compared with 53 last August and 45 in August 2022. Year to date, there have been 1,636 homes sold at an average sale price of $547,619. Last year at this point there had been 1,570 sales averaging $500,659.
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