19 August 2024

Residential real estate sales have slowed from a year ago, continuing a downward trend since hitting record highs amid the pandemic. There were 210 homes sold in the five-county region in July, compared to 237 in July 2023. That follows 299 in 2022, 314 in 2021 and the all-time July record of 411 in 2020. Sales in Grand Traverse County followed a similar trajectory, reaching 113 last month, 129 in July 2023, 161 in each of 2022 and 2021 and a monthly high of 216 in July 2020.

It is difficult to say how much of this is due to interest rates remaining higher than in recent years and how much is due to the lack of homes for sale. A report by Logan Mohtashami of Housing wire pointed out that the number of homes for sale nationwide is the second lowest ever, second only to last year.

At least in part due to low inventory, prices continue to rise. The average price of a home sold in Grand Traverse County hit a new record last month at $554,907, just surpassing the then-record of $550,162 set in July of last year. The average sales price in Leelanau was nearly $1,000,000, also hitting a record at $935,494. The average sales price in Antrim County actually saw the biggest increase, reaching $765,518, up from $466,234 in July 2023.

In both July 2024 and July 2023, 26 homes sold for $1,000,000 or more, 20 for between $750,000 and $1,000,000 in both years, and 33 for between $500,000 and $750,000 last month, compared to 44 in that price range in July 2023.

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