Residential sales have decreased, but the prices are rising in the market

The downward trend in residential real estate sales that began after the pandemic’s peak has continued. The five-county region sold 210 homes in July, down from 237 in July 2023, which was a significant decrease from the 299 homes sold in July 2022, 314 in 2021, and the record 411 sales in July 2020.

113 homes were sold in Grand Traverse County last month, down from 129 in July 2023, 161 in both 2022 and 2021, and a peak of 216 in July 2020. A number of factors, including a lack of available homes and persistently high interest rates, contribute to the slowdown in sales. 

This year has seen the second-lowest peak number of homes for sale on record, behind only last year, according to a Housing Wire report by Logan Mohtashami. Home prices continue to rise despite the drop in sales volume.

The average sale price in Grand Traverse County set a new record of $554,907 in July, beating the previous record of $550,162. Prices in Leelanau County also broke records, with an average sale price of $935,494 close to $1,000,000. The most significant increase occurred in Antrim County, where the average price rose to $765,518 from $466,234 in July 2023.

In terms of high-end sales, 26 homes were sold in July 2024 and 2023 for $1,000,000 or more. There were 20 sales of homes between $750,000 and $1,000,000 in each year. However, there were 33 sales of homes between $500,000 and $750,000 last month, down from 44 in July 2023.