Sales of residential real estate have continued to decline, reflecting a downward trend that began after the pandemic’s peak. In July, the five-county region recorded 210 home sales, a decrease from 237 in July 2023, and significantly lower than the 299 homes sold in July 2022, 314 in 2021, and the record 411 sales in July 2020. Grand Traverse County followed a similar trend, with 113 homes sold last month compared to 129 in July 2023, 161 in both 2022 and 2021, and a peak of 216 in July 2020.
The slowdown in sales can be attributed to various factors, including persistently high interest rates and a shortage of available homes. According to a report by Logan Mohtashami of Housing Wire, this year has seen the second-lowest peak number of homes for sale on record, with only last year experiencing a lower inventory.
Despite the decrease in sales volume, home prices continue to rise. In Grand Traverse County, the average sale price set a new record at $554,907, surpassing the previous record of $550,162 set last July. Leelanau County also saw record-breaking prices, with an average sale price of $935,494, approaching the $1,000,000 mark. Antrim County experienced the most significant increase, with average prices soaring to $765,518, up from $466,234 in July 2023.
In terms of high-end sales, 26 homes were sold for $1,000,000 or more in both July 2024 and 2023. Homes priced between $750,000 and $1,000,000 remained steady with 20 sales in both years. However, the number of homes sold in the $500,000 to $750,000 range decreased from 44 in July 2023 to 33 last month.
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