Southwest Michigan Housing Market Hits 'Speed Bump' With Slowing Sales and Price Adjustments
Key Takeaways Southwest Michigan's housing market shows signs of easing with slowing sales but fluctuating prices, particularly around Lake Michigan properties. Although sales have rebounded 12% from the previous year, the average home price has risen by 31% to $420,528. Limited inventory, standing at 4.4 months, intensifies market competitiveness, affecting affordability as more millennials and Gen Z enter the market. Will Affordability Be A Concern for Southwest Michigan's Housing Market? Southwest Michigan's housing market is hitting a speed bump as sales slow and prices fluctuate amid growing concerns of a potential downturn. The renowned sandy shores of Lake Michigan witness a 12% sales rebound from the previous year, but average prices surge 31% to $420,528. A mere 4.4-month inventory heightens competitiveness, leaving sellers in control, threatening affordability. As millennials and Gen Z flood the market, uncertainty grips investors. The storm approaches, fueling ur...