Traverse City News and Events

Local Real Estate Prices Defy High Interest Rates

Sept. 13, 2023

Rising interest rates haven’t seemed to dampen sales, as residential real estate prices continue to soar to record highs. Sales for August showed record high prices in four of the five counties served by Aspire North Realtors. Only Kalkaska showed a downturn, with an average sale price of $250,141 last month, compared to $269,478 in August of 2022. Even so, its median price of $250,000 topped the 2022 figure of $239,000.

Of the other four counties, Antrim posted the largest gain, with an average sale price of $474,778 compared to $409,454 for August last year. Overall, the average price of $529,985 on sales of $153,165,909 topped last August’s $499,199 for $155,250,962. The 289 homes sold last month are the fewest for any August dating back to 2012, the lack of housing inventory continuing to be a factor limiting home sales and pushing prices higher. The average number of days a home is on the market reflects that; last month’s 66 is in line with the figures from 2022 (65) and 2021 (63). Previous DOM for the month all topped 100.

Sales of high-end homes continue to increase as well. Last month saw 97 sales of homes priced at $500,000 or higher, versus 92 last year and 81 in 2021. There were 27 sales of $1,000,000 or more in August 2023, 25 in August 2022 and 18 in August 2021.

Comment

With No State Budget In Place, TCAPS Prepares For Uncertainty, District-Wide Belt-Tightening

Read More >>

Vogel Steps Down as City Manager

Read More >>

Two Design Concepts Emerge for Rotary Square

Read More >>

Cherry Capital Airport Clocked Its Busiest Days Ever Over The Fourth Of July Weekend

Read More >>

The Past, Present and Future of Meijer's Silverbrook Acres

Read More >>

Judge Awards Nearly $50M in Damages to Old Mission Wineries

Read More >>

TCAPS Eyes $17.3M Fieldhouse Near East Middle School

Read More >>

Park Projects, Street/Sidewalk Improvements, Salary Increases on Deck

Read More >>

No Average Days At Coast Guard Air Station Traverse City

Read More >>

PETA Urges National Cherry Festival, TC Boom Boom Club To Cancel Traverse City Fireworks Shows

Read More >>

Summer Adventures Up North This July

Read More >>

No NHL Prospect Camp In Traverse City in 2025

Read More >>

'It's All We Ever Knew:' Arnold Family Talks Joy, Challenges of Carnival Life

Read More >>

New Nonprofit Working To Protect Historic Arboretum At The Commons

Read More >>