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

Three-Campus Plan Comes Into Focus for County, City

Read More >>

Join Us For a Special Fall Recess Wednesday at Seven Hills on Old Mission!

Read More >>

Seven Fall Festivals and Celebrations Up North

Read More >>

City Updates: Commission Votes, Fish Survey, Senior Center Tree Project

Read More >>

How A Local Car Dealership Added 'Free College' To Its List Of Employment Benefits

Read More >>

Affordable Housing, Mixed-Use Development Possible On Woodmere

Read More >>

Impact100 Traverse City Announces Latest Grant Recipients

Read More >>

Three Hundred Miles in 24 Hours

Read More >>

Building Peninsula Shores

Read More >>

GT County Commissioners Approve Peninsula Parks Funding, Remote Work Policy

Read More >>

Munson to Ramp Up Outpatient Efforts, Regionalize Inpatient Care

Read More >>

Man Arrested After Concerns Over Blair Township Threat

Read More >>

Join Us For Fall Recess Next Week at Seven Hills on Old Mission Peninsula!

Read More >>

Man Arrested After Standoff in Central Neighborhood

Read More >>