The housing market in southwest Michigan continued to trend down in December. The Southwestern Michigan Association of Realtors says the number of houses sold was down 44% compared to December of 2021. Year-to-date sales in 2022 fell 16% from the record-setting number of sales in 2021. Looking ahead, the realtors association says 2023 may be the year of change. Executive Alan Jeffries says it looks like the market will continue correcting itself when it comes to prices, while real estate sales may continue to dip through 2023 depending on interest rates and inventory. He says the market is going through a “denial stage” due to interest rates, but should adjust in the first half of the year. The average selling price in December was $299,000, down 21% from $377,000 in December of 2021. Meanwhile, the dark cloud over the market continues to be inventory with 662 houses for sale in the region, still up from the end of 2021. At 662 houses, the market ended the year with just a 3.3 month supply of homes for sale.
