T
he Michigan Great Southwest housing market continues to show positive trends, driven by moderate decreases in mortgage interest rates. According to the Southwestern Michigan Association of Realtors, home sales in November set new records for selling prices, with a 11% increase from the previous year and a total of 228 homes sold.

    Compared to November 2023, the inventory of houses for sale increased by approximately 1,200 units, resulting in a 5.7-month supply for buyers. This is down from October's 5.9-month supply. The average selling price in November rose 20% to $408,817, with the median price increasing 1% to $268,500.

    Year-to-date, home sales are up 2% from last year, with a total of 2,606 homes sold. The total dollar volume increased by 31% compared to November 2023, reaching $93.2 million. Bank-owned or foreclosed homes accounted for only 2% of all transactions in November.

    The Freddie Mac mortgage rate for a 30-year conventional mortgage rose to 6.81% in November from 6.72% in October. Despite this increase, the market remains strong, with higher sale prices and increased activity compared to last year.