Greater Lansing - Q4 2022

GREATER LANSING

MICHIGAN MARKET REPORT

Michigan’s housing market is starting to slow down after a successful Q4 Homes are staying on the market significantly longer due to winter setting in and Michigan is seeing a lack of homes being sold as a result Many experts are predicting this year may see a transition to a buyer's market Sources reported a 35 1% decrease in sales in comparison to 2021. Prices are rising, but at a much lower rate when compared to the previous yearover-year rates. The increase was reported to be less than 2%. Interest rates have decreased each week, however, settling at 6.33% on Jan. 12, according to MLive. Many are predicting that less homes will be sold in 2023 overall. Despite predictions of a weaker Q1 2023, Grand Rapids was No.7 in a recent top ten list of markets positioned for growth in price and sales.

Winter has certainly taken a toll on Southeast Michigan, with less home sales filling out the rest of the year as previously predicted However, there was little change in the year-to-year median sales price at $230,000 As seen in many parts of the state, homes are taking much longer to sell The City of Detroit was recently voted one of the most affordable places to live for first time buyers, further proving the theory that this coming year may be a buyer's market. Macomb also saw an increase in new listings, but longer DOM periods, jumping up to 18 days on the market, versus Q4 2021's previous 9.

Throughout Michigan’s Southwest region, housing inventory saw a small increase in new listings, while prices for available homes showed slight, but significant increases over the preceding quarter Currently, the median sale price of a home in Grand Rapids increased 11 0% from last year, at $250,000 Additionally, most homes in the area were on the market for 9 days, a 50% increase from the 6 in Q4 2021 In Kent, homes have sold for 20% more than they did a year ago, reaching $290,000 on average

The Greater Lansing housing market was somewhat competitive in Q4, but the slowdowns affecting Michigan also showed up in the Lansing area. Homes sold at an average of 41 days, which is slightly higher than 2021's year-to-year comparison. The current median home price in Ingham County is $166,000, up 9.9% year-overyear. Ingham saw a large drop in homes sold during November and December, December showing a 32.5% decrease in total homes sold

With Q4 ending and a new year beginning, what we’re really seeing now are longer DOM periods, relaxed interest rate rises, and a shift to a buyer's market. Though existing homes are staying on the market longer, we are also seeing an increase in new inventory as the season continues, which is predicted to aid in balancing buyers and sellers. As we enter the new year, it should provide some breathing room during what is typically the best time to buy a home, providing opportunities for agents to take advantage of the year's slow start and revitalize their brands and selling methods after a semi-successful, but slowing, fourth quarter.

MEDIAN SALES PRICE AND NUMBER OF SALES

Q4 2022 | Single Family

Median Sales Price | Price of the ""middle"" property sold -an equal number of sales were above and below this price.

Number of Sales | Number of properties sold.

AVERAGE

SALES

Q4 2022 | Single Family

PRICE

AND AVERAGE DAYS ON MARKET

Average Sales Price | Average sales price for all properties sold.

Average Days on Market | Average days on market for all properties sold.

SALES PRICE AS A PERCENTAGE OF ORIGINAL PRICE & AVERAGE DOM

Q4 2022 | Single Family

Sale Price as a Percentage of Original Price | Average sale price of property as percentage of final list price. Average Days on Market | Average days on market for all properties sold.

AVERAGE SALES PRICE AND NUMBER OF PROPERTIES FOR SALE

Q4 2022 | Single Family

Average Sales Price | Average sales price for all properties sold. Properties for Sale | Number of properties listed for sale at the end of quarter.

PROPERTIES FOR SALE AND SOLD PROPERTIES

Q4 2022 | Single Family

Properties for Sale | Number of properties listed for sale at the end of quarter.

Sold Properties | Number of properties sold.

MONTHS SUPPLY OF INVENTORY

Q4 2022 | Single Family

Months Supply of Inventory | Properties for sale divided by number of properties sold.

Units Listed | Number of properties listed for sale at the end of month.

Units Sold | Number of properties sold.

BATH (MI)

Monthly Report Quarterly Report

DEWITT TWP (MI) OVID TWP (MI)

Monthly Report Quarterly Report Monthly Report Quarterly Report

VICTOR TWP (MI)

Monthly Report Quarterly Report

BATH TWP (MI) WATERTOWN TWP (MI)

Monthly Report Quarterly Report Monthly Report Quarterly Report

DEWITT (MI)

Monthly Report Quarterly Report

SAINT JOHNS (MI)

Monthly Report Quarterly Report

MONTHLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. QUARTERLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. Cities, areas, neighborhoods or property types within a county that are not represented indicate there is not enough sold data to produce a monthly or quarterly report for that specific city. If you are interested in information for a specific city, area, neighborhood and/or property type, please contact a Coldwell Banker Independent Sales Associate.

MEDIAN SALES PRICE AND NUMBER OF SALES

Q4 2022 | Single Family

Median Sales Price | Price of the ""middle"" property sold -an equal number of sales were above and below this price.

Number of Sales | Number of properties sold.

AVERAGE

SALES

Q4 2022 | Single Family

PRICE

AND AVERAGE DAYS ON MARKET

Average Sales Price | Average sales price for all properties sold.

Average Days on Market | Average days on market for all properties sold.

SALES PRICE AS A PERCENTAGE OF ORIGINAL PRICE & AVERAGE DOM

Q4 2022 | Single Family

Sale Price as a Percentage of Original Price | Average sale price of property as percentage of final list price. Average Days on Market | Average days on market for all properties sold.

AVERAGE SALES PRICE AND NUMBER OF PROPERTIES FOR SALE

Q4 2022 | Single Family

Average Sales Price | Average sales price for all properties sold. Properties for Sale | Number of properties listed for sale at the end of quarter.

PROPERTIES FOR SALE AND SOLD PROPERTIES

Q4 2022 | Single Family

Properties for Sale | Number of properties listed for sale at the end of quarter.

Sold Properties | Number of properties sold.

MONTHS SUPPLY OF INVENTORY

Q4 2022 | Single Family

Months Supply of Inventory | Properties for sale divided by number of properties sold.

Units Listed | Number of properties listed for sale at the end of month.

Units Sold | Number of properties sold.

BELLEVUE (MI)

CHARLOTTE (MI)

EATON RAPIDS (MI)

BENTON TWP (MI) EATON RAPIDS TWP (MI)

CARMEL TWP (MI)

GRAND LEDGE (MI)

DELTA TWP (MI) ONEIDA TWP (MI)

WINDSOR TWP (MI)

Monthly

POTTERVILLE (MI)

MEDIAN SALES PRICE AND NUMBER OF SALES

Q4 2022 | Single Family

Median Sales Price | Price of the ""middle"" property sold -an equal number of sales were above and below this price.

Number of Sales | Number of properties sold.

AVERAGE

SALES

Q4 2022 | Single Family

PRICE

AND AVERAGE DAYS ON MARKET

Average Sales Price | Average sales price for all properties sold.

Average Days on Market | Average days on market for all properties sold.

SALES PRICE AS A PERCENTAGE OF ORIGINAL PRICE & AVERAGE DOM

Q4 2022 | Single Family

Sale Price as a Percentage of Original Price | Average sale price of property as percentage of final list price. Average Days on Market | Average days on market for all properties sold.

AVERAGE SALES PRICE AND NUMBER OF PROPERTIES FOR SALE

Q4 2022 | Single Family

Average Sales Price | Average sales price for all properties sold. Properties for Sale | Number of properties listed for sale at the end of quarter.

PROPERTIES FOR SALE AND SOLD PROPERTIES

Q4 2022 | Single Family

Properties for Sale | Number of properties listed for sale at the end of quarter.

Sold Properties | Number of properties sold.

MONTHS SUPPLY OF INVENTORY

Q4 2022 | Single Family

Months Supply of Inventory | Properties for sale divided by number of properties sold.

Units Listed | Number of properties listed for sale at the end of month.

Units Sold | Number of properties sold.

Monthly Report Quarterly Report Monthly Report Quarterly Report

Monthly Report Quarterly Report

Monthly Report Quarterly Report Monthly Report Quarterly Report Monthly Report Quarterly Report

Monthly Report Quarterly Report

MONTHLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. QUARTERLY REPORT AVAILABLE FOR SPECIFIED CITY/AREA/NEIGHBORHOOD. Cities, areas, neighborhoods or property types within a county that are not represented indicate there is not enough sold data to produce a monthly or quarterly report for that specific city. If you are interested in information for a specific city, area, neighborhood and/or property type, please contact a Coldwell Banker Independent Sales Associate.

SOURCES:

www.dbusiness.com/daily-news/report-metro-detroit-homessales-continue-to-fall-prices-rise www.zillow.com/home-values

www.dbusiness.com/daily-news/report-metro-detroits-homesale-drought-doesnt-let-up-in-november/

www.moodyonthemarket.com/colder-weather-keeps-homesales-cool-in-michigans-great-southwest/

www.mlive.com/public-interest/2023/01/the-real-estate-rageris-over-prepare-for-a-housing-hangover.html

www.clickondetroit.com/news/local/2022/11/10/experts-rankdetroit-as-one-of-the-most-affordable-starter-home-marketsin-the-country/ biz.crast.net/realtor-com-names-grand-rapids-and-wyomingamong-top-10-markets-in-2023/