The southwest Michigan real estate market slowed down in January. The Southwestern Michigan Association of Realtors says January of 2022 closed with a 23% drop in sales from January 2021. That’s as January started with a record low inventory of houses for sale at 514 houses for buyers in Allegan, Berrien, Cass, and the western two-thirds of Van Buren counties, all represented by the association. It says January tends to be the least productive month of any given year. The average selling price increased just 1% to $301,000, and the median price set a new record, rising 6% from January 2021 to $210,000. There were no bank-owned or foreclosed homes as a percentage of all transactions in January. The highest percentage for the month ever was 57% in 2009. The Southwestern Michigan Association of Realtors says the region’s housing market has run at a record pace for the last five years.
