If the 2022 housing market could be summed up in a single word, it would be: unpredictable.
The heightened momentum of 2021 continued throughout the first half of 2022, and while it is still definitely a sellers’ market, inflation and rising mortgage rates have added some twists and turns during the last half.
Here is a breakdown of how Northern Michigan fared during 2022’s market conditions, compared to recent years:
Grand Traverse // Leelanau // Antrim // Benzie County (Combined performance)
| YEAR | TOTAL # OF SALES | TOTAL VOLUME SOLD | MEDIAN DAYS ON MARKET (DOM) | AVERAGE SALE PRICE |
| 2022 | 2,484* | $1,219,487,933* | 43* | $490,937.00* |
| 2021 | 3,064 | $1,332,068,470 | 49 | $434,738.00 |
| 2020 | 3,140 | $1,160,247,019 | 63 | $369,505.00 |
| 2019 | 3,107 | $987,528,058 | 73 | $317,839.74 |
| 2018 | 2,820 | $828,895,127 | 78 | $293,934.44 |
| 2017 | 3,013 | $866,938,019 | 79 | $287,732.50 |
*As of December 28, 2022 calculations.
Our chart shows that Grand Traverse, Leelanau, Antrim, and Benzie counties combined, listed 580 fewer homes in 2022, while the average sold price was $56,199 higher than in 2021. The median days on market (or DOM) was also nearly a week shorter than the previous year.
Deeded Waterfront, Condos, & Vacant Land
- Our four-county area saw home sales featuring deeded waterfront decrease with $462,826,904, in total sales, while the average sales price increased to $881,575, with just 43 DOM. That’s an increase of $117,914 in average sales price with 6 fewer DOM.
- Total sales for condos decreased slightly to $180,706,121 with an average sales price of $350,205 and 42 DOM. That’s a sales price increase of $50,214 $44,884,428 in total sales from 2021, with about 1 day fewer on the market.
- Vacant land sales decreased across the board in 2022, with $61,265,622 in total sales and an average sales price of $71,571. Median DOM for vacant land decreased to just 70, which is 27 fewer days than last year. This is a deficit of $77,386 in the average sold price from last year.
Grand Traverse County
- GT County claimed $671,302,125 of the total volume sold this year
- A median DOM of 42 (2021 was 47)
- An average sales price of $461,059
This is a 1-year increase of $60,533 in the GT County’s average sale price.
Leelanau County
- Leelanau County claimed $265,349,320 of the total volume sold
- A median DOM of 43 (2021 was 44)
- An average sales price of $753,833 $370,748
This is a 1-year increase of $186,380 in the average sales price in Leelanau County.
Antrim County
- Antrim County claimed $161,372,840 of the total volume sold
- A median DOM of 50 (2021 was 54)
- An average sales price of $450,762 488,948.
This a 1-year decrease of $38,186 in Antrim County’s average sales price.
Benzie County
- Benzie County claimed $105,489,402 of the total volume sold
- A median DOM of 48 (2021 was 53)
- An average sales price of $378,098
This is an increase of $37,975 in Benzie County’s average sales price.
National Numbers
A recent National survey from the National Association of Realtors (NAR) shows the US median home price in 2022 climbed approximately 8.6% to $398,500. That’s a year-over-year price growth of $21,800.
Additionally, NAR revealed that less than 10% of home sales in the US were FSBO (For Sale By Owner) sales this year and FSBO homes typically sold for $105,000 less than agent-assisted home sales nationwide.
Brick & Corbett: By The Numbers
- Our average sales price was $552,789 465,455
- Our median DOM was 35 (2021 was 40)
Our team saw an increase of $87,334 in our average sales price.
And on a Personal Note…
Since the onset of the pandemic in 2020, we’ve helped 409 families!
Our team gained 2 fantastic agents this year: Darrius Norton & Melanie Shepherd
Bottom Line
The 2022 housing market has definitely had its up and downs. From fluxuations in inventory, pricing, and interest rates, to rising inflation and stock market volatility, this has been a year of unpredictability. The good news is, the future looks promising. Inflation appears to be easing, mortgage rates are expected to stabilize, and the average home equity in the U.S. has recently hit a record high of $300,000– further proof that homeownership is still an excellent means toward building significant wealth.
At Brick & Corbett we reflect upon the past year with gratitude, and are looking toward 2023 with renewed determination to help more families obtain their homeownership dreams. If you’re considering making a move in the coming year, we’d love to help. Contact us today to discuss your goals.
