As we guide clients through the ever-evolving West Michigan market—including Spring Lake, Grand Haven, and Muskegon—we’re keeping a close eye on national trends that shape local experiences. By late Q3, the average US buyer’s monthly payment climbed to $2,600, marking a 14-month high as mortgage rates rose and median sale prices held steady. With the national median home-sale price up about 2% year-over-year to roughly $399,000, affordability remains a real challenge—something we’re hearing from both first-time buyers and those looking to move up. This affordability squeeze is one reason pending sales have stayed flat month-over-month and trailed last year’s levels.
We also note that mortgage-purchase applications dipped slightly, and while new listings slowed with the holidays, they’re still modestly above last year. Sellers are adapting: about 21% of active listings adjusted their prices, and we’ve seen firsthand how strategic pricing draws attention while overpricing can leave a home lingering on the market. Inventory is showing signs of improvement, with active supply up about 2% year-over-year to 1.5 million homes—nearing a four-month supply, but still not quite a balanced landscape.
Our team’s decades of experience—especially with waterfront and single-family homes—helps clients navigate these shifts. Whether you’re considering a move or weighing your options, understanding how national numbers translate to our lakeshore communities is key.
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