We’re seeing a notable shift in the national housing landscape: in Mid-Q3, the price per square foot dropped year-over-year in 36 of the 50 largest US metro areas. That’s about a 2% nationwide dip—marking the tenth consecutive month of softer annual pricing across much of the country. As the quarter wrapped up, momentum slowed, with more sellers adjusting their asking prices to better meet buyers where they are. High mortgage rates are still making affordability a challenge, especially in markets that saw rapid gains during the pandemic. Many of those boom-era regions are now giving back some of those increases, aided by inventory levels that are higher than before 2020. As a team focused on the West Michigan shoreline, we’re keeping a close watch on how these national trends play out locally—especially for those considering a move or investment in our Spring Lake, Grand Haven, and Muskegon communities. Our experience navigating market shifts since 1992 allows us to help clients find the right fit as expectations realign on both sides of the table.
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