Allegan County Real Estate Market Shows Resilience with Slight Price Decrease

The real estate market in Allegan County, Michigan remained strong in January, with the median home price listing declining slightly. According to data from Realtor.com, the median home in Allegan County was listed for $402,200, down 1.3% from the previous month. However, compared to January of the previous year, the median home list price saw a 2.8% increase.

Although the median home price decreased, the price per square foot of homes for sale in Allegan County saw a significant increase of 8.2% compared to January 2023. This suggests that the demand for housing in the area remains high, with buyers willing to pay more on a per square foot basis.

Listings in Allegan County also remained on the market for a relatively shorter duration. The median days on the market for homes in January was 75 days, slightly higher than the national median of 69 days but lower than the previous month’s median of 63 days. Additionally, there was a slight decrease in the number of newly listed homes in January compared to the same period in the previous year.

It is important to note that the median home prices reported by Realtor.com may not represent the entire market, as they only include single-family homes, condominiums, or townhomes. New construction, pending, and contingent sales are excluded from these statistics.

In the wider Holland metro area, median home prices also saw a slight decrease to $402,425, with homes averaging 2,019 square feet. In Michigan as a whole, median home prices were $257,000, with homes averaging 1,554 square feet.

While the median home prices have seen a slight decrease, experts emphasize that the median offers a more accurate reflection of the market’s state compared to the average list price. The average price can be easily influenced by one exceptionally high or low-priced listing.

Despite the fluctuations in prices, the Allegan County real estate market remains resilient. As the demand for housing continues, buyers and sellers can expect a dynamic and competitive market in the coming months.

FAQ Section

1. What was the median home price listing in Allegan County, Michigan in January?
The median home price listing in Allegan County, Michigan in January was $402,200.

2. How much did the median home price decrease compared to the previous month?
The median home price in Allegan County decreased by 1.3% compared to the previous month.

3. Did the median home list price increase compared to January of the previous year?
Yes, the median home list price in Allegan County saw a 2.8% increase compared to January of the previous year.

4. How much did the price per square foot of homes for sale increase in Allegan County compared to January 2023?
The price per square foot of homes for sale in Allegan County saw an increase of 8.2% compared to January 2023.

5. How long did listings in Allegan County typically stay on the market in January?
Listings in Allegan County stayed on the market for a median of 75 days in January.

6. How does the median days on the market in Allegan County compare to the national median?
The median days on the market in Allegan County (75 days) is slightly higher than the national median (69 days).

7. Was there a decrease in the number of newly listed homes in Allegan County in January compared to the same period in the previous year?
Yes, there was a slight decrease in the number of newly listed homes in Allegan County in January compared to the same period in the previous year.

Definitions

1. Median Home Price: The middle price point of all the homes listed for sale, with an equal number of homes priced higher and lower.
2. Price Per Square Foot: The cost of a property divided by its total square footage, used to compare the value of homes of different sizes.
3. Days on the Market: The number of days a property is listed for sale before being sold.
4. Median: The middle value in a series of numbers, separating the higher half from the lower half.

Suggested Related Links
realtor.com
Holland Michigan
State of Michigan Official Website