“Southwest Michigan’s housing market sales in April 2025 slipped from the robust results in March. Sales and the average selling price declined. Only the median selling price increased above that in March.” stated Luke Jeffries, Association Executive, Southwestern Michigan Association of REALTORS®, Inc.
Jeffries continued, “The number of houses sold in April fell 20 percent to 196 from 245 in April 2024. Year-to-date, the number of houses sold was down 1 percent (744 vs. 752).”
The good news for buyers was that the inventory of houses for sale increased 23 percent over what was available a year ago. At the end of April, there was a 5.1 months supply of houses. This level still needs to be higher for buyers searching for listings for sale across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties. For comparison, in April 2010, there were 3452 houses for sale.
In April 2025, the average selling price rose $2,186 to $383,861 from $381,675 in April 2024. Year-to-date, the average selling price increased 8 percent ($372,068 vs. $343,654).
The median selling price in April 2025 grew 17 percent to $314,400 from $268,500 in April 2024. Year-to-date, the median selling price rose 18 percent to $298,800 from $253,750 in April 2024
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
The Freddie Mac mortgage rate in April was 6.81, up from 6.65 in March for a 30-year conventional mortgage. A year ago, the rate was 7.17.
The total dollar volume dropped 11 percent in April 2025 due to reduced sales ($83,893,695 vs. $93,742,180). The year-to-date total dollar volume rose 20 percent ($310,310,811 vs. $258,713,322).
The number of bank-owned or foreclosed homes as a percentage of all transactions was 1 percent (2 houses). The previous low percentage was also 1 percent with one house in April 2024, and the highest percentage in April was 54 percent in 2009.
Nationally:
Existing-home sales slowed in April, according to the National Association of REALTORS®. Sales dipped in the Northeast and West, grew in the Midwest and were unchanged in the South. Year-over-year, sales declined in three regions and remained steady in the Northeast.
Total existing-home sales, which were completed transactions that include single-family homes, townhomes, condominiums, and co-ops – slipped 0.5% from March to a seasonally adjusted annual rate of 4.00 million in April. Year-over-year, sales descended 2.0% (down from 4.08 million in April 2024).
“Home sales have been at 75% of normal or pre-pandemic activity for the past three years, even with seven million jobs added to the economy,” said NAR Chief Economist Lawrence Yun. “Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand.”
The median existing-home price for all housing types in April was $414,000, up 1.8% from one year ago ($406,600). The Northeast and Midwest posted price increases, and the South and West registered price decreases.
“At the macro level, we are still in a mild seller's market,” Yun said. “But with the highest inventory levels in nearly five years, consumers are in a better situation to negotiate better deals.”
In the Midwest, existing-home sales improved 2.1% in April to an annual rate of 970,000, down 1.0% from the prior year. The median price in the Midwest was $313,300, up 3.6% from April 2024.
First-time buyers were responsible for 34% of sales in April, up from 32% in March and 33% in April 2024. NAR's 2024 Profile of Home Buyers and Sellers – released November 2024 – found that the annual share of first-time home buyers was 24%, the lowest ever recorded.
Individual investors or second-home buyers, who make up many cash sales, purchased 15% of homes in April, identical to March and down from 16% in April 2024.
Cash sales accounted for 25% of transactions in April, down from 26% in March and 28% in April 2024.
Total housing inventory registered at the end of April was 1.45 million units, up 9.0% from March and 20.8% from one year ago (1.2 million). Unsold inventory sits at a 4.4-month supply at the current sales pace, up from 4.0 months in March and 3.5 months in April 2024.
