2025 SWMI & National November Housing Market dropped 2% in Sales from a Year Ago

“Heading towards the end of the year, the housing market in SWMI saw a drop in sales, with the average selling prices increasing by double digits over prices from a year ago. Selling prices continued to climb year-over-year in November for the last 4 years.” stated Luke Jeffries, Association Executive, Southwestern Michigan Association of REALTORS ® , Inc.

Jeffries continued, “The number of houses sold in November decreased 2 percent (5 houses) from November 2024 (222 vs. 227). Year-to-date, sales have increased 3 percent (2679 vs. 2595).”

The inventory of houses for sale fell 6 percent from the previous year's level (864 vs. 923). This reduction in the supply level resulted in a 5.1-months supply, down from 5.7-months at the end of October. For comparison, in November 2010, there were 3160 houses for sale for 15.8-months
supply of houses for homebuyers. 

The average selling price in November 2025 rose 16 percent to $472,774 from $407,689 in November 2024. Year-to-date, in 2025, the average selling price grew 14 percent to $431,024 from $377,769.

The median selling price in November 2025, $289,000, increased 8 percent from $267,000 in November 2024. Year-to-date, the median selling price increased by 8 percent ($297,500 vs. $275,000).

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 November increased to 6.23, up from 6.17 in October for a 30-year conventional mortgage. A year ago, the rate was 7.22.

The total dollar volume in November 2025 increased 13 percent compared to November 2024 ($104,956,047 vs. $92,545,493). The year-to-date total dollar volume in 2025 grew 18 percent ($1,154,715,896 vs. $980,283,479).

The number of bank-owned or foreclosed homes as a percentage of all transactions rose to 3 percent from 2 percent in October. There were seven houses included in the total transactions. The previous lowest percentage was 0 percent in November 2022, and the highest was 36 percent
in November 2010.

Nationally:
Existing-home sales increased by 0.5% in November, according to the National Association of REALTORS® Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and homebuyers, and sellers, with data on the level of home sales, price, and
inventory.

Month-over-month sales increased in the Northeast and South, showed no change in the West, and fell in the Midwest. Year-over-year sales showed no change in the Northeast and South and decreased in the Midwest and West.

“Existing-home sales increased for the third straight month due to lower mortgage rates this autumn,” said NAR Chief Economist Lawrence Yun. “However, inventory growth is beginning to stall. With distressed property sales at historic lows and housing wealth at an all-time high,
homeowners are in no rush to list their properties during the winter months.”

"Wage growth is outpacing home price gains, which improves housing affordability. Still, future affordability could be hampered if housing supply fails to keep pace with demand," Yun added. "As has been the case throughout the year, single-family home sales outperformed condominium
sales in November. The typical price of a sold condo was 13.5% lower than the typical price of a single-family home. However, the purchase price does not include the condominium association fees, which are rising and making these purchases more expensive."

Total existing-home sales, which were completed transactions that include single-family homes, town homes, condominiums, and co-ops, increased 0.5% month over month to a seasonally adjusted annual rate of 4.13 million. To date, the year-over-year sales have decreased 1.0%.

The median existing-home price for all housing types in November was $409,200, up 1.2% from one year ago ($404,400) – the 29th consecutive month of year-over-year price increases.

In the Midwest, existing-home sales decreased 2.0% month-over-month to an annual rate of 970,000, down 3.0% year-over-year. The median price in the Midwest was $319,400, up 5.8% from November 2024.

First-time buyers were responsible for 30% of sales in November, unchanged from November 2024 and down from 32% last month.

Individual investors or second-home buyers, who make up many cash sales, purchased 18% of homes in November, up from 16% last month and from 13% in November 2024. 

Cash sales accounted for 27% of transactions in November, down from 29% a month ago and up
from 25% in November 2024.

The total housing inventory registered at the end of November was 1.43 million units, down 5.9% from October and up 7.5% from November 2024 (1.33 million). Unsold inventory sits at a 4.2-month supply, down from 4.4 months in October and up from 3.8 months in November 2024.