Navigating the Current Trends: A Closer Look at the Charlevoix and Emmet County Real Estate Markets

The local real estate landscape in Charlevoix and Emmet County has been experiencing noteworthy shifts, important to understand for both buyers and sellers.

One trend that has continued is the decline in the number of homes sold, still a double digit decline. The number of new listings coming on the market has remained relatively steady despite economic challenges and interest rates. 

As we anticipated, home prices have continued to rise, albeit at more normal rates. Emmet County has seen a 4% increase YOY, while Charlevoix has experienced a 5% uptick. The market is expected to maintain moderate growth, offering a more stable environment for buyers and sellers, in contrast to the rapid surges of recent years.

The local real estate market experiences a seasonal spike in both listings and sales, but it is more driven by the number of listings than the availability of buyers. Luxury and specialty properties perform well during the off-season, as buyers in search of unique homes are willing to buy anytime the right home comes along. This is especially true for homes in neighborhoods catering to locals seeking to settle down versus vacation buyers.

Despite shifts in sales and listings, the median days on the market has remained relatively flat at 45 days. However, price drops are increasing, indicating a need for sellers to adjust their expectations. The sale price to list price ratio is still well above historical levels.

It is a good time for potential buyers to purchase a property before prices increase further with coming interest rate drops. There are also opportunities for refinancing after you purchase. It is important for buyers and sellers to stay informed and adapt to changing conditions. Understanding the current market dynamics is crucial for those considering selling, buying, or investing. Call or DM us today to initiate a conversation about what these trends mean for you and your real estate goals.