Northern Michigan Market Update: October 2025 – Luxury & Waterfront Drive a Strong Finish

October Market Overview: Two Stories in One Market

The Northern Michigan real estate market continues to show strength through the end of October — but with two distinct stories unfolding. Overall, increasing inventory is creating more balance and choice for buyers, while luxury and waterfront properties are outperforming the broader market in both price and pace.

Market Snapshot (All Price Points)

• Median Price: Up 8% to $458,500 — equity remains strong across all segments.
  
  
• Unit Sales: Up 4% — steady demand and transactional growth.
  
  
• Active Inventory: Up 13% — buyers now have more options than they’ve had in years.
  
  
• Sold-to-List Ratio: Holding at 95% — sellers are still getting near their asking price.
  
  
• Days on Market: Averaging 57 days — homes continue to move in under two months.
  
  
• Percent of Homes Sold: At a healthy 65%, down slightly year-over-year as buyers become more selective.
  
  

High-End Momentum: Luxury & Waterfront

The standout story for October is at the top end of the market:

• Luxury ($1M+) Sales: Up 26% — signaling peak activity among high-end buyers.
  
  
• Luxury Inventory: Up 37%, as sellers respond to strong demand.
  
  
• Waterfront Sales: Up 19% — lifestyle and location continue to outweigh economic factors.
  
  
• Waterfront Inventory: Up 11%, keeping this category highly competitive.
  
  

These trends show that premium buyers remain confident and that sellers in the luxury and waterfront segments are entering one of the most active markets in years.

What This Means for You

• For Sellers: Price smartly and align with current market expectations. With inventory up and buyers more selective, listings positioned correctly are still selling quickly and close to asking price.
  
  
• For Luxury & Waterfront Sellers: Take advantage of peak demand — serious buyers are ready now.
  
  
• For Buyers: More inventory means more choices and time to negotiate, but top-tier properties still move fast. Be ready to act decisively.
  
  

Bottom Line:
Northern Michigan’s market remains active and resilient. As we move toward winter, strategy and presentation are key. Whether you’re thinking of listing or looking for your next home, this market offers opportunities on both sides — especially for those ready to move confidently.

All market data sourced from the Northern Michigan MLS (NMMLS), covering Emmet and Charlevoix Counties, October 2025 Year-to-Date Report.