Realtors and home sellers are wearing a smile after calculating their numbers from March, 2025. There was a dramatic turnaround in local residential home sales last month, despite the growing economic uncertainty on the national scene. We learn the details in the exclusive MoodyOnTheMarket.com monthly preview, in cooperation with the Southwest Michigan Association of Realtors:
Southwest Michigan’s housing market sales in March picked up from a sluggish February performance and ended with an explosive finish. All figures increased by double digits, except for sales year-to-date. Sales increased 49 percent in March over February with selling prices increasing 1-3 percent in March.
The number of houses sold in March jumped 12 percent to 226 from 202 in March 2024. The level of sales in March reflects the influence of many economic factors since the peak sales of 286 achieved in March 2020.
At the end of the first quarter of 2025, house sales were up 8 percent compared to 2024 (550 vs. 508).
The inventory of houses for sale increased 16 percent, providing a 4.4-months supply at the end of March (746 vs. 641). 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 March 2010 during the Great Recession, there were 3218 houses for sale.
In March 2025, the average selling price increased 31 percent to $420,528, compared to $321,752 in March 2024. Year-to-date, the average selling price increased 26 percent ($411,039 vs. $325,471).
The median selling price in March 2025 grew 16 percent to $289,950 from $250,000 in March 2024. Year-to-date, the median selling price rose 13 percent to $277,495 from $245,000 in March 2024.
The median price is the price at which 50% of the homes sold were above that price and 50% were below.
The total dollar volume soared 46 percent in March 2025 due to the increase in sales ($95,039,490 vs. $64,933,986). The year-to-date total dollar volume rose 37 percent ($226,072,866 vs. 165,990,642).
The number of bank-owned or foreclosed homes as a percentage of all transactions was 1 percent (3 houses). The previous low percentage was 2 percent in March 2021, and the highest percentage in March was 60 percent in 2009.
The Freddie Mac mortgage rate in March was 6.65, down from 6.76 in February for a 30-year conventional mortgage. A year ago, the rate was 6.79.
This data reflects home sales across Allegan, Berrien, Cass, and the westerly two-thirds of Van Buren counties and should not be used to determine the market value of any individual property. If you want to know the market value of your property, please contact your local REALTOR®.
To view properties that are for sale in your local area, go to www.swmar.com and click on “Search”. The Southwestern Michigan Association of REALTORS®, Inc. is a professional trade association for real estate professionals who are members of the National Association of REALTORS®, and ancillary service providers for the real estate industry in Allegan, Berrien, Cass, and Van Buren Counties. The Association can be contacted at 269-983-6375 or through their website at www.swmar.com.
