Local Home Prices Slip Slightly, Sales Volume Still Up Year Over Year

Aspire North data released December 11 showed the five county housing market that includes Grand Traverse, Leelanau, Benzie, Antrim and Kalkaska recorded a median sales price of $420,000 in November. That was down from $425,000 reported in October and from $435,000 in November 2024, marking a modest retreat after a year of historically high prices. Sales volume in November was 226 homes, below October volume of 276 but up from 189 homes in November 2024.

Those figures place current prices well above recent pre peak years. Median home values in the region were $390,000 in November 2023 and $324,000 in November 2021. The longer term data show that, despite the recent sequential declines, home values remain substantially higher than in the recent past, preserving significant homeowner equity for those who sold or refinanced during the price run up.

For Grand Traverse County residents the mixed signals matter. A month to month price decline can ease urgency for some buyers who faced rapid appreciation, while the year over year volume increase points to continued demand. Higher median prices also have fiscal implications. Local governments may see a larger property tax base even if sale counts moderate, supporting municipal services and schools but complicating affordability for first time buyers and middle income households.

Economically the market appears to be adjusting rather than crashing. The drop from November 2024 to November 2025 amounts to a 3.4 percent decline in median price, a relatively small move after several years of strong gains. At the same time sales activity surpassing last year suggests buyers are still finding transactions at these price levels, and that inventory and seasonality are important forces shaping monthly data.

Looking ahead, residents should expect continued sensitivity to interest rate movements, local inventory changes and seasonal patterns that typically slow closings in winter months. For buyers, sellers and policymakers in Grand Traverse County, the current data underscore the need to balance affordability initiatives with the revenue realities of a housing market that remains elevated compared with recent history.