October 2021 Housing Market Report
October 2021 Kalamazoo County Market Report
My market report is designed to give you everything you need to know, including insights and data about the housing market in Kalamazoo Michigan so that you are educated about the housing market and what's going on locally and nationally.
While the number of active properties on the market declined in Kalamazoo, Michigan, the average sales price and number of homes sold increased, and the average days to close a home was 51.5% faster over this time last year. We are still in a very strong seller's market. Interest rates are creeping up and are projected to keep going up according to the experts which will cost more in the long run to purchase a home in Kalamazoo Michigan and certainly to finance a home.
AVERAGE SALES PRICE: $265,049 (17.8% increase)
PRICE APPRECIATION is happening all across the country. In the US, the average rate of increase was 17.3% as of Q2. Kalamazoo County at Q2 was 21.1%.
DAYS ON MARKET - it's taking 16 days to close whereas in 2020 it was taking 33 days; that's 51.5% quicker.
SALES PRICE BY PRICE RANGE - Under $100k is a disappearing price range. The higher the price, the longer the home takes to sell, but all in all, homes are selling fairly quickly.
ACTIVE LISTINGS - as of Sept. 30, 2021 there were 3,174 homes on the market which is a 2.4% decrease over this time from last year and can be attributed to seasonality.
NUMBER OF SALES - sales shot up by 4.6% year to date
INTEREST RATES - are projected to increase and could be at 3.55% by the end of 2022. Some are saying 3.7%