| Average Sales Price | Median Sales Price | |
| 2018 | $332,199 | $225,000 |
| 2019 | $340,703 | $234,900 |
| 2020 | $479,548 | $298,500 |
| 2021 | $541,830 | $335,000 |
| 2022 | $607,160 | $400,000 |
After our previous blog post (click here if you haven’t read it yet!) we were curious to see if we could identify any price trends for 2022 that may help us get a better idea of where prices may go. We believe that prices are now trending downward and the below table may help you to see that too.
| Average Sales Price | Median Sales Price | Homes Sold | |
| 1 | $429,122 | $350,000 | 44 |
| 2 | $524,338 | $349,000 | 35 |
| 3 | $507,526 | $367,500 | 46 |
| 4 | $602,920 | $382,500 | 34 |
| 5 | $551,941 | $440,547 | 58 |
| 6 | $590,805 | $409,000 | 59 |
| 7 | $610,447 | $425,000 | 70 |
| 8 | $838,156 | $410,000 | 60 |
Looking at the table above, we can see that the average sales price is trending upward (almost double) while the median sales price hasn’t varied all that much, despite our assumption that prices are trending downward. Another way to look at this is to compare the average list price with the average sales price and how long were homes on the market (see below). Column 4 shows the percentage of homes that sold lower than their original asking price.
| Average List Price | Average Sales Price | Percentage of Homes that Sold Below Asking | Average Days on Market | |
| 1 | $440,000 | $429,122 | 50% | 101 |
| 2 | $514,073 | $524,338 | 34% | 89 |
| 3 | $511,933 | $507,526 | 35% | 76 |
| 4 | $597,117 | $602,920 | 18% | 112 |
| 5 | $540,037 | $551,941 | 24% | 52 |
| 6 | $600,906 | $590,805 | 32% | 68 |
| 7 | $604,527 | $610,447 | 32% | 61 |
| 8 | $861,824 | $838,156 | 43% | 71 |
| 9 | $781,989 | $757,010 | 54% | 73 |
The table above paints a clear picture that over the last few months, residential home sales in Emmet County have been lower on average than the original asking price.
We will be sure to keep an eye on the trends throughout the rest of the year. Stay tuned!