The median home sale price in Mancelona rose 23% in 2022 to $191,833. This is double the 2019 median home price in Mancelona, which was $89,500.
In addition, the total 2022 Mancelona residential sales are up to $24.5 million, which is 18% more than 2021 totals.
There were 121 homes sold in Mancelona in 2022. The median number of days on the market from listing date to closing date was down to just 35 days. In 2019, the median number of days for Mancelona houses to be on the market was 95 days.
Antrim County Sales
In addition, Antrim County median home sale price rose to $276,500, which is up 18% over 2021. However, total sales for Antrim County homes were down 5% this year to just over $251 million.
There were 571 homes sold in Antrim County in 2022, with the average number of days on the market down to 40 days.
Antrim County sales include Mancelona, Bellaire, Elk Rapids, Alden, Kewadin, and other towns. Statistics for both Mancelona and Antrim County are charted below.
Real Estate Inventory Challenge
The inventory challenge continues. There are only 63 houses for sale in all of Antrim County, compared to 224 homes for sale in January 2019. Mancelona has just 24 homes for sale compared to 45 homes for sale in January 2019.
In other words, due to low inventory, it remains a seller’s market in Antrim County, and now is a great time to sell or prepare to sell your home.
It is also an excellent time to buy a home, as the competition is lessening. Many buyers have given up due to higher interest rates and continued low inventory.
What Will 2023 Bring for Northern Michigan Home Sales?
Real estate brokers and agents are bracing for a challenging year in 2023.
Nationwide, sales and prices have started to fall due to higher interest rates and a slowdown of the economy. However, experts predict a continued migration to rural areas, including northern Michigan.
Home sales remain strong across northern Michigan as people across the country continue to flee from cities to rural areas. However, the higher interest rates and the slow economy did cause real estate to slow down towards the end of 2022, and that slowdown may continue. Houses in the area are still selling quickly and for top dollar, but the price increases have started to stabilize.
Call Us Now
What does all this mean to you?
Continued high prices and low inventory means that now is a great time to list your home, despite the winter! It is also a great time to start thinking about listing in the spring. DEK Realty agents would love to come out and give you a complimentary market analysis to show you the value of your home, and help you strategize for the sale of your home.
Call us today at 231-587-1012! We promise there will be no pressure.
Note: this data below was compiled from three different Boards of Realtors: Water Wonderland, which is based out of Gaylord; Antrim-Charlevoix-Kalkaska; and Aspire North, located in Traverse City. Homes in Mancelona are found on all three MLS’s