We bought a home in Northern Michigan a few months ago. At the time there was very little inventory available and every home sub 400K (very expensive for the area) had significant issues. We ended up purchasing a home from a Covid related estate that never went on the market but was in very good condition but a little (1990s) dated.
Now, in the same area, there is no inventory of even the problem places. All that is left are homes that are not in move-in condition- meaning under construction- , mobile/manufactured homes and land. Even the $1-2 million properties are gone. You can’t get a contractor to return your calls. No one really knows what the prices are because there are no comps. It might be 5-10% or more higher than a month or two ago since interest rate have fallen even further. And I thought a 30 yr 2.75% loan was pretty good. That is lower than the loan my parents had in the 1960’s.