Is East Grand Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, East Grand Rapids has remained a Seller's Market.
Key Takeaway
East Grand Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in East Grand Rapids, MI
How much do homes in East Grand Rapids, MI cost?
Median Sold Price
$626,700
$313/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in East Grand Rapids have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in East Grand Rapids was $626,700 in May 2024, up 7.7% from last year, and the median price per square foot was $313.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $285K | - | N/A |
| 2 Bedrooms | $368.7K | $390K | +5.8% |
| 3 Bedrooms | $440K | $467K | +6.1% |
| 4 Bedrooms | $683.5K | $815.5K | +19.3% |
| 5+ Bedrooms | $922.5K | $1.0M | +17.9% |
Summary: East Grand Rapids housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 19.3%, and 5+ bedroom homes increased by 17.9%.
Median Sold Price Compared To Nearby Cities
| Grand Rapids | $275.1K | $300K | +9.0% |
| Grand Rapids Charter Township | $275.7K | $300K | +8.8% |
| East Grand Rapids | $581.6K | $626.7K | +7.7% |
Housing Supply in East Grand Rapids, MI
How many homes are available in East Grand Rapids, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 45 | +21.6% |
Summary: The East Grand Rapids real estate market had 45 homes for sale in May 2024, a 21.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 3 | 2 | -33.3% |
| 3 Bedrooms | 14 | 20 | +42.9% |
| 4 Bedrooms | 12 | 16 | +33.3% |
| 5+ Bedrooms | 7 | 6 | -14.3% |
Summary: The East Grand Rapids housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 42.9%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 14 | 17 | +21.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in East Grand Rapids, expect to pay close to the asking price. 52.9% of homes here sold near the asking price last month.
Summary: A total of 17 homes were sold or pending in East Grand Rapids in May 2024, up by 21.4% month-over-month. Of the 17 sold homes, 18% were sold under asking, 53% were sold at asking, and 29% were sold over asking.
Days on Market for East Grand Rapids, MI
How long does it take to sell a home in East Grand Rapids, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 9 Days | -47.9% |
Summary: Homes in East Grand Rapids had an average of 9 days on market in May 2024, down by 47.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in East Grand Rapids are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 17 homes were sold in East Grand Rapids; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
