Is Grand Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Grand Rapids has remained a Seller's Market.
Housing Prices in Grand Rapids, MI
How much do homes in Grand Rapids, MI cost?
Median Sold Price
$300,000
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Grand Rapids was $300,000 in April 2024, up 14.4% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $195.5K | $207K | +5.9% |
2 Bedrooms | $213.7K | $230K | +7.6% |
3 Bedrooms | $260K | $294.7K | +13.4% |
4 Bedrooms | $310.5K | $354.6K | +14.2% |
5+ Bedrooms | $417.5K | $521K | +24.8% |
Summary: Grand Rapids housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 14.2%, and 5+ bedroom homes increased by 24.8%.
Median Sold Price Compared To Nearby Cities
Grand Rapids | $262.2K | $300K | +14.4% |
Wyoming | $235K | $260K | +10.6% |
East Grand Rapids | $577.5K | $635K | +10.0% |
Walker | $299K | $323K | +8.0% |
Grand Rapids Charter Township | $279.9K | $300K | +7.2% |
Housing Supply in Grand Rapids, MI
How many homes are available in Grand Rapids, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
724 | 850 | +17.4% |
Summary: The Grand Rapids real estate market had 850 homes for sale in April 2024, a 17.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 15 | 21 | +40.0% |
2 Bedrooms | 136 | 168 | +23.5% |
3 Bedrooms | 331 | 376 | +13.6% |
4 Bedrooms | 186 | 209 | +12.4% |
5+ Bedrooms | 56 | 76 | +35.7% |
Summary: The Grand Rapids housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes increased by 23.5%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes increased by 35.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
257 | 278 | +8.2% |
Asking Price vs. Sold Price
60 Homes Were Sold
Under Asking
45 Homes Were Sold
At Asking
173 Homes Were Sold
Over Asking
Summary: A total of 278 homes were sold or pending in Grand Rapids in April 2024, up by 8.2% month-over-month. Of the 278 sold homes, 22% were sold under asking, 16% were sold at asking, and 62% were sold over asking.
Days on Market for Grand Rapids, MI
How long does it take to sell a home in Grand Rapids, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
29 Days | 16 Days | -41.7% |
Summary: Homes in Grand Rapids had an average of 16 days on market in Apr 2024, down by 41.7% compared to last year.
Breakdown of Home Sale Times
240 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
13 Homes Were Sold
Over 90 Days
Summary: During April 2024, 278 homes were sold in Grand Rapids; 86% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.