Is Grand Rapids, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Grand Rapids is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Grand Rapids has remained a Seller's Market.

Key Takeaway

Grand Rapids is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Grand Rapids, MI

How much do homes in Grand Rapids, MI cost?

Median Sold Price

$295,000

$226/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$35,000(+13.5%)

Key Takeaway

Homes in Grand Rapids have sold for 13.5% more than they did a year ago.

Summary: The median home sold price in Grand Rapids was $295,000 in February 2024, up 13.5% from last year, and the median price per square foot was $226.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $199K$202.4K
+1.7%
2 $210.6K$225K
+6.8%
3 $260K$289.7K
+11.5%
4 $305.3K$349.9K
+14.6%
5+ $415K$505K
+21.7%

Summary: Grand Rapids housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.7%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 14.6%, and 5+ bedroom homes increased by 21.7%.

Median Sold Price Compared To Nearby Cities

Grand Rapids
+13.5%
East Grand Rapids
+11.6%
Wyoming
+9.2%
Walker
+6.3%
Grand Rapids Charter Township
+5.5%

Housing Supply in Grand Rapids, MI

How many homes are available in Grand Rapids, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
618614-0.6%

Summary: The Grand Rapids real estate market had 614 homes for sale in February 2024, a 0.6% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1513
-13.3%
2 144133
-7.6%
3 266268
+0.8%
4 148156
+5.4%
5+ 4544
-2.2%

Summary: The Grand Rapids housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 13.3%, 2 bedroom homes decreased by 7.6%, 3 bedroom homes increased by 0.8%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes decreased by 2.2%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
215200-7.0%

Asking Price vs. Sold Price

73 Homes Were Sold
Under Asking

30 Homes Were Sold
At Asking

97 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Grand Rapids, you could pay more than the asking price. 48.5% of homes here sold above asking price last month.

Summary: A total of 200 homes were sold or pending in Grand Rapids in February 2024, down by 7.0% month-over-month. Of the 200 sold homes, 37% were sold under asking, 15% were sold at asking, and 49% 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

Feb 2023Feb 2024CHANGE
26 Days26 Days-1.2%

Summary: Homes in Grand Rapids had an average of 26 days on market in Feb 2024, down by 1.2% compared to last year.

Breakdown of Home Sale Times

146 Homes Were Sold
Under 30 Days

35 Homes Were Sold
In 30 - 90 Days

19 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Grand Rapids are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 200 homes were sold in Grand Rapids; 73% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

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