Is Grand Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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
$302,181
$227/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Grand Rapids was $302,181 in June 2024, up 9.4% from last year, and the median price per square foot was $227.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $189K | $220K | +16.4% |
2 Bedrooms | $212.5K | $234.8K | +10.5% |
3 Bedrooms | $269.9K | $299.9K | +11.1% |
4 Bedrooms | $331.6K | $359.9K | +8.6% |
5+ Bedrooms | $468.3K | $530K | +13.2% |
Summary: Grand Rapids housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.4%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 13.2%.
Median Sold Price Compared To Nearby Cities
Wyoming | $235.9K | $261.2K | +10.8% |
Grand Rapids | $276.1K | $302.1K | +9.4% |
Grand Rapids Charter Township | $277.6K | $302.9K | +9.1% |
Walker | $299.4K | $325K | +8.5% |
East Grand Rapids | $599.9K | $625K | +4.2% |
Housing Supply in Grand Rapids, MI
How many homes are available in Grand Rapids, MI?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
1,038 | 1,010 | -2.7% |
Summary: The Grand Rapids real estate market had 1,010 homes for sale in June 2024, a 2.7% decrease compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 28 | 21 | -25.0% |
2 Bedrooms | 196 | 182 | -7.1% |
3 Bedrooms | 465 | 445 | -4.3% |
4 Bedrooms | 269 | 276 | +2.6% |
5+ Bedrooms | 80 | 86 | +7.5% |
Summary: The Grand Rapids housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 7.1%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 7.5%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
408 | 327 | -19.9% |
Asking Price vs. Sold Price
82 Homes Were Sold
Under Asking
60 Homes Were Sold
At Asking
185 Homes Were Sold
Over Asking
Summary: A total of 327 homes were sold or pending in Grand Rapids in June 2024, down by 19.9% month-over-month. Of the 327 sold homes, 25% were sold under asking, 18% were sold at asking, and 57% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
16 Days | 13 Days | -21.4% |
Summary: Homes in Grand Rapids had an average of 13 days on market in Jun 2024, down by 21.4% compared to last year.
Breakdown of Home Sale Times
291 Homes Were Sold
Under 30 Days
32 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During June 2024, 327 homes were sold in Grand Rapids; 89% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.