Is Grand Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 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
$295,000
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $199K | $202.4K | +1.7% |
2 Bedrooms | $210.6K | $225K | +6.8% |
3 Bedrooms | $260K | $289.7K | +11.5% |
4 Bedrooms | $305.3K | $349.9K | +14.6% |
5+ Bedrooms | $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 | $260K | $295K | +13.5% |
East Grand Rapids | $569.1K | $635K | +11.6% |
Wyoming | $234.6K | $256.3K | +9.2% |
Walker | $299K | $317.7K | +6.3% |
Grand Rapids Charter Township | $279.9K | $295.3K | +5.5% |
Housing Supply in Grand Rapids, MI
How many homes are available in Grand Rapids, MI?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
618 | 614 | -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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 15 | 13 | -13.3% |
2 Bedrooms | 144 | 133 | -7.6% |
3 Bedrooms | 266 | 268 | +0.8% |
4 Bedrooms | 148 | 156 | +5.4% |
5+ Bedrooms | 45 | 44 | -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 2024 | Feb 2024 | CHANGE |
---|---|---|
215 | 200 | -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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
26 Days | 26 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
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.