Is Grand Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$299,288
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Grand Rapids was $299,288 in March 2024, up 15% from last year, and the median price per square foot was $228.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $198K | $206K | +4.0% |
2 Bedrooms | $211K | $226.5K | +7.3% |
3 Bedrooms | $260K | $291.9K | +12.3% |
4 Bedrooms | $310.5K | $350K | +12.7% |
5+ Bedrooms | $422.5K | $514.9K | +21.9% |
Summary: Grand Rapids housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4%, 2 bedroom homes increased by 7.3%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 21.9%.
Median Sold Price Compared To Nearby Cities
Grand Rapids | $260.2K | $299.2K | +15.0% |
East Grand Rapids | $565K | $644.9K | +14.1% |
Wyoming | $234.8K | $258.5K | +10.1% |
Grand Rapids Charter Township | $279.9K | $299.7K | +7.1% |
Walker | $300K | $321.2K | +7.1% |
Housing Supply in Grand Rapids, MI
How many homes are available in Grand Rapids, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
639 | 698 | +9.2% |
Summary: The Grand Rapids real estate market had 698 homes for sale in March 2024, a 9.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 13 | 14 | +7.7% |
2 Bedrooms | 132 | 139 | +5.3% |
3 Bedrooms | 287 | 315 | +9.8% |
4 Bedrooms | 160 | 179 | +11.9% |
5+ Bedrooms | 47 | 51 | +8.5% |
Summary: The Grand Rapids housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 11.9%, and 5+ bedroom homes increased by 8.5%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
223 | 224 | 0.4% |
Asking Price vs. Sold Price
56 Homes Were Sold
Under Asking
40 Homes Were Sold
At Asking
128 Homes Were Sold
Over Asking
Summary: A total of 224 homes were sold or pending in Grand Rapids in March 2024, up by 0.4% month-over-month. Of the 224 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
17 Days | 20 Days | +12.7% |
Summary: Homes in Grand Rapids had an average of 20 days on market in Mar 2024, up by 12.7% compared to last year.
Breakdown of Home Sale Times
179 Homes Were Sold
Under 30 Days
36 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Summary: During March 2024, 224 homes were sold in Grand Rapids; 80% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.