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.
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
$299,288
$228/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Grand Rapids have sold for 15% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Grand Rapids, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
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
Key Takeaway
Many homes in Grand Rapids are selling fast, if you're buying plan to act quickly.
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.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Northern Michigan MLS (NM-MLS). The listings displayed come from various NM-MLS. member offices who have chosen to participate in NM-MLSX IDX, the detailed information The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing about said listings includes the listing office information. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or NM-MLS, or this broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2024 NM-MLS. All rights reserved
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