Is Grand Rapids, MN a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Grand Rapids was a Seller's Market.
Key Takeaway
Grand Rapids is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Grand Rapids, MN
How much do homes in Grand Rapids, MN cost?
Median Sold Price
$260,000
$153/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Grand Rapids have sold for 7% more than they did a year ago.
Summary: The median home sold price in Grand Rapids was $260,000 in March 2024, up 7% from last year, and the median price per square foot was $153.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $85K | $121.8K | +43.4% |
| 2 Bedrooms | $173K | $240.4K | +39.0% |
| 3 Bedrooms | $227.5K | $229.8K | +1.0% |
| 4 Bedrooms | $290.1K | $314K | +8.2% |
| 5+ Bedrooms | $294K | $525K | +78.6% |
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 43.4%, 2 bedroom homes increased by 39%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 78.6%.
Housing Supply in Grand Rapids, MN
How many homes are available in Grand Rapids, MN?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 47 | 59 | +25.5% |
Summary: The Grand Rapids real estate market had 59 homes for sale in March 2024, a 25.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 9 | 12 | +33.3% |
| 3 Bedrooms | 21 | 29 | +38.1% |
| 4 Bedrooms | 12 | 13 | +8.3% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Grand Rapids housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 38.1%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2 | 9 | +350.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Grand Rapids, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Grand Rapids in March 2024, up by 350.0% month-over-month. Of the 9 sold homes, 44% were sold under asking, 33% were sold at asking, and 22% were sold over asking.
Days on Market for Grand Rapids, MN
How long does it take to sell a home in Grand Rapids, MN?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 49 Days | 43 Days | -11.9% |
Summary: Homes in Grand Rapids had an average of 43 days on market in Mar 2024, down by 11.9% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 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, 9 homes were sold in Grand Rapids; 44% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
