Is Grand Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$300,000
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Grand Rapids have sold for 14.4% more than they did a year ago.
Summary: The median home sold price in Grand Rapids was $300,000 in April 2024, up 14.4% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195.5K | $207K | +5.9% |
| 2 Bedrooms | $213.7K | $230K | +7.6% |
| 3 Bedrooms | $260K | $294.7K | +13.4% |
| 4 Bedrooms | $310.5K | $354.6K | +14.2% |
| 5+ Bedrooms | $417.5K | $521K | +24.8% |
Summary: Grand Rapids housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.9%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 13.4%, 4 bedroom homes increased by 14.2%, and 5+ bedroom homes increased by 24.8%.
Median Sold Price Compared To Nearby Cities
| Grand Rapids | $262.2K | $300K | +14.4% |
| Wyoming | $235K | $260K | +10.6% |
| East Grand Rapids | $577.5K | $635K | +10.0% |
| Walker | $299K | $323K | +8.0% |
| Grand Rapids Charter Township | $279.9K | $300K | +7.2% |
Housing Supply in Grand Rapids, MI
How many homes are available in Grand Rapids, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 724 | 850 | +17.4% |
Summary: The Grand Rapids real estate market had 850 homes for sale in April 2024, a 17.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 15 | 21 | +40.0% |
| 2 Bedrooms | 136 | 168 | +23.5% |
| 3 Bedrooms | 331 | 376 | +13.6% |
| 4 Bedrooms | 186 | 209 | +12.4% |
| 5+ Bedrooms | 56 | 76 | +35.7% |
Summary: The Grand Rapids housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 40%, 2 bedroom homes increased by 23.5%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes increased by 35.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 257 | 278 | +8.2% |
Asking Price vs. Sold Price
60 Homes Were Sold
Under Asking
45 Homes Were Sold
At Asking
173 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Grand Rapids, you could pay more than the asking price. 62.2% of homes here sold above asking price last month.
Summary: A total of 278 homes were sold or pending in Grand Rapids in April 2024, up by 8.2% month-over-month. Of the 278 sold homes, 22% were sold under asking, 16% were sold at asking, and 62% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 29 Days | 16 Days | -41.7% |
Summary: Homes in Grand Rapids had an average of 16 days on market in Apr 2024, down by 41.7% compared to last year.
Breakdown of Home Sale Times
240 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
13 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 April 2024, 278 homes were sold in Grand Rapids; 86% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
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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