Market Update Report – Grand Rapids 6/30/14
The Grand Rapids Michigan real estate market was a hot spot for sellers this spring. Although the number of homes for sale increased almost 10% between April and May 2014, the total number of homes for sale in this area is down 12.5% from this time last year! Last month, homes averaged 52 days on the market. That’s less then 8 weeks! We haven’t witnessed this type of robust market in the Grand Rapids area on a sustained basis for a long time. For home owners who watched their home equity dry up during the economic crisis, this is really good news!
Grand Rapids is a great place for first time buyers with many affordably priced homes. True, the median home sale price last month was the highest it’s been in the past year at $145k, but that’s still very affordable for many families! And there is a good variety of housing stock available as well. Grand Rapids communities each have their own distinct and unique character, one of the reasons why so many are being drawn to the city’s inner core.
One point I found interesting was the number of homes sold in the summer last year. While the number of homes for sale rose as expected during the warm summer months, Grand Rapids seems to buck the trend in that actual sales remained relatively flat. It will be interesting to see what happens here in the coming summer months. To obtain a Real Estate Market Report specific to your neighborhood and community contact us
City of Grand Rapids Data – Click on links below to view raw data trends graphics. Data courtesy of the Grand Rapids Association of REALTORS
This report was brought to you by Beth Miller & Lola Audu – Audu Real Estate Inc. Copyright 2014