Grand Rapids MI Real Estate - Grand Rapids MI Homes For Sale | Zillow (2024)

FAQs

Are Michigan home prices dropping? ›

Michigan Housing Market Overview

In June 2024, home prices in Michigan were up 5.5% compared to last year, selling for a median price. On average, the number of homes sold was down 15.5% year over year and there were 10,504 homes sold in June this year, down 12,430 homes sold in June last year.

Creston. Just east of the Grand River, Creston in North Grand Rapids is known for its diverse culture, unique small businesses, and beautiful murals.

June, July, and August are the best months to sell your house in Michigan. The median sale price of houses in June 2023 was $260,400, which is expected to rise in 2024. However, cities like Birmingham and Houghton Lake follow an upward trend throughout the year.

$286,676. The average Grand Rapids, MI home value is $286,676, up 7.5% over the past year and goes to pending in around 6 days.

Grand Rapids is set for an explosion of growth

From Industrial Parks, Technology Centers, Colleges and Universities, Neighborhoods and Public Transportation, and Arts, Culture and Entertainment Venues. Check it out for yourself in the data below.

Grand Rapids's housing expenses are 15% lower than the national average and the utility prices are 3% higher than the national average. Transportation expenses like bus fares and gas prices are 1% higher than the national average. Grand Rapids has grocery prices that are 8% lower than the national average.

Real estate experts predict a continued housing shortage, and because they expect high buyer demand to keep pushing home prices up, 2024 may be an ideal time to sell. Experts also anticipate a leveling out of 2023's elevated mortgage rates, expecting rates to eventually settle around 6% – 7% in the spring.

Here's how each month of the year ranked for the best time to sell a house. The highest-earning months are, in ranking order, May, June, April and March. Just over 18 million purchase transactions took place during this period, according to ATTOM.

Median DOM

The current median days-on-market (DOM) in Michigan is 24 days. This means on average, homes in Michigan sell less than a month after being listed. Compared to other states, this quick turnaround time demonstrates that Michigan's market leans more toward the competitive seller's market side.

One of the critical factors to consider when choosing a retirement location is the cost of living. Grand Rapids offers a relatively affordable lifestyle, particularly for retirees. Housing prices are reasonable, and everyday expenses like groceries and healthcare are generally lower than in other major cities.

What is a good salary in Grand Rapids, MI? ›

The average salary in Grand Rapids, MI is $39,707 per year or $19.09 per hour. Entry level positions start at $31,200 per year while most experienced workers make up to $97,500 per year.

A growing economy, outstanding health care, low cost of living, award-winning schools and diverse cultural options are just a few reasons why Grand Rapids is a great place to live and work. West Michigan offers many local attractions, seasonal activities and amazing scenery.

Home values in Michigan rose by 45.6% in the last 5 years. Home sales increased by 9.2% in January 2024 YoY despite the mortgage rate climbing to 7.28%! So, Michigan's housing market is strong, if not bullish. Even if mortgage rates continue to increase alarmingly, home sales will not falter.

Michigan faces an acute housing shortage - worse than the national average for both owners and renters. Housing shortages are most severe in SE Michigan and West Michigan.

The Michigan housing crisis is exacerbated by a fundamental imbalance: high demand and low supply. The state has seen a surge in population in certain areas, driven by job opportunities and quality of life improvements. However, housing development has not kept pace with this influx.

The Great Lake State is a current favorite of real estate investors due to many factors including a strong economy, affordable prices and stable rents! Easy Street Capital is proud to be a leading provider of investment property loans for real estate investors looking to build rental portfolios in Michigan!