GRAND RAPIDS
As of May 2025, Grand Rapids, Michigan, presents a dynamic real estate landscape characterized by affordability, robust demand, and promising growth prospects. Here’s a concise overview for prospective buyers, sellers, and investors:
Market Snapshot
Average Home Value | Median Listing Price | Median Sold Price | Median Days on Market |
Approximately $293,362, reflecting a 2.1% increase over the past year. | Around $291,300 as of April 2025 | Approximately $310,440, marking a 3.4% year-over-year rise. | Homes typically go pending in about 6 days, indicating a competitive market. |
1. Affordability Amidst Growth
Grand Rapids remains more affordable compared to national averages, with home prices approximately 36% lower than the U.S. median. This affordability, coupled with a steady influx of new residents, positions the city as an attractive option for first-time buyers and young families.
2. Neighborhood Variations
Home values vary across neighborhoods:
- Heritage Hill: Approximately $421,655.
- Eastown: Around $359,132.
- Baxter: More affordable, at about $225,475.
These disparities offer diverse options for buyers with varying budgets.
3. Rental Market Dynamics
The rental sector is notably competitive, with average rents around $1,720, below the national average of $2,024. Grand Rapids ranks among the top 10 most competitive rental markets in the U.S., driven by low vacancy rates and high demand.
Investment Considerations
High Demand: The city's economic vitality and population growth sustain strong housing demand.
Rental Opportunities: Given the competitive rental market, investment properties may yield favorable returns.
Recommendations
For Sellers: The market favors sellers, but pricing competitively remains crucial to attract offers.
For Investors: Focus on areas with strong rental demand and potential for appreciation, such as neighborhoods near downtown or the Medical Mile.