Market Conditions for Grand Rapids

The median sale price for homes in February was $294,000. The median sales price for homes in February rose by $2,063 compared to last month. This represents a 0.7% increase from January. Compared to the same month last year, the median price of homes fell by ($6,000) representing a -2% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

The inventory of homes for sale rose by 14 in February to 316. This represents 4.63% increase from January when 302 homes were on the market.Compared to the same month last year when there were 194 homes for sale, the inventory of homes for sale has fallen by risen by 122 representing a 62.88% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

The 236 homes sold in February was 40 more than in January. This represents a 20.4% increase in sales from January. Compared to the same month last year, the number of homes sold increased by 49, a 26.2% year-over-year increase.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

The average days on market for a home sold in February (36) decreased by 2 days compared to January. This represents a 5.26% decrease in days on market for homes in the market from the previous month. Compared to the same month last year, the days on market for homes sold increased by 9, a 33.33% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

The Sale/List Price Ratio of 97.98% in February rose by 1.83% compared to January and decreased 2.58% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

The number of homes listed in February (292) rose by 45 compared to January, a 18.21% change. Compared to February 2024, the number of new listings increased by 68, a 30.35% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

The median list price in February was $299,900. The median list price for homes in February fell by ($99) compared to last month. This represents a 0.03% decrease from January. Compared to the same month last year, the median list price of homes unchanged $0 representing a 0% year-over-year change.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.