What do the latest numbers say about our Grand Rapids market as we enter August?
First, mortgage interest rates stayed steady at 4.6%. Remember—this is 3.5% lower than the 30-year average. This makes homes way more affordable for buyers. If interest rates rise by just 1%, that can impact your payment by hundreds of dollars—don’t lose sight of that.
What else is different? Let’s look at some other numbers from this past July and see how they stack up compared to where we were at this point two years ago.
The median sales price currently stands at $190,000, which is an increase of 23% from July 2015.
Inventory sits at 3,370 active listings, which is down 37%.
The average days on market is 24 days, which is a decrease of 34%.
These numbers add up to a very strong seller’s market. Homes are selling quickly out there—some in less than 24 hours with multiple offers being thrown at them.