Grand Rapids Real Estate: Market Update
Buying a home? Click here to perform a full home search
Asking yourself “what is the value of my home” in today’s market?
Check out our Free Online Home Price Estimation Tool.
Call me at (616) 942-2449 for a FREE home buying or selling consultation
I’ve been waiting for some market data to come in lately and it’s finally here. My nerds and I over here crunched some numbers and put together a snapshot of the current market, as well as a forecast on where the market is headed.
Let’s begin by showing you how the market has been the last few years. In June 2015, we saw a peak average sale price of $178,000, then a bottoming to $156,496 in January 2016. By June 2016, our average price peaked again at $185,000. In February 2017, it bottomed out again at $163,000.
Our latest peak was in June 2017. This was the first time in history that our average sale price rose above $200,000 ($201,0000). The average sale price right now is $183,000. Based on what we’ve seen in the past few years, I’m fairly certain that we are going to see an average sale price between $203,000 and $209,000 this summer.
If you take a look at a graph of the market over the last few years (like the one in the video above), you’ll see that instead of sharp peaks and valleys, we’re seeing more of a fluid parabola with a lot of ups and downs. The good news is that by following recent trends, you can get ahead of the market.
If you’re interested in getting involved in this record market, feel free to reach out and give us a call. Your sale price will mostly depend on what other homes in your area are selling for. If you’re curious about what homes are selling for in your market or you have any other questions, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.