Welcome to Grand Rapids Real Estate Market Report. Here you will find the current market information for November 2016 as reported by the Grand Rapids Board of Realtors.
If you would like to have these market reports sent to your inbox for a specific area of town, drop me an email and I will set you up. We cover the entire Southwest Michigan area including the Lakeshore.
In this latest report for November 2016, we are continuing to experience a very active market although it appears to be slowing slightly. The Sales to Listing price ratio is 99.0% which is up slightly from October’s 98.2%. This indicates homes and condos on average are still very much in demand and selling at close to full price. The median price of active listings is $169,999 while the median price of sold property is $147,101.
Listing Inventory is still WAY down! We have active, qualified buyers in many markets including the downtown condo market that are just waiting for that property. If you are thinking of selling your home, now is truly a GREAT time to put it on the market!
Don’t forget that Interest Rates are expected to rise into the 5% range next year.
There are currently 530 active listings (179 new listings in November) in the market area this report covers, with 256 properties selling. If you are looking for a home or condo, let us help you get notified right away of any new listings.
The average days on the market for November is 55 days, which is up from 43 days on the market in October.
What is Your Home Worth?
We have qualified buyers actively looking for real estate in Grand Rapids! Do you have a home or condo to sell? If you do, please call us today. You can click on the image above and get an instant estimate of your home’s value (no charge).
We can also provide a detailed Price Trend Analysis complete with your closing cost estimate if you prefer. Please contact us at your earliest convenience. Inventory is low and we would love to sell your home!
Sign Up for Listing Alerts!
You can use this website to sign up for listing alerts and have new listings sent directly to your inbox for every condo development, gated community or waterfront home in the area. Or create your own unique listing alert for your specific needs.
The emails go out daily and you have a much greater chance of seeing that home you have been looking for and avoiding learning about it a day late.