Grand Rapids is poised to attract people and have strong demand for housing in the market. Furthermore, investing in Grand Rapids rental property can yield a favorable return on investment.
Late Winter/Early Spring 2023 Market Report
Grand Rapids has enjoyed some of the greatest home appreciation rates in the nation over the past decade. Grand Rapids real estate rose 139.23 percent during the past ten years, which equates to an average annual home appreciation rate of 9.11 percent and places the city in the top 10 percent nationally for real estate appreciation.
Grand Rapids is gaining population. Grand Rapids has a 2020 population of 203,644. It is also the county seat of Kent County. Grand Rapids is currently growing at a rate of 0.43% annually and its population has increased by 8.32% since the most recent census, which recorded a population of 188,007 in 2010.
Grand Rapids is expanding and is consistently regarded as having one of the nation's best and fastest-growing economies. The development of the downtown area is keeping pace with this increase. This means that the Grand Rapids housing market would be seeing increasing demand for property and increasing rental rates. The Grand Rapids area has a strong economy and a younger than the average population.
It is seeing many residents choose to trust in the future and have children. This explains why two-thirds of its growth is due to births, not migration. This is partially due to people moving from areas lacking jobs hitting the stronger Grand Rapids economy before choosing to have those kids they always wanted. This will fuel demand for the Grand Rapids real estate market for years.
IS GRAND RAPIDS A BUYER'S OR SELLER'S MARKET?
HOW MUCH DO HOMES COST?
HOW MANY HOMES ARE AVAILABLE?
HOW MANY HOMES HAVE BEEN SOLD?
WHAT IS THE ASKING VS. SOLD PRICE?