PLACE
RESIDENTIAL HOUSING The median listing price of houses in Greater Grand Rapids reached $397,433 in Q3 2024, a 2% (or $6,896) decline from the same quarter the previous year. Median housing prices hit a record of $424,000 in Q2 2024 and are up 40% from Q3 2019. Regional housing prices had reached parity with national levels in Q1 2024, but the median cost of housing in the U.S. has since outpaced that of Greater Grand Rapids by about $30,000. Greater Grand Rapids continues to build more housing to fill a shortfall in units. Nearly 3,000 new housing structures were authorized in the first three quarters of 2024 – which is 254 units more than what were authorized in the first three quarters of 2023.
MEDIAN LISTING PRICE BY QUARTER
Greater Grand Rapids
Michigan
United States
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
2019
2020
2021
2022
2023
2024
Source: Realtor.com
NEW PRIVATE HOUSING BUILDING PERMITS BY QUARTER
1,200
1,000
800
600
400
200
0
2019
2020
2021
2022
2023
2024
Source: U.S. Census Bureau
11
STATE OF THE REGION 2024
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