HOUSING – Key Metrics
SINGLE FAMILY HOME SALES
5K 4.5K 4K 3.5K 2K 2.5K 3K 1.5K 1K 500 0
2019
2020
2021
2022
2023
2024
Source: Greater Regional Alliance of Realtors (GRAR)
Quarterly single family homes sales in Greater Grand Rapids declined 14% in Q1 2024 compared to the same quarter the previous year. Home sales, in general, have fallen year-over-year since 2020. From 2015 to 2020, annual home sales hovered between 13,000 and 14,000 units. Annual home sales have since declined 29% from 2020 to 2023, reaching 9,500 units in 2023. This decrease is likely driven by increased housing costs, rising interest rates, and general financial uncertainty. Changes in average active listings and average days on market also reflect a cooling residential market.
10
STATE OF DEVELOPMENT – DIVING DEEPER
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