HOUSING – Key Metrics
MEDIAN LISTING PRICE
Greater Grand Rapids
Michigan
United States
$500K
$450K
$400K
$390,800
$412,800
$350K
$300K
$250K
$263,967
$200K
$150K
2019
2020
2021
2022
2023
2024
Source: Realtor.com
Home prices continue to rise, with the median listing price for housing in Greater Grand Rapids edging up nearly 6% to $412,800 in Q1 2024, compared to $390,800 the same quarter the previous year. Median home prices in Greater Grand Rapids have historically trended lower than that of the country as whole. Data from Q1 2024, however, shows that gap shrinking significantly with U.S. median home prices clocking in at only $4,000 more than those in Greater Grand Rapids.
Permitted building units issued for new residential structures increased 3.7% from 2022 to 2023, reaching nearly 3,000 total units. The increase in building units was driven by 5+ unit multi-family housing structures, which grew nearly 31% in 2023 (1055 multi-family units) compared to the previous year. These gains were tempered slightly from a 14% decline in single-family units during the same period. 376 new permitted building units (143 single-family and 233 multi-family) were issued in the first two months of 2024. This is down from the 408 issued during the same period of 2023.
PERMITED UNITS BY TYPE
6,000
2023 2024 YTD
5,000
2022 2021 2020 2019
4,000
3,000
2,000
1,000
Single Family
2 Unit Multi-Family
3-4 Unit Multi-Family
5+ Unit Multi-Family
0
Unit Type
Source: U.S. Department of Housing and Urban Development
12
STATE OF DEVELOPMENT – DIVING DEEPER
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