Housing
Greater Grand Rapids’ housing market remains extremely tight, largely due to a significant lack of supply, though demand has shown signs of cooling, compared to the previous year, due to rising interest rates. New single-family listings in Kent County decreased nearly 14 percent in 1Q23 to 1,349 units, compared to 1,563 during the same quarter the previous year. Likewise, closed sales decreased 6.5 percent to 1,216 over the same period. Average days on market increased from 16 days in 1Q22 to 27 days 1Q23 while the percentage of houses selling over list price declined to 100.7 percent from 105.3 percent. Townhome and condo sales underwent many of the same trends with fewer listings and closed sales, from 1Q22 to 1Q23. Townhomes and condos also spent more time on the market on average with more properties selling under list price.
Single Family
Year to Date
Townhouse-Condo
Year to Date
Key Metrics
Thru 3/22 Thru 3/23 % Change
Key Metrics
Thru 3/22 Thru 3/23 % Change
1,349
269
New Listings Pending Sales Closed Sales Days on Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received
New Listings Pending Sales Closed Sales Days on Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received
1,563
-13.7%
341
-21.1%
1,354
263
1,450
-6.6%
320
-17.8%
1,216
240
1,301
-6.5%
289
-17.0%
27
36
16
+68.8%
28
+28.6%
$294,900
$258,700
$278,000
+6.1%
$265,000
-2.4%
$340,010
$281,500
$339,392
+0.2%
$274,487
+2.6%
100.7%
99.1%
105.3%
-4.4%
102.7%
-3.5%
Source: Grand Rapids Association of Realtors
Source: Grand Rapids Association of Realtors
03
CURRENT DEVELOPMENT CLIMATE
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