PLACE
AVERAGE HOME PRICE BY QUARTER
$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000
RESIDENTIAL HOUSING Greater Grand Rapids, like many other regions, continues to contend with a housing shortage. Average home prices continued to increase through 2023, up nearly 6% in Q3 compared to the same period the previous year. Likewise, median home prices have also increased through Q2 2023, reaching a peak of $414,000. Prices have slid somewhat in recent months, dropping 2.4% to $404,300 the following quarter. Median house prices in Greater Grand Rapids are more expensive compared to Michigan, but less than na- tional numbers. The gap between the region’s median home prices and the U.S. has closed in recent quarters, largely due to a 15% hike in Greater Grand Rapids between Q4 2022 and Q2 2023. Houses have tended to stay on the market longer in 2023 than previous years, reaching a high of 35 days in Q1 2023 and a low of 17 days in Q3 2023. New residential structures are being built in the region, with the number of building permits issued year-to-date (2,730) significantly outpacing building permits issued between Q1 and Q3 of 2019 (2,139). Issued building permits increased 3.5% in Q3 2023 compared to the same period the previous year.
$0
2023
2022
2021
2019
2020
Source: Grand Rapids Association of Realtors
AVERAGE DAYS ON MARKET BY QUARTER
60
50
40
30
20
10
MEDIAN LISTING PRICE BY QUARTER
0
2023
2022
2021
2019
2020
Greater Grand Rapids
Michigan
United States
$500,000
Source: Grand Rapids Association of Realtors
$450,000
NEW PRIVATE HOUSING BUILDING PERMITS BY QUARTER
$400,000
1,200
$350,000
1,000
800
$300,000
600
$250,000
400
$200,000
200
0
$150,000
2023
2022
2021
2019
2020
2023
2022
2021
2019
2020
Source: Realtor.com
Source: U.S. Census Bureau
STATE OF THE REGION 2023 | 11
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