Greater Grand Rapids continues to see strong housing demand, although the market may be showing signs of a slight cool down. More homes were sold at the beginning of 2025 than early 2024, but fewer than in the post- pandemic period. Homes are staying on the market longer, and the number of average active listings increased significantly compared to early 2024. Median home prices dropped in late 2024 but rose again in Q1 2025. HOUSING – Single-Family
AVERAGE ACTIVE LISTINGS PER QUARTER
3,000
2,700
2,500
SINGLE-FAMILY HOME SALES
2,000
5,000 4,500 4,000 3,500 2,000 2,500 3,000 1,500 1,000 500 0
1,500
1,116
1,000
500
665
0
2019
2020
2021
2022
2023
2024
2025
Source: Greater Regional Alliance of Realtors (GRAR)
2019
2020
2021
2022
2023
2024
2025
There were 1,116 active single-family listings in Q1 2025, a 68% increase from the same period the previous year. Active listings spiked to 1,650 in Q3 2024, the highest number since 2019.
Source: Greater Regional Alliance of Realtors (GRAR)
Single-family home sales reached 1,807 units in Q1 2025, a 9% increase from Q1 2024. This total remains below first-quarter figures reported from 2019 to 2023.
MEDIAN LISTING PRICE
Greater Grand Rapids
Michigan
United States
$500K
AVERAGE DAYS ON MARKET BY QUARTER
$416,633
$412,467
$450K
60
$400K
50
$408,283
42 Days
$350K
34 Days
$381,408
40
$300K
30
$250K
$266,765
20
$263,967
$200K
10
$150K
0
2019
2020
2021
2022
2023
2024
2025
2019
2020
2021
2022
2023
2024
2025
Source: Realtor.com
Source: Greater Regional Alliance of Realtors (GRAR)
Median listing prices fell 7% in Greater Grand Rapids from Q1 2024 to Q1 2025. This decline mirrors national trends, though, nationally, median listing prices decreased 1%. Median listing prices have decreased generally since Q2 2024.
In Q1 2025, houses spent an average of 42 days on market, an eight-day increase from Q1 2024. Days on market also increased in Q3 and Q4 of 2024 compared to the same period the previous year.
17 STATE OF DEVELOPMENT – DIVING DEEPER
STATE OF DEVELOPMENT – DIVING DEEPER 18
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