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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Grand Rapids, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Grand Rapids, MI Housing Market Trends

With a population of 196,908, 79,009 total housing units (homes and apartments), and a median house value of $288,270, Grand Rapids real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Grand Rapids, accounting for 56.99% of the city's housing units. Other types of housing that are prevalent in Grand Rapids include large apartment complexes or high rise apartments ( 21.59%), duplexes, homes converted to apartments or other small apartment buildings ( 15.92%), and a few row houses and other attached homes ( 5.10%).

The most prevalent building size and type in Grand Rapids are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.33% owning and 47.67% renting.

The housing in Grand Rapids was primarily built before 1939 ( 36.94%), making the housing stock in Grand Rapids some of the oldest overall in America, although there is a range of ages of homes in Grand Rapids. The next most important housing age is between 1940-1969 ( 32.34%), followed by between 1970-1999 ( 20.76%). There's also some housing in Grand Rapids built between 2000 and later ( 9.96%).

Grand Rapids Home Appreciation Rates

In the last 10 years, Grand Rapids has experienced some of the highest home appreciation rates of any community in the nation. Grand Rapids real estate appreciated 154.96% over the last ten years, which is an average annual home appreciation rate of 9.81%, putting Grand Rapids in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Grand Rapids definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Grand Rapids that despite a nationwide downturn in the housing market, Grand Rapids real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Grand Rapids appreciation rates continue to be some of the highest in America, at 6.66%, which is higher than appreciation rates in 70.35% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Grand Rapids. Grand Rapids appreciation rates in the latest quarter were at -1.60%, which equates to an annual appreciation rate of -6.24%.

Notably, Grand Rapids's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Michigan, our data show that Grand Rapids's latest annual appreciation rate is lower than 50% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Grand Rapids differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Grand Rapids - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Grand Rapids real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$288,270

Grand Rapids, MI Home Prices
> $1,372,000
$1,029,001 - $1,372,000
$686,001 - $1,029,000
$549,001 - $686,000
$411,001 - $549,000
$274,001 - $411,000
$137,001 - $274,000
$69,001 - $137,000
$0 - $69,000
0.5%
0.5%
0.5%
0.5%
2.4%
2.4%
4.2%
4.2%
9.9%
9.9%
32.5%
32.5%
39.2%
39.2%
7.6%
7.6%
3.3%
3.3%
0% 100.0%
% of Homes
High

for Michigan

Average

for nation

Number of Homes And Apartments:

79,009

Grand Rapids Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,886 / per month

Homeownership Rate

Owners
Renters
52.3%
52.3%
47.7%
47.7%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
6.1%
6.1%
93.9%
93.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
10.0%
10.0%
20.8%
20.8%
32.3%
32.3%
36.9%
36.9%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
57.0%
57.0%
5.1%
5.1%
15.9%
15.9%
21.6%
21.6%
0.4%
0.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.8%
3.8%
14.8%
14.8%
27.5%
27.5%
36.4%
36.4%
13.8%
13.8%
3.7%
3.7%
0% 100.0%
% of Homes