East Grand Rapids, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating East Grand Rapids Neighborhoods Since 2000




East Grand Rapids, MI Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

East Grand Rapids Housing Market Information

With a population of 11,311, 3,974 total housing units (homes and apartments), and a median house value of $364,243, East Grand Rapids house prices are not only among the most expensive in Michigan, East Grand Rapids real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in East Grand Rapids, accounting for 93.75% of the city's housing units. Other types of housing that are prevalent in East Grand Rapids include large apartment complexes or high rise apartments ( 2.77%), duplexes, homes converted to apartments or other small apartment buildings ( 1.85%), and a few row houses and other attached homes ( 1.63%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in East Grand Rapids. Owner-occupied housing accounts for 90.78% of East Grand Rapids's homes, and 76.34% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. East Grand Rapids's housing was primarily built during this period, from the '40s through the '60s. A full 57.13% of the city's housing hails from this era. Other housing ages represented in East Grand Rapids include homes built before 1939 ( 30.72%) and housing constructed between 1970-1999 ( 10.00%). There's also some housing in East Grand Rapids built between 2000 and later ( 2.15%).

East Grand Rapids Home Appreciation Rates

In the last 10 years, East Grand Rapids has experienced some of the highest home appreciation rates of any community in the nation. East Grand Rapids real estate appreciated 29.10% over the last ten years, which is an average annual home appreciation rate of 2.59%, putting East Grand Rapids in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, East 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 East Grand Rapids that despite a nationwide downturn in the housing market, East Grand Rapids real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, East Grand Rapids appreciation rates continue to be some of the highest in America, at 10.07%, which is higher than appreciation rates in 94.06% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in East Grand Rapids. East Grand Rapids appreciation rates in the latest quarter were at 3.68%, which equates to an annual appreciation rate of 15.57%.

Importantly, this makes East Grand Rapids one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Michigan, our data show that East Grand Rapids's latest annual appreciation rate is higher than 80% of the other cities and towns in Michigan.

Average Home Values

 

Median Home Value:
$364,243

East Grand Rapids, MI HOME PRICES

Value Range
> $1,314,000 2.9
$985,001 - $1,314,000 3.0
$657,001 - $985,000 8.5
$526,001 - $657,000 10.7
$394,001 - $526,000 17.4
$263,001 - $394,000 32.1
$131,001 - $263,000 22.7
$66,001 - $131,000 1.6
$0 - $66,000 1.2

Very High for MI
Very High for Nation

Value Relative to Nation Value Relative to State
11.2504394702918 2.24358974358974

Number Of Homes And Apartments:
3,974

East Grand Rapids Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
50.57% 2.40% 10 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,585 / per month

Homeownership Rate

Homeownership
Owners 90.78
Renters 9.22
Vacant 1.85

Housing Market Details

 

Age of Homes

AGE OF East Grand Rapids HOMES
2000 or Newer 2.1
1970 - 1999 10.0
1940 - 1969 57.1
1939 or Older 30.7

Types of Homes

TYPE OF East Grand Rapids HOMES
Single-Family 93.8
Townhomes 1.6
Small Apt. Buildings 1.9
Apt. Complexes 2.8
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF East Grand Rapids HOMES
No Bedroom 0.00
1 Bedroom 2.40
2 Bedrooms 10.62
3 Bedrooms 39.76
4 Bedrooms 36.58
5 or more bedrooms 10.64

Popular Neighborhoods in East Grand Rapids

Zip Codes in East Grand Rapids, MI