Grand Rapids, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Grand Rapids Neighborhoods Since 2000




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

Grand Rapids Housing Market Information

With 195,097 people, 73,026 houses or apartments, and a median cost of homes of $145,544, 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 58.33% of the city's housing units. Other types of housing that are prevalent in Grand Rapids include large apartment complexes or high rise apartments ( 17.99%), duplexes, homes converted to apartments or other small apartment buildings ( 17.09%), and a few row houses and other attached homes ( 6.29%).

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 52.27% owning and 47.73% renting.

The housing in Grand Rapids was primarily built before 1939 ( 37.07%), 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 ( 35.78%), followed by between 1970-1999 ( 21.52%). There's also some housing in Grand Rapids built between 2000 and later ( 5.64%).

Grand Rapids Home Appreciation Rates

Appreciation rates for homes in Grand Rapids have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 11.30%, which ranks in the top 30% nationwide. This equates to an annual average Grand Rapids house appreciation rate of 1.08%.

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 11.46%, which is higher than appreciation rates in 96.66% 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 3.68%, which equates to an annual appreciation rate of 15.57%.

Importantly, NeighborhoodScout’s exclusive research found that Grand Rapids's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.

Relative to Michigan, our data show that Grand Rapids's latest annual appreciation rate is higher than 90% 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:
$145,544

Grand Rapids, MI HOME PRICES

Value Range
> $1,324,000 0.2
$993,001 - $1,324,000 0.2
$662,001 - $993,000 0.6
$530,001 - $662,000 1.1
$397,001 - $530,000 2.7
$265,001 - $397,000 7.2
$132,001 - $265,000 40.3
$66,001 - $132,000 34.8
$0 - $66,000 13.0

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
51.9102308683933 39.7435897435897

Number Of Homes And Apartments:
73,026

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
31.24% 1.59% 9 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,031 / per month

Homeownership Rate

Homeownership
Owners 52.27
Renters 47.73
Vacant 8.98

Housing Market Details

 

Age of Homes

AGE OF Grand Rapids HOMES
2000 or Newer 5.6
1970 - 1999 21.5
1940 - 1969 35.8
1939 or Older 37.1

Types of Homes

TYPE OF Grand Rapids HOMES
Single-Family 58.3
Townhomes 6.3
Small Apt. Buildings 17.1
Apt. Complexes 18.0
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Grand Rapids HOMES
No Bedroom 2.67
1 Bedroom 12.71
2 Bedrooms 29.48
3 Bedrooms 37.88
4 Bedrooms 14.19
5 or more bedrooms 3.05