Grand Rapids, MI

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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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Grand Rapids Housing Market Information

With a population of 198,829, 73,434 total housing units (homes and apartments), and a median house value of $165,013, 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 58.44% of the city's housing units. Other types of housing that are prevalent in Grand Rapids include large apartment complexes or high rise apartments ( 18.95%), duplexes, homes converted to apartments or other small apartment buildings ( 16.45%), and a few row houses and other attached homes ( 5.94%).

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 52.28% owning and 47.72% renting.

The housing in Grand Rapids was primarily built before 1939 ( 37.32%), 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 ( 35.31%), followed by between 1970-1999 ( 21.95%). There's also some housing in Grand Rapids built between 2000 and later ( 5.42%).

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 59.17% over the last ten years, which is an average annual home appreciation rate of 4.76%, 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 7.35%, which is higher than appreciation rates in 92.12% 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 1.92%, which equates to an annual appreciation rate of 7.91%.

Importantly, this makes 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 Grand Rapids's latest annual appreciation rate is higher than 80% 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:

Grand Rapids, MI HOME PRICES

Value Range
> $1,417,000 0.1
$1,063,001 - $1,417,000 0.5
$708,001 - $1,063,000 1.2
$567,001 - $708,000 1.2
$425,001 - $567,000 3.1
$283,001 - $425,000 9.6
$142,001 - $283,000 43.3
$71,001 - $142,000 30.9
$0 - $71,000 10.1

Average for MI
Average for Nation

Value Relative to Nation Value Relative to State
50.9489051094891 40.8653846153846

Number Of Homes And Apartments:

Grand Rapids Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Compared To
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
61.89% 2.50%
* 10 is highest

Rent & Ownership


Average Market Rent:
$1,150 / per month

Homeownership Rate

Owners 52.28
Renters 47.72
Vacant 7.96

Housing Market Details


Age of Homes

AGE OF Grand Rapids HOMES
2000 or Newer 5.4
1970 - 1999 21.9
1940 - 1969 35.3
1939 or Older 37.3

Types of Homes

TYPE OF Grand Rapids HOMES
Single-Family 58.4
Townhomes 5.9
Small Apt. Buildings 16.5
Apt. Complexes 18.9
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Grand Rapids HOMES
No Bedroom 2.97
1 Bedroom 12.83
2 Bedrooms 29.36
3 Bedrooms 37.12
4 Bedrooms 14.57
5 or more bedrooms 3.15