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 Q1 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 201,013, 75,422 total housing units (homes and apartments), and a median house value of $192,944, 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 59.18% of the city's housing units. Other types of housing that are prevalent in Grand Rapids include large apartment complexes or high rise apartments ( 19.77%), duplexes, homes converted to apartments or other small apartment buildings ( 15.44%), and a few row houses and other attached homes ( 5.34%).

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 53.27% owning and 46.73% renting.

The housing in Grand Rapids was primarily built before 1939 ( 36.77%), 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 ( 34.90%), followed by between 1970-1999 ( 21.60%). There's also some housing in Grand Rapids built between 2000 and later ( 6.73%).

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 100.68% over the last ten years, which is an average annual home appreciation rate of 7.21%, 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.

NeighborhoodScout's data show that during the latest twelve months, Grand Rapids's appreciation rate, at 7.68%, has been at or slightly above the national average. In the latest quarter, Grand Rapids's appreciation rate has been 1.46%, which annualizes to a rate of 5.98%.

Relative to Michigan, our data show that Grand Rapids's latest annual appreciation rate is higher than 70% 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:
$192,944

Grand Rapids, MI HOME PRICES

> $1,307,000
0.2%
0.2%
$980,001 - $1,307,000
0.5%
0.5%
$654,001 - $980,000
1.2%
1.2%
$523,001 - $654,000
1.6%
1.6%
$392,001 - $523,000
4.4%
4.4%
$261,001 - $392,000
14.4%
14.4%
$131,001 - $261,000
48.5%
48.5%
$65,001 - $131,000
22.9%
22.9%
$0 - $65,000
6.2%
6.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for MI

Value Relative To Nation

Number Of Homes And Apartments:
75,422

Grand Rapids Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
83.40% 2.90%
10
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,159 / per month

Homeownership Rate

Owners
53.3%
53.3%
Renters
46.7%
46.7%
Vacant
7.6%
7.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.7%
6.7%
1970 - 1999
21.6%
21.6%
1940 - 1969
34.9%
34.9%
1939 or Older
36.8%
36.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.2%
59.2%
Townhomes
5.3%
5.3%
Small Apt. Buildings
15.4%
15.4%
Apt. Complexes
19.8%
19.8%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.5%
3.5%
1 Bedroom
13.5%
13.5%
2 Bedrooms
28.6%
28.6%
3 Bedrooms
36.3%
36.3%
4 Bedrooms
14.6%
14.6%
5 or more bedrooms
3.5%
3.5%
0.0% 100.0%
% OF HOMES