Grand Rapids MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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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 Q4 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Grand Rapids Housing Market Information

With 200,217 people, 1,846 houses or apartments, and a median cost of homes of $168,054, 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 61.56% of the city's housing units. Other types of housing that are prevalent in Grand Rapids include large apartment complexes or high rise apartments ( 16.44%), duplexes, homes converted to apartments or other small apartment buildings ( 12.88%), and a few row houses and other attached homes ( 6.60%).

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 58.68% owning and 41.32% renting.

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. Grand Rapids's housing was primarily built during this period, from the '40s through the '60s. A full 32.51% of the city's housing hails from this era. Other housing ages represented in Grand Rapids include homes built between 1970-1999 ( 29.68%) and housing constructed before 1939 ( 28.72%). There's also some housing in Grand Rapids built between 2000 and later ( 9.08%).

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 73.08% over the last ten years, which is an average annual home appreciation rate of 5.64%, 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 6.04%, which is higher than appreciation rates in 85.55% 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 1.14%, which equates to an annual appreciation rate of 4.65%.

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:
$168,054

Grand Rapids, MI HOME PRICES

Value Range
> $1,322,000 0.1
$992,001 - $1,322,000 0.5
$661,001 - $992,000 1.2
$529,001 - $661,000 1.2
$397,001 - $529,000 3.9
$264,001 - $397,000 11.4
$132,001 - $264,000 45.9
$66,001 - $132,000 27.3
$0 - $66,000 8.4

High for MI
Average for Nation

Value Relative to Nation Value Relative to State
51.2467153284672 39.2628205128205

Number Of Homes And Apartments:
1,846

Grand Rapids Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2019 Q3 - 2019 Q4
Last 12 Months:
2018 Q4 - 2019 Q4
Last 2 Years:
2017 Q4 - 2019 Q4
Last 5 Years:
2014 Q4 - 2019 Q4
Last 10 Years:
2009 Q4 - 2019 Q4
Since 2000:
2000 Q1 - 2019 Q4
66.52% 2.58%
10
6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,075 / per month

Homeownership Rate

Homeownership
Owners 58.68
Renters 41.32
Vacant 6.55

Housing Market Details

 

Age of Homes

AGE OF Grand Rapids HOMES
2000 or Newer 9.1
1970 - 1999 29.7
1940 - 1969 32.5
1939 or Older 28.7

Types of Homes

TYPE OF Grand Rapids HOMES
Single-Family 61.6
Townhomes 6.6
Small Apt. Buildings 12.9
Apt. Complexes 16.4
Mobile Homes 2.5
Other 0.0

Home Size

SIZE OF Grand Rapids HOMES
No Bedroom 2.48
1 Bedroom 10.64
2 Bedrooms 27.16
3 Bedrooms 37.35
4 Bedrooms 17.44
5 or more bedrooms 4.94