Grand Rapids, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Grand Rapids, OH Real Estate Data


Grand Rapids Housing Market Information

With 999 people, 411 houses or apartments, and a median cost of homes of $203,699, Grand Rapids real estate is some of the most expensive in Ohio, although Grand Rapids home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Grand Rapids, accounting for 76.70% of the village's housing units. Other types of housing that are prevalent in Grand Rapids include duplexes, homes converted to apartments or other small apartment buildings ( 9.45%), mobile homes or trailers ( 9.01%), and a few row houses and other attached homes ( 4.84%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Grand Rapids. Owner-occupied housing accounts for 74.31% of Grand Rapids's homes, and 72.31% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Grand Rapids built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Grand Rapids built before 1939 ( 35.16%). A lesser amount of the housing stock also hails from between 1940-1969 ( 22.64%). There's also some housing in Grand Rapids built between 2000 and later ( 5.49%).

Grand Rapids Home Appreciation Rates

Real estate appreciation rates in Grand Rapids's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.23% during the period.

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 6.45%, which is higher than appreciation rates in 79.62% 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 1.88%, which equates to an annual appreciation rate of 7.73%.

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

Average Home Values

 

Median Home Value:
$203,699

Grand Rapids, OH HOME PRICES

Value Range
> $1,154,000 1.0
$865,001 - $1,154,000 1.0
$577,001 - $865,000 1.5
$462,001 - $577,000 0.7
$346,001 - $462,000 6.3
$231,001 - $346,000 29.7
$116,001 - $231,000 38.3
$58,001 - $116,000 16.4
$0 - $58,000 5.2

Very High for OH
High for Nation

Value Relative to Nation Value Relative to State
32.1836388124378 14.9606299212598

Number Of Homes And Apartments:
411

Rent & Ownership

 

Average Market Rent:
$769 / per month

Homeownership Rate

Homeownership
Owners 74.31
Renters 25.69
Vacant 9.67

Housing Market Details

 

Age of Homes

AGE OF Grand Rapids HOMES
2000 or Newer 5.5
1970 - 1999 36.7
1940 - 1969 22.6
1939 or Older 35.2

Types of Homes

TYPE OF Grand Rapids HOMES
Single-Family 76.7
Townhomes 4.8
Small Apt. Buildings 9.5
Apt. Complexes 0.0
Mobile Homes 9.0
Other 0.0

Home Size

SIZE OF Grand Rapids HOMES
No Bedroom 0.00
1 Bedroom 3.96
2 Bedrooms 22.64
3 Bedrooms 56.70
4 Bedrooms 15.60
5 or more bedrooms 1.10

Grand Rapids Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
14.84% 0.82% 6 2
* 10 is highest

Popular Neighborhoods in Grand Rapids

Zip Codes in Grand Rapids, OH