Market Conditions for Grand Rapids

January 2020

Median Sale Price

$184,900

UP UP 2.72% vs. Month Ago

Homes For Sale

306

DOWN DOWN -22.13% vs. Month Ago

Homes Sold

252

DOWN DOWN -10.95% vs. Month Ago

Median Sale Price

$184,900

The median sale price for homes in January was $184,900. The median sales price for homes in January rose by $4,900 compared to last month. This represents a 2.72% increase from December. Compared to the same month last year, the median price of homes rose by $25,000 representing a 15.63% year-over-year change.

The median sales price is the middle value of all sales occurring in the market during the past thirty days when you arrange these sales prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of a few unusually low or high sales prices.

Homes for Sale

306

The inventory of homes for sale fell by 87 in January to 306. This represents 22.13% decrease from December when 393 homes were on the market.Compared to the same month last year when there were 334 homes for sale, the inventory of homes for sale has fallen by fallen by 28 representing a -8.38% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

Homes Sold

252

The 252 homes sold in January was 31 less than in December. This represents a 10.95% decrease in sales from December. Compared to the same month last year, the number of homes sold increased by 33, a 15.06% year-over-year increase.

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Sale/List Price Ratio

95.67%

The Sale/List Price Ratio of 95.67% in January fell by 0.79% compared to December and decreased 1.47% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

New Homes

284

The number of homes listed in January (284) rose by 76 compared to December, a 36.53% change. Compared to January 2019, the number of new listings increased by 3, a 1.06% year-over-year change.

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

Median List Price

$201,950

The median list price in January was $201,950. The median list price for homes in January rose by $12,050 compared to last month. This represents a 6.34% increase from December. Compared to the same month last year, the median list price of homes increased $26,950 representing a 15.4% year-over-year increase.

The median list price is the middle value of all currently active listings as reported in the MLS systems in the market area when you arrange these list prices from lowest to highest. This is a better indicator than the average as the median does not change as much as a result of the existence of a few unusually low or high list prices.