Is East Grand Rapids, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, East Grand Rapids has remained a Seller's Market.
Housing Prices in East Grand Rapids, MI
How much do homes in East Grand Rapids, MI cost?
Median Sold Price
$626,700
$313/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in East Grand Rapids was $626,700 in May 2024, up 7.7% from last year, and the median price per square foot was $313.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $285K | - | N/A |
2 Bedrooms | $368.7K | $390K | +5.8% |
3 Bedrooms | $440K | $467K | +6.1% |
4 Bedrooms | $683.5K | $815.5K | +19.3% |
5+ Bedrooms | $922.5K | $1.0M | +17.9% |
Summary: East Grand Rapids housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 6.1%, 4 bedroom homes increased by 19.3%, and 5+ bedroom homes increased by 17.9%.
Median Sold Price Compared To Nearby Cities
Grand Rapids | $275.1K | $300K | +9.0% |
Grand Rapids Charter Township | $275.7K | $300K | +8.8% |
East Grand Rapids | $581.6K | $626.7K | +7.7% |
Housing Supply in East Grand Rapids, MI
How many homes are available in East Grand Rapids, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
37 | 45 | +21.6% |
Summary: The East Grand Rapids real estate market had 45 homes for sale in May 2024, a 21.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 3 | 2 | -33.3% |
3 Bedrooms | 14 | 20 | +42.9% |
4 Bedrooms | 12 | 16 | +33.3% |
5+ Bedrooms | 7 | 6 | -14.3% |
Summary: The East Grand Rapids housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 33.3%, 3 bedroom homes increased by 42.9%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
14 | 17 | +21.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 17 homes were sold or pending in East Grand Rapids in May 2024, up by 21.4% month-over-month. Of the 17 sold homes, 18% were sold under asking, 53% were sold at asking, and 29% were sold over asking.
Days on Market for East Grand Rapids, MI
How long does it take to sell a home in East Grand Rapids, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
17 Days | 9 Days | -47.9% |
Summary: Homes in East Grand Rapids had an average of 9 days on market in May 2024, down by 47.9% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 17 homes were sold in East Grand Rapids; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.