Hello West Michigan and the Grand Rapids Area!
We’re bringing you our monthly market update. Our full intention was to videotape this outside today but… turns out it’s cold and windy out there. So we’re coming to you from our office today. What is the biggest challenge we are seeing here in the Grand Rapids area?
It’s the lack of inventory. It’s crazy out there. We just don’t have enough homes for sale to support the number of buyers that we have out shopping for homes currently. We are currently in a boom!
That is true, if you were to check the MLS you will see that we have a little over 400 homes active on the MLS right now. Well, if you compare that to a few years ago, 2018 we had three times as many homes on the market, at a little over 1500 homes active.
We only have about 0.5 month’s worth of supply which means in two weeks, we’d be completely out of houses if no new homes listed. So, if you’re a seller, that’s good for you because the home prices are going up because of the lack of inventory.
We see the average sales price at around $283,000 for the Grand Rapids area. Sellers are cashing in and making bank. Buyers are still able to buy and will enjoy record low-interest rates. Don’t wait and miss out on this boom!
We hope you enjoyed watching our video today and remember A & J Realty Partners is here to help you fulfill your dreams no matter the size!