Grand Rapids Real Estate Update – Economic Recovery Propelling Housing Market

October 15th, 2014 by Katie K Team

A lovely centerpiece of chrysanthemumsThe weather might be cooling, but in Katie-K’s neck of the woods, the market remains “hot hot hot.” Don’t think for a moment that fall isn’t a great time to list your home for sale in Grand Rapids — especially East Grand Rapids, where living where you play is a way of life. The Greater Grand Rapids area listing inventory remains tight at just over 3-months. In a “balanced market,” inventory ranges from 5 -7 months. So if you’re thinking about listing your home, don’t wait for spring.

“Rates are historically low and there are so many programs available, the demand is phenomenal,” Katie said.

One new trend in West Michigan is the rise of the Millenials, who are increasingly returning to urban centers and purchasing their first homes. For years, first-time homebuyers have been largely absent from the housing market in the current economic recovery, but according to the National Association of Realtors, West Michigan is well positioned to see increases in home-buying from the Millennial generation in upcoming years.

NAR analyzed current housing conditions, job creation and population trends in metropolitan statistical areas across the U.S. to determine the best markets for aspiring, leading edge Millennial homebuyers. Grand Rapids was 5th on the list.

That’s not the only area in which Grand Rapids is making national news. Check out the recent Forbes article on the cities benefiting the most from economic recovery. Grand Rapids makes fifth on the list.

In his story, Forbes author Joel Kotkin writes of the “Rust Belt Revival”:

“The booms in tech and energy are well-known. But the most surprising wrinkle in our survey of per capita GDP growth is the revival of auto manufacturing, which benefits both from technological improvements and lower energy costs. Among the larger metro areas, the key winners have been Grand Rapids-Wyoming (fifth, 7.8%) and Detroit (tied for ninth, 7.2%), as well as the surprising 15th place ranking for Cleveland-Elyria.”

Read more at Forbes.

And if you’re thinking about listing your home for sale, contact the Katie-K team for a free market evaluation.


 

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