GRAND RAPIDS, Mich. — The West Michigan housing market is seeing low inventory it hasn’t seen in decades. Grand Rapids ranks 16th in the United States for how much homeowners are making above the asking price when selling their homes according to 24/7 Wall St.
FOX 17 talked with Dan Bradley, the owner of GR Home Group to get a better idea of just how tough it is to purchase a home in the current housing climate.
According to Bradley, there are 121 active homes in the entire Grand Rapids Metropolitan market. If you are looking for a home under $300,000 dollars, there are only 41 homes available. If your top price point is $250,000, there are only 24 homes available.
Bradley says when it comes to putting up an offer, prepare to pay up.
“So from 2019, before everything hit, we've seen a 25% increase in pricing,” Bradley said.
Recently he helped a client that bought a home for $390,000 dollars in 2019, and sold it for $470K 14 months later, and he says that is typical right now for the market.
Bradley also says before this pandemic, a home was on the market in Grand Rapids for about 25 days on average, now it only stays on the market for about 4.