Wishing you a happy, cozy, and gratitude-filled Thanksgiving! As the year begins to wind down, the local real estate market certainly hasn't - here's your monthly housing update for West Michigan!
While the fall and early winter months typically bring a seasonal slowdown, the market continues to demonstrate steady momentum and notable resilience.
Home values are still climbing, with the average sales price rising nearly 4% compared to October of last year. Last month, the average sales price in the Greater Grand Rapids area reached $395,106 - a clear sign that buyer demand and confidence remain strong even as shoppers adjust to evolving mortgage conditions.
Inventory has improved as well, increasing by 9% year-over-year, which is starting to give buyers a broader range of options at multiple price points. The Greater Grand Rapids area has 1.7 months of inventory, a number that has steadily increased since 2021.
What does this mean for buyers? A larger inventory with less competition means more opportunities, particularly for those hoping to secure a home before spring. While homes continue to sell for close to their list price, acting quickly on well-priced properties is imperative. With relatively stable mortgage rates and more choices available, the end of the year remains a great time to start the home-buying process.
And for sellers? Well-prepared listings continue to perform strongly. With an active group of motivated buyers, this time of year can offer excellent potential for sellers - especially for homes that are staged thoughtfully and priced strategically. If you're considering listing, early winter can be an ideal time to attract serious buyers ahead of the new year.
If you have any questions about the current market trends, or if you're considering buying or selling, I'm always here to help!