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Grand Rapids real estate market overview
- Average Monthly Rent: $1,412
- Home Price/Value Percentage Change: 2.20%
- Median Home Value: $256,007
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 6
- Job Market: Fair
- Public School Ranking: 38
Location and weather
Grand Rapids is on the Grand River, 25 miles east of Lake Michigan and about 30 miles southeast of Muskegon. It became known as the furniture capital of America with its vast resources of timber and fine craftsmen. Later it became a major manufacturing city and is currently the state's 2nd largest city.
The summers are warm, and the winters are cold and snowy with average temperature lows in the high teens and highs in the mid 20's. In the summer it is mild with temperature highs in the low 80's and evening temperatures in the low 60's.
Population, job market and cost of living
The population is steadily growing at 202,181 in 2023 with an annual growth rate of 0.54%.
The job market has decreased over last year by -6.16%. The ten-year future job growth is predicted to be 35.75%. The largest employers in Grand Rapids are Health Care & Social Assistance, Manufacturing and Retail Trade. The largest companies are Meijer, Spectrum Health, Gordon Food Service, UFP Industries and Steelcase. With many historic homes, including Frank Lloyd Wright's Voigt Home, and the Meyer May home, Grand Rapids has a rich cultural heritage in the arts and sciences.
The cost of living is moderate because of the Grand Rapids real estate market where homes are very affordable. With a rich arts culture, diverse businesses to attract employees, a moderate cost of living and temperate summers, Grand Rapids will continue to attract newcomers looking for jobs and new homes.
Grand Rapids real estate market details
- Creston
- West Grand
- Eastgate
- South East End
- Eastown
The average monthly rent in Grand Rapids is $1,412 for an average apartment size of 879 sq. feet.
There has been a 2.2% increase in median home value over the last year. As of 2023, the median home value is $256,007.
On average, homes in Grand Rapids sell after 6 days on the market.
The best time to sell a home for the highest valued sale is during June. For the quickest sale, homeowners should sell in June.
The affordability index in Grand Rapids is 90. This number indicates moderate affordability in this city.
The top ranked public schools are Blandford Nature Center, Knapp Forest Elementary School, Central High School, City Middleheigh High School and East Grand Rapids Middle School. This information is based on data measuring academic performance and equity.