GR is the 3rd Healthiest in Market

Grand Rapids’ housing market is ranked third in the nation as the healthiest “big city” housing market. “Big city,” you say? Yes.  SmartAsset.com, a financial services company, measured the market according to “healthy-housing indicators” including stability, risk, ease of sale and affordability.

Topping the list is Plano, TX, with Arlington, TX in a close second. We ranked third in the survey because our houses sell quickly and with ease, and we stay put once we’ve made the purchase.

If you’ve started house hunting, you’ve likely noticed that you need to go into the market prepared. Once a house is live on the MLS, it’s going to go quickly assuming it’s priced accurately and there aren’t any issues with the inspection. The average GR house is on the market for 23.9 days while the national average is 60.1 days.

Our region’s relative low cost of housing compared to household income gives us an edge on affordability across the board. The average house in GR costs 20.5% of the average household income. The national average is 23.3%. Clearly that affordability is striking and accounted for a significant part of our score.

Grand Rapidians typically stay in their homes for 12.8 years, settling in for the long haul rather than moving in only to move right back out. Although one could speculate on why this is the case (schools, neighborhoods, and the booming growth of our city), we can all agree that people are simply staying put once they move in. Nationwide, the average is 12.4 years showing we are slightly over average in a positive way.

GR is the healthiest market in the Midwest right now and we can feel it with the availability of houses and how quickly they sell. Our agents are here to help so give us a call today.