Keeping up with the latest trends and statistics is vital in the fluid real estate market. This update offers a detailed look at the residential real estate market in the Greater Grand Rapids area, presenting data from August 2023 and comparing it to the same period in 2022.
Year-to-Date (YTD) Overview
Average Days on Market (DOM)

  • 2023: Homes stayed on the market for an average of 20 days before being sold.

  • 2022: The average was slightly shorter, with homes selling in about 14 days.

Average Home Sale Price

  • August 2023: The average sale price was $362,680.

  • 2022: The average price was a bit lower at $346,726, indicating a 4.6% increase in 2023.

Volume of Sales

  • 2023: The total sales volume amounted to $2,398,613,955.

  • 2022: The figure stood at $2,674,773,132.

August 2023 Sales of Residential Single Family Homes by Price Class
The data below shows the number of closed and pending sales in various price ranges:

  • Under $19,999: 0 closed, 0 pending

  • $30,000 to $39,999: 1 closed, 0 pending

  • $50,000 to $59,999: 3 closed, 3 pending

  • $200,000 to $249,999: 118 closed, 120 pending

  • $250,000 to $299,999: 166 closed, 189 pending

  • $300,000 to $399,999: 265 closed, 248 pending

  • $400,000 to $499,999: 120 closed, 98 pending

  • $500,000 to $599,999: 59 closed, 56 pending

  • $1,000,000 or over: 11 closed, 15 pending

August 2023 New Listings

  • Residential: There were 1,111 new listings, marking an 8.6% decrease compared to 2022.

  • Average Home Sale: The average home sale price was $367,712.

  • Average Sale Overall: The overall average sale price was $358,558.

August 2023 Closed Sales

  • Residential: There were 914 closed sales, a decrease of 17.6% compared to 2022.

  • Average DOM: The average DOM was 62 days.

August 2023 Pending Sales

  • Residential: There were 916 pending sales, a decrease of 17.8% compared to 2022.

  • Average Home Sale: The average home sale price was $362,680.

  • Average Sale Overall: The overall average sale price was $349,969.

Source

  • The data has been sourced from the Grand Rapids Association of REALTORS® and grar.com.

  • Copyright 2023 MLS Exchange, Inc. All rights reserved.

Analysis
The Greater Grand Rapids real estate market in August 2023 shows signs of a slight cooling compared to the same period in 2022. While the average home sale price has increased, we are seeing homes stay on the market longer and a decrease in the total volume of sales.
This could potentially signal a shift towards a buyer's market, where buyers have more leverage and time to make decisions. However, with the average home sale price still on the rise, sellers can expect to get a good value for their properties.
It is a nuanced market at the moment, with opportunities for both buyers and sellers. For sellers, it might be a good time to capitalize on the higher home values, and for buyers, the increased DOM indicates a less frantic market, potentially offering a bit more room to negotiate.
As always, whether you are looking to buy or sell, it's recommended to consult with a real estate professional to navigate the current market conditions effectively. Stay tuned for more updates as we continue to monitor the market trends in the Greater Grand Rapids area.