Grand Rapids Business Journal
GRAR says first-time homebuyers especially are struggling in a hot market.
Rapids/Kentwood area, and the income needed to be able to afford such a home is about
$67,000 per year. Photo by iStock
While workers in the Grand Rapids-Wyoming metro area have seen their wages grow by 5.2% over the past six years, the area’s average sale price for a single-family home has increased 64.5% during the same period.
According to the Greater Regional Alliance of Realtors, the average home sales price went from $152,274 in January 2015 to $248,170 this January.
According to GRAR, 99.6% of single-family homes sold above the list price in January 2021 compared to 96% in January 2015. The average number of days a single-family home was on the market in 2015 was 71, compared to 34 this year.