The average home sales price has jumped to $205,773 on the Grand Rapids Association of Realtors MLS, a 10% increase in values over this same time period in 2016.
This is the first-time ever average values have crossed the $200K mark in West MI. Unfortunately, that rise in values is not uniform across the region for all homes in all areas and at all price points. Market values fluctuate school district by school district, and even neighborhood by neighborhood.
Homes $300,000 and under are enjoying the spike in values the most. Inventory is thinnest there so buyers face more competition when writing offers. Low supply drives up demand. Inventory starts to increase and value appreciation flattens out as homes become more expensive.
Area-wide, total inventory still is at a historic low with just a 1.3-month supply. New listings year-to-date are down -3.6% from the same time in 2016. Did you know that homes worth $500,000 and over account for just 3.3% of all homes sold so far in 2017 in West MI?
Planning on selling? Call us at 575-0140 or 437-0209 to book a pre-listing consultation. We'll help you get your home ready for market and project your closing costs and net proceeds.