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Grand Rapids Real Estate Market Update for October 2020
Grand Rapids Real Estate Market Update
Happy Fall everyone! We’ve received many questions in the last month about the Grand Rapids real estate market, from both buyers and sellers. We wanted to start this newsletter off with some info that will hopefully shed some light on our current real estate market and in the end make you a more educated buyer or seller!
Home prices continue to trend up. As a result of low inventory and low interest rates. We did have a very small dip in May, which in our opinion is because of COVID & the lockdown. Once things started to slowly open up again, and buyers were released back into the market to physically see homes again, the average home price shot up about $10,000 between May and August. The New Listings chart shows us why values shot up again so quickly. Between February 2020 & now the number of new listings taken has drastically decreased.
If you’re a (potential) seller this is great news for you! With a great strategy, the amount of potential exposure your home will receive from buyers will be huge!
If you’re a buyer….Don’t be discouraged! Even in this difficult climate we still work with buyers every day and continue to find them homes!
Months’ Supply of Inventory MSI for short. MSI is used to answer the question:
“If no new homes were to enter the market, how many months would it take to burn through all the homes currently available?”
Please note all charts below are interactive if you click on them. Also, don’t forget to check out my customized home search.