Something’s Brewing in the Grand Rapids Housing Market
People have different reasons for wanting to buy a home in a certain city or town, or even as specific as a community or a neighborhood.
Maybe they want to live close to where they work, so they can have a short commute. Maybe they want to live nearby family and friends. Maybe it has to do with schools for their kids or for those without children, maybe the attraction of entertainment and lifestyle plays a part.
Or maybe folks just want to find somewhere affordable.
Whatever the reason, finding the right place to live is important for a would-be homeowner, but it’s also not the easiest task.
Home prices and mortgage rates are expected to rise this year and the available housing supply within a buyer’s parameters may shrink.
But some markets are better than others. Realtor.com recently released their hottest markets list for 2019.
Ranking second on that list is Grand Rapids, behind only Lakeland, Fla.
Economists for the website continuously track home prices, availability and how quickly homes will sell. To make this list, they combine that data with markets that are hotbeds for job growth, are experiencing an influx of new construction and are flush with millennials – the generation making up a majority of buyers in the U.S.
What’s not to like about Grand Rapids? It boasts a top end public school system with 11 of its schools earning at least an 8 out of 10 rating by greatschools.org, which makes it an ideal place to raise a family.
It has a slew of amenities and attractions including the world-renowned Frederik Meijer Gardens and Sculpture Park, which has been identified as one of the must-see museums in the country.
It’s a river city, as the Grand River runs straight through it, making the outdoor possibilities endless for residents.
Grand Rapids also offers an eclectic mix of dining and entertainment options including one of the country’s most diverse collection of microbreweries.
But topping the list of reasons as to why it’s a hot housing market is its affordability. The forecasted median home price for Grand Rapids in 2019 is $187,319. That is almost $75,000 less than the national median average.
Once considered Michigan’s best kept secret, Grand Rapids is now a target destination for potential homeowners from across the country. The average home in Grand Rapids is on the market for a blistering 52 days. That means the demand is high, and rightfully so.
Rounding out the Top 10 list of housing markets in 2019 are El Paso Texas (No. 3), Chattanooga, Tenn. (No. 4), Phoenix, Ariz. (No. 5), Bridgeport, Conn. (No. 6), Las Vegas, Nev. (No. 7), Boise, Idaho (No. 8), Miami, Fla. (No. 9) and Boston, Mass. (No. 10).