people + places / issues
ISSUES
Real estate market hits new heights Navigating it doesn’t have to be nauseating. BY PAT EVANS
// PHOTO BY TERI GENOVESE
Is the Grand Rapids housing market the hottest it has ever been? At the very least it’s the hottest it’s been in years, making it hard for homebuyers — particularly first-time buyers — to find and secure a home purchase. With most of the amenities found in larger cities, a much friendlier cost of living and quick access to multiple great natural features, Grand Rapids is a desirable place to live. With that in mind, Realtor.com named the Grand RapidsWyoming market No. 26 on its list of 100 16
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hottest U.S. markets in 2021. “Yeah, sure it’s intense,” said Scott Rider, a real estate agent with Grand River Realty. “But the overall process isn’t life-threatening. It’s possible. The news makes it seem impossible at times, but it’s still possible.” That pace continued into 2022. According to Redfin’s January figures — the latest available when the magazine went to print — the median sale price for a home in Grand Rapids was $217,750, up 10.5% year-over-year. That is in part, of course, because supply is low; 252 homes sold that month, down 10.6% compared to same month the year prior. “That’s the simple answer, inventory is at an all-time low,” Rider said. “If you follow any news around West Michigan, you’ll hear the stories about how competitive the market is and that mostly comes from the fact that the same number of houses are being sold each year, but the amount of houses to choose from is low.” The lack of supply comes from a new generation of first-time homebuyers, an influx of people moving to West Michigan and sellers worried about selling and having to jump into the competitive ILLUSTRATION ISTOCK/SORBETTA
3/28/22 3:37 PM
