Grand Rapids, MI Housing Market
AI-powered market intelligence for the Grand Rapids-Wyoming-Kentwood, MI metro area.
PropertyIQ Scores
Grand Rapids, MI Market Analysis
Market Overview
Grand Rapids, MI has a PropertyIQ Score of 69 out of 100, positioning it as a moderately strong market. The city’s median home value of $357,283 is well above the Michigan average of $266,292, and its rent index of $1,631 is significantly higher than the state average of $1,129. At the same time, Grand Rapids benefits from a lower unemployment rate of 4.0% compared with the state’s 4.9% and a higher median household income of $82,874 versus $72,875 statewide. These comparisons suggest an above-average market with stronger economic fundamentals, but the score of 69 also reflects some cooling signals at the property level.
The top score drivers tell a more detailed story. The 12-month home value momentum is 7.50%, which is a solid annual increase. However, the 3-month home value momentum is -0.64%, indicating a short-term flattening or slight decline in prices. Median days on market is 38 days, and 21.4% of listings have had a price cut. Together, these metrics show a market that has appreciated over the past year but is now facing more balanced conditions and some buyer negotiation power.
Key Trends
One trend is slowing price momentum. The 12-month home value momentum of 7.50% shows meaningful annual appreciation, but the 3-month figure of -0.64% points to a recent pullback. The dataset lists home value year over year as $2, which appears incomplete and cannot be used as a reliable percentage comparison. The contrast between the 12-month and 3-month momentum figures is the most useful signal, and it indicates that price growth is cooling.
A second trend is a relatively steady but softening selling pace. With 2,063 homes for sale and a median days on market of 38 days, properties are still moving fairly quickly. Yet 21.4% of listings have a price cut, meaning more than one in five sellers is adjusting price to attract buyers. This suggests that while the market is not slow, buyers have gained some leverage compared with a hotter market.
A third trend is an affordability gap. The median home value of $357,283 is about 34% above the state average of $266,292, while median household income of $82,874 is only about 14% above the state average of $72,875. Because prices have outpaced incomes relative to the rest of Michigan, local housing affordability is tighter than the broader state average, even though unemployment is lower.
A fourth trend is a strong rental market. The rent index of $1,631 is roughly 44% higher than the Michigan average of $1,129. That premium indicates solid rental demand or limited rental supply in Grand Rapids relative to the state. It also supports investor interest, though it may add cost pressure for renters. Population growth data is listed as N/A, so demographic-driven demand cannot be evaluated from the provided figures.
Who Is This Market For
This market is likely best suited to move-up buyers and established households. With a median home value of $357,283 and median household income of $82,874, the price-to-income ratio is around 4.3. That level is manageable for buyers with existing home equity or dual incomes, but it can be challenging for first-time buyers without substantial savings. The lower unemployment rate of 4.0% adds job stability for owner-occupants, which is a meaningful strength.
Investors may also find Grand Rapids attractive because the rent index of $1,631 is far above the state average of $1,129. Median days on market of 38 days and a price cut share of 21.4% suggest there may be room to negotiate on purchase price. However, the negative 3-month home value momentum of -0.64% means investors should not rely on rapid short-term appreciation. The investment case is stronger for longer-term holds focused on rental income.
Move-up buyers who already own a home and have accumulated equity are a natural fit for this market. They can apply existing equity to offset the gap between local incomes and the $357,283 median home value. First-time buyers may need to search below the median price point or bring more cash to the transaction, but the data does not provide a breakdown of entry-level inventory.
Outlook
The near-term outlook for Grand Rapids is one of moderation. The 12-month home value momentum of 7.50% shows that the market has appreciated over the past year, but the 3-month momentum of -0.64% indicates cooling. With 2,063 homes for sale, a median days on market of 38 days, and 21.4% of listings with a price cut, the market is shifting toward balance rather than rapid growth. The unemployment rate of 4.0% remains below the state average of 4.9%, and median household income of $82,874 exceeds the state average, which should support demand. However, because the median home value is 34% above the state average while income is only 14% higher, affordability may limit further price growth unless incomes rise. The data supports a stable-to-softening market in the near term, with longer-term strength depending on whether the recent 3-month decline stabilizes or the 12-month momentum resumes.
AI-generated analysis based on current market data. Last updated October 5, 2026.
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Grand Rapids, MI market data
Grand Rapids, MI Housing Market Overview
Grand Rapids, MI's median home value is $357K, up 7.5% over the past year. Homes here sell in a median 38 days. Its PropertyIQ Score of 69 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
Understanding the Grand Rapids, MI housing market requires looking beyond headline price figures. The PropertyIQ Score reads both sides of market strength: Zillow price momentum across 3- and 12-month windows, and Realtor.com flow signals — days on market and the share of listings with price cuts. Together they predict how this MI metro is set to perform relative to the rest of its state.
Midwestern housing markets are characterized by affordability and economic diversification. From manufacturing hubs undergoing tech-sector transitions to university towns with stable demand, the region offers value-oriented opportunities with lower entry costs than coastal markets. Within the Midwest, Grand Rapids, MI's PropertyIQ Score of 69 ranks among the Midwest's stronger demand signals.
Each month, PropertyIQ updates its score for Grand Rapids, MI using four inputs: Zillow ZHVI twelve-month and three-month momentum, Realtor.com median days on market, and the Realtor.com share of listings with price cuts. These four signals are combined into a single 1 to 99 score computed across all metro markets and calibrated so 50 represents the state average, making it a direct read of how this market is positioned to perform relative to its state. Momentum here has been positive, with home values up 7.5% over the past year.
Explore the interactive map to see how Grand Rapids, MI compares to neighboring metros, or view the full market dashboard for detailed analytics including time-series trends, score breakdowns, and AI-generated market reports.
Counties in the Grand Rapids, MI metro area
ZIP codes in the Grand Rapids, MI metro area
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Market data through August 2026. Sourced from Zillow, Realtor.com, Redfin, U.S. Census Bureau, FRED, BLS, and BEA. Per-statistic source and date shown above.
Frequently Asked Questions
Is Grand Rapids, MI a good place to buy real estate in 2026?
PropertyIQ doesn't label markets simply good or bad. Instead, the PropertyIQ Score measures a market's demand momentum against its own state, where 50 marks the state average. Grand Rapids, MI currently scores 69, a firming-momentum reading that leaves it positioned to outperform its state over the next three years. For buyers, strengthening demand usually means rising competition and firmer prices, so waiting can cost you negotiating room. Backing that up, the median home value here is $357K, up 7.5% over the past year. So whether Grand Rapids, MI is right for you comes down to your goals: a rising-momentum market can favor long-term appreciation but offers less room to negotiate, while a cooling one hands buyers more leverage. Treat the score as a timing signal to weigh alongside your budget, holding period, and plans for the property, not a verdict on the market's quality.
What is the PropertyIQ Score for Grand Rapids, MI?
Grand Rapids, MI's PropertyIQ Score is 69, indicating firming momentum on a 1-to-99 scale. The score distills four transparent inputs into a single number: Zillow home-value momentum over the past 12 months, Zillow home-value momentum over the past 3 months, the median days homes spend on the market from Realtor.com, and the share of listings with a price cut, also from Realtor.com. Rising values and faster sales push the score up, while slow sales and frequent price cuts pull it down. The scale is calibrated so 50 equals the state average, meaning a score above 50 predicts the market will outperform its state over the next three years and a score below 50 predicts underperformance. PropertyIQ computes the score across every US market nationally, then recenters it against each state, so 69 places Grand Rapids, MI above its state benchmark.
Are home prices in Grand Rapids, MI rising or falling?
Home prices in Grand Rapids, MI are rising. Over the past year, the median home value increased 7.5%, reaching $357K. Over the latest three months, values slipped 0.6%, a sign near-term demand is softening. PropertyIQ derives these figures from Zillow's home-value index, which tracks the typical value across the market rather than only the homes that happened to sell, giving a steadier read than a raw median sale price. Both the 12-month and 3-month momentum readings feed directly into the PropertyIQ Score, so this price trend is one of the core signals behind Grand Rapids, MI's current score. Keep in mind that appreciation can vary widely by neighborhood and price tier across the metro area, so treat these figures as the market-wide baseline rather than a guarantee for any single property.
How quickly do homes sell in Grand Rapids, MI?
In Grand Rapids, MI, homes sell in a median of 38 days from listing to pending sale, based on Realtor.com market data. Median days on market is one of the clearest real-time reads on local demand: when homes move quickly, buyers are competing and sellers hold the advantage, while lengthening timelines signal cooling interest and more room to negotiate. Alongside sale speed, about 21% of active listings here have taken at least one price cut — a complementary demand gauge, since a rising share of reductions often precedes slower sales and softer prices. Both median days on market and the price-cut share feed directly into the PropertyIQ Score, where faster sales and fewer cuts push the score higher. As a general guide, medians under about 30 days indicate a brisk, competitive market, while medians well beyond 60 days point to buyers regaining leverage. Actual time on market still varies by price band, property type, and season, so treat the median as a market-wide baseline.
How current is this metro area data?
This Grand Rapids, MI market data is refreshed on a monthly cycle, with the latest figures current through August 2026. PropertyIQ ingests fresh data every month from a range of authoritative sources: home values and rents from Zillow, days on market and price-cut activity from Realtor.com, additional housing signals from Redfin, demographic and housing-stock data from the U.S. Census Bureau, mortgage and macroeconomic series from FRED, and employment figures from the Bureau of Labor Statistics and the Bureau of Economic Analysis. The PropertyIQ Score itself is recomputed every month once the new source data lands, so the score and its four underlying inputs always reflect the most recent complete reporting period rather than a static snapshot. Because official housing data is typically released with a short lag, the current-through date usually trails the present by a few weeks, which is normal across the industry and not a sign the data is out of date.