Grand Rapids, MN Housing Market
AI-powered market intelligence for the Grand Rapids, MN metro area.
PropertyIQ Scores
Grand Rapids, MN Market Analysis
Market Overview
Grand Rapids, MN, presents as a moderate market based on a PropertyIQ Score of 70 out of 100. The score is supported by top drivers including a median days on market of 53 days and a relatively modest share of listings with a price cut at 13.8%. Those figures suggest a market that is neither overheated nor distressed: homes are selling at a measured pace, and fewer than one in six listings has reduced its asking price. Compared with state benchmarks, Grand Rapids has lower housing costs but also lower incomes. The median home value is $330,000, below the state average of $356,066, while the rent index is $944, well below the state average of $1,235.
The local median household income is $66,380, notably below the state average of $87,556, which tempers the affordability picture. The unemployment rate is 4.4%, matching the state average of 4.4%. With 165 homes for sale and a year-over-year home value change of $-4, the market is best characterized as steady to slightly soft on pricing rather than overheated or falling sharply. Population growth data is not available, so demand tied to migration cannot be assessed. Overall, these metrics position Grand Rapids as a stable, moderate market where realistic pricing and measured demand are defining themes.
Key Trends
The first trend is essentially flat home values. The median home value is $330,000, and the year-over-year home value change is $-4. This is a negligible annual decline, but it contrasts with markets seeing meaningful price growth. Although the median home value is about 7 percent below the state average, the local income base is also lower.
A second trend is moderate selling speed and limited price-cut activity. The median days on market is 53 days, and the share of listings with a price cut is 13.8%. These are top score drivers for the area. The pace is not rapid enough to signal a seller’s market, but a price-cut share under 14 percent suggests sellers are not broadly slashing prices.
A third trend is an affordability gap when measured against local income. The median home value of $330,000 is roughly five times the median household income of $66,380. At the state level, the $356,066 median home value is roughly four times the state median household income of $87,556. Despite lower home prices, Grand Rapids buyers may face a higher home-price-to-income burden than the state benchmark implies.
A fourth trend is lower rental costs relative to the state. The rent index for Grand Rapids is $944, compared with the state average of $1,235, a difference of $291 per month. For renters, this may be an affordability advantage, but for investors it indicates a lower baseline for rental revenue than the state average.
Who Is This Market For
Grand Rapids is best suited for buyers seeking moderate price points and a more patient purchase process. The median home value of $330,000 is lower than the state average of $356,066, which may appeal to first-time buyers and households moving from more expensive areas. However, the local median household income of $66,380 is also below the state average of $87,556, so local wage earners may not feel a strong affordability advantage. With a home-price-to-income ratio near five, buyers should budget carefully.
The market may also suit patient primary-home buyers rather than short-term flippers. With a median days on market of 53 days and a 13.8% share of listings with a price cut, buyers may have some room to negotiate and are less likely to face intense bidding wars. The year-over-year home value change of $-4 suggests little short-term appreciation, which makes quick resale strategies less attractive. Long-term rental investors may evaluate the area, but the rent index of $944 is well below the state average of $1,235, so rental income potential should be weighed carefully against purchase prices and operating costs. Move-up buyers may find opportunities, though slower price growth could limit near-term equity gains.
Outlook
The data supports a stable-to-flat outlook for Grand Rapids. The year-over-year home value change of $-4 and median days on market of 53 days point to limited price momentum, while the 13.8% share of listings with a price cut suggests sellers are adjusting without broad distress. Inventory of 165 homes for sale provides a measurable but not extreme level of supply, though the provided data has no state inventory benchmark for comparison. The unemployment rate of 4.4% matches the state average, supporting steady local employment conditions. Affordability remains a constraint because median household income of $66,380 is below the state average, even as the median home value is also below the state average. Since population growth data is not available, any demand forecast related to migration would be unsupported. Overall, the numbers point to a moderate market with flat-to-stable conditions rather than rapid appreciation or sharp decline, assuming current pricing, inventory, and income patterns continue.
AI-generated analysis based on current market data. Last updated September 9, 2026.
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Grand Rapids, MN market data
Grand Rapids, MN Housing Market Overview
Grand Rapids, MN's median home value is $212K. Homes here sell in a median 53 days. Its PropertyIQ Score of 70 sits well above the state average of 50, marking a market positioned to outperform its state over the next three years.
PropertyIQ tracks the Grand Rapids, MN housing market through two complementary lenses: price momentum from Zillow home-value trends over 3 and 12 months, and demand pressure from how quickly homes sell and how often sellers cut prices, drawn from Realtor.com. The PropertyIQ Score distills these into one number that predicts how this MN market is set to perform against its state benchmark.
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, MN's PropertyIQ Score of 70 ranks among the Midwest's stronger demand signals.
The PropertyIQ Score for the Grand Rapids, MN market is built from four inputs: Zillow home-value momentum over twelve months, Zillow home-value momentum over three months, the median days listings spend on the market (Realtor.com), and the share of listings with a price cut (Realtor.com). The score runs on a 1 to 99 scale computed across all metro markets nationally and calibrated so 50 equals the state average — a score above 50 means this market is positioned to outperform its state, and a score below 50 means it is set to lag.
View Grand Rapids, MN's complete market profile including historical price trends, score history, and AI-generated analysis. Compare this market against any other US metro to find the best opportunities for your investment strategy.
Counties in the Grand Rapids, MN metro area
ZIP codes in the Grand Rapids, MN metro area
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Market data through July 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, MN 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, MN currently scores 70, a rising-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 $212K. So whether Grand Rapids, MN 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, MN?
Grand Rapids, MN's PropertyIQ Score is 70, indicating rising 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 70 places Grand Rapids, MN above its state benchmark.
How quickly do homes sell in Grand Rapids, MN?
In Grand Rapids, MN, homes sell in a median of 53 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 14% 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, MN market data is refreshed on a monthly cycle, with the latest figures current through July 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.