West Side Home Prices: Blowing Up, or Recovering?

Here’s an opinion piece I wrote that was published in the rapidian, in response to the article Just Out of Reach: Housing Prices Climb on Grand Rapids’ West Side





Everyone agrees, 2015 was a crazy year for Real Estate in West Michigan. Why, to what extent, and how that affects our market are questions that are less processed and understood. Here, I’ll share some analysis and interpretation, to add perspective and to assist with drawing some conclusions. I’ll start broad and finish by examining the elusive “West Side” of Grand Rapids.

2006 Sales

2006 Sales

Number of Sales: 83
Average Time on Market: 72 days
Average Sale Price: $92,468
Median Sale Price: $92,900
Low/High: $35,000 – $155,000

2014 Sales

2014 Sales

Number of Sales: 83
Average Time on Market: 35 days
Average Sale Price: $80,876
Median Sale Price: $81,000
Low/High: $13,500 – $233,600

2015 Sales

2015 Sales

Number of Sales: 82 (As of 12/14/15)
Average Time on Market: 36 days
Average Sale Price: $91,873
Median Sale Price: $84,950
Low/High: $19,000 – $325,000

February Home Sale Revenue Up Forty Percent

Statistics Compare February 2012 to February 2011

Statistical Source:
Greater Grand Rapids Sales & Listings
(c) March 2012 Pete Bruinsma

New Listings
February 2012: 1624 (11% increase from February 2011)
February 2011: 1458

Total Value of Sold Homes
February 2012: $128,004,683 (40% increase)
February 2011: $91,420,627

Homes Sales
February 2012: 1127 (23.7% Increase)
February 2011: 911

Year-to-Date Home Sales Total Value
Jan-Feb 2012: $225,445,647 (up 21.6%)
Jan-Feb 2011: $185,357,779

Pending Home Sales Rise Again in November, Highest in a Year-and-a-Half













Link to National Association of Realtors Press Release Here.

According to the NAR, “Pending Sales” of residential property have rose in the midwest by 3.3% in the past month, and are 9.5% higher than one year ago at this time.

According to a separate study entitled “Existing Home Sales Continue to Climb in November,” it has been found that “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing.”

Studies by Laurence Yun, Chief Economist of the NAR.


Recent Grand Rapids Market Trends from NAR

The National Association of Realtors has released some end of the year market trends for our area.
For the full report, click here (50K PDF).

Featured Neighborhood Profile: Heritage Hill

Market Data Compiled 1/25/10 by Pete Bruinsma, GRI.

Sales in past year:

Frequently Requested Heritage Hill Info:

  • Heritage Hill is one of Grand Rapids’ oldest neighborhoods. It was added to the National Register of Historic Places in 1971
  • Downtown location borders downtown businesses, schools, US-131, I-196/96, as well as the Medical Mile and Uptown.
  • Property tax millage:  Homestead: 29.76 / Non-Homestead: 47.76
  • Price/square foot $91.23
  • Health facilities
  • Parks and recreational facilities
  • Convenient to many restaurants, cafes, shopping in all directions
  • Population: Population 4,429  Age 18-64: 86%
  • More info on Crime statistics Population Density, Owners vs Renters, School District, can be found here.
    Great Article: