GRAND RAPIDS, Mich. — For the seventh straight month, home prices in the United States are on the rise. New national data shows Grand Rapids is one of the hottest markets in the country; however, experts believe a shift is happening.
Depending on where you look, home-for-sale signs stay up longer.
"Houses are still going up in value. We're probably up another 5% this year," Greensquare Properties Broker Scott West told FOX 17.
West is also an officer with the Greater Regional Alliance of Realtors and has been in the housing industry for more than 20 years.
"Grand Rapids' market has been amazing when you look at the national scale. Grand Rapids feels like it's this best-kept secret in the nation. There's just a lot of amazing things happening in West Michigan as a whole," West added. "There's just so much to do in Michigan year around, you know, with skiing and cross-country skiing and hiking and the lakes we have. So, I think people seem to embrace that."
According to Redfin, it's one of the fastest-selling in the country— data shows homes in Grand Rapids receive seven offers, on average, and sell in around just seven days.
The stats also shine a light on the median sale price, which was $280,000 in August— up 7.1% since last year.
"We're still below the national average for affordability. It feels like things have gone crazy. And, values have gone up so much in West Michigan. And, if you've been here for a few years, yeah, it has. I mean, it's gone up a lot. But when you compare it to the rest of the country, you can get a lot of house for a very affordable price in West Michigan," he said.
So, how should buyers plan? West says concessions are possible.
"Few and far between, but we're starting to see more of them. Interest rates have risen. So that's certainly playing into some affordability issues for some of the buyers, especially on that first-time homebuyer range," West added.
For sellers, West says to have a plan for what's next for you and your family.
"I think it's really important that they have somebody to consult them that understands the market. Houses are selling quickly. We are seeing houses sell within days or weeks typically," he added.
Shoppers have more than other Michiganders to compete with. Redfin shows people from Chicago, the West Coast, and Colorado are also moving here.
"I think people are enjoying kind of embracing the full seasons. In Michigan. We get the full effect. I mean, I think today alone, we had three seasons, right? It was, it was, you know, pretty nice. In the morning, it was full fall in the afternoon, and it's snowing right now.
Redfin also shows when it comes to people leaving West Michigan. There's no surprise here. People are moving south for the warmer weather.
