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Grand Rapids home values have risen tremendously since 2018. According to a report by Realtor, out of the largest metro areas in the U.S., Grand Rapids was forecasted to have the most significant percentage increase in 2019. A related study by LittleBigHomes.com focused on the trend in home prices in 380 metropolitan areas. The forecast for Grand Rapids was that housing prices would go up. Another study by Redfin, a real estate company, regarded the Grand Rapids housing market as the most competitive. According to the study, homes in Grand Rapids sell in about 15 days. Therefore, after the lockdown is lifted, investors will be looking to buy real estate here to make significant profit margins later on.
According to the Bureau of Labor Statistics, the rate of unemployment in Grand Rapids has been decreasing since 2010. In 2018, it lingered around 4%. The Spectrum Health headquarters is partly to blame for the increasing local job growth. The city is also known for its thriving automotive, aviation, and furniture manufacturing businesses. This is a strong indicator of a healthy and stable economy and one of the reasons investors will be scrambling for real estate opportunities in Grand Rapids during the COVID-19 spring market.
Grand Rapids real estate market is still affordable, despite the high appreciation rates of home values. However, on a national scale, the median home value in Grand Rapids is a little over $150,000, which is affordable. Recently, Realtor.com listed Grand Rapids housing market as the hottest zip code in America based on how quickly homes were being sold in zip code 49508.
Grand Rapids real estate market is bound to be hotter than ever during the COVID-19 spring market. The high job growth, low vacancy rates, and the young adult population have contributed to the booming real estate industry in Grand Rapids. Furthermore, according to numerous studies, the number of distressed houses, the increasing home value, job growth, and affordable housing in Grand Rapids are all factors that prove the city has a great potential in the real estate industry this spring.
Realtor Tom Sprich goes the extra mile to help you achieve your goals.
That’s why Tom constantly researches the real estate market and property values so your home is priced effectively from day one. Tom also makes certain the public knows your home is for sale by using innovative advertising and marketing techniques and The Sprich Group’s web site to attract potential buyers.
How we love our gift from the two of you! The drawing will always remind us of our Maryland home and the thoughtful "givers". I think we will name our new gift... "Done in a Day", as you sold our
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