Grand Rapids is a large geographic real estate market. The city of Grand
Rapids proper is one market, and the outlying suburbs usually have a
different sales ratio than the city of Grand Rapids does. And these different
suburbs were all over the board in 2008. There were a lot of homes that lost
value and there were a few bright spots where sales were almost up to the
average. This is really better done, neighborhood by neighborhood, but this
report will give you the "BIG PICTURE" for the Greater Grand Rapids area
real estate market for 2008.
As you can see, the average home sale lost almost 17% of its value
compared to 2007 totals. This is good news compared to the 2008 stock
market (losses are reported at 40%+) but bad news if you owed more on
your home than it would sell for.
The majority of sales for Grand Rapids were in the under $160,000
category. Homes worth more were still selling, they just sold at a slower
rate because there were fewer buyers for this price range. The majority
of buyers were bargain hunters last year.
There were only 3 townships in Kent County that showed any growth in sales
last year.
Alpine Township was up 3%, Ada Township was up 1%, and Grand Rapids
Township was 0%, which I rate as a plus in this market.
If you have questions about your Grand Rapids home value, contact me
directly.
If you would like to receive free Grand Rapids Market Reports in your
inbox, please let me know by email.
Grand Rapids Ada Real Estate ~ Westbrook Realty
Copyright 2009 All rights reserved
*All statistics come from the GRAR MLS Service, which is deemed to be
reliable but not guaranteed. Homes not listed on the MLS would not be
included in the above information.
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The authors of the this blog write about Grand Rapids Real Estate,
the Greater Grand Rapids MI area, and what it is like to live in
West Michigan. We believe: Grand Rapids is a Great Place to Live!
Westbrook Realty Grand Rapids MI Real Estate
Contact Terry 616-292-7263
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