In April 2022, Grand Rapids home prices were up 15.4% compared to last year, selling for a median price of $270K. On average, homes in Grand Rapids sell after 6 days on the market compared to 6 days last year. There were 282 homes sold in April this year, down from 356 last year.
“Give yourself some breathing room, try not to freak out about it and be anxious. It is really an anxiety-inducing, scary, stressful process.”
First-time homebuyers may encounter those emotions at any time, but the national market reached what the National Association of Realtors called “crisis-level” this year. Record-high home prices and historic low levels of listings keeps the pressure on anyone seeking to buy a house this summer.
In many Michigan communities, the pace of sales is hitting a record: In the Dearborn area in June, homes stayed on the market for 13 days, down from 28 the year before, according to real estate data service Realcomp.
Experts also have a range of opinions on when the market could stabilize once the traditional “summer lull” period passes. Trowell, the Detroit-based Realtor, said she believes some of the buying frenzy could level off by spring 2022.
Others say that the availability logjam that keeps sellers from listing will continue, due in part to new home construction also catching up to demand.
“We’re not going to get out of this,” said Schmerberg, the appraiser, “until there’s an abundance of new housing or something in the economy that puts a damper on demand.”