The real estate story of Grand Rapids, MI in 2014 is quite similar to 2013. The inventory of homes for sale has remained low and prices have been steadily increasing. It has been a great market for sellers and a competitive market among buyers. Interest rates have remained low.
It is suspected that sales are slightly constrained because of the limited inventory. Year-to-date, new listings are down by 7.4%, and the number of housing units sold is up 2.8%. The average sales price is up 6.7% this year, growing from $152,833 in 2013 to $163,171 in 2014. Due to increasing sales prices, the volume of home sales is up by almost 10%.
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