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%.
The last 10 years of real estate in the US has been quite a roller coaster of extreme highs and lows. With the economy improving, continued responsible lending, and the growth of Grand Rapids, I am predicting that the next 10 years are going to be wonderful for this area. Grand Rapids is going to grow and bring many opportunities with that growth.