Grand Rapids real estate finally cooling down?

[mjlo]

SWAN area property values are immediately benefiting from all of the construction between GVSU and Rockford on the west side(In spite of the resident base being over dramatic vehement NIMBY's). The city has just started bypassing the neighborhoods and green lighting projects. In the next couple of years I would expect to see a surge of residential renovations in both SWAN and Grand Action neighborhoods.

[beachmouse]

I've got a tendency to mistakenly want to put SWAN south of the River (apparently it covers what I think of the John Ball Park area) and the Black Hills/Roosevelt Park area will always be in my mind the place my grandparents lived until Grandpa died in the early 70s and Grandma ended up in the trailer park in Kentwood because it wasn't very safe for a little old lady to stay in the house alone in that neighborhood.

[magellan]

Originally Posted by mjlo

GR housing inventory plummets | 2017-03-24 | Grand Rapids Business Journal


Inventory "plummets". Is that a sign that more people are moving to the area? Or are people just not listing anything because they don't have anywhere to go? What can be done to alleviate this?

Job growth drives housing sales the most so as long as the jobs market is so hot, so too will be demand for housing.

I think people are somewhat worried to put their homes on the market because they think they won't have anywhere to go, so they wait until they find something first, which they then put an offer in and 43 other offers go on the same house because listings are so low. It's a vicious cycle, not sure what will break it. New construction helps but it's a good 15 - 20% more expensive than existing homes.

I was looking in Georgetown Township the other day (a huge suburb), and between $175,000 - $225,000, there are only 4 homes on the market. There really should be at least 20 at any given time, historically, in that price range.

[unclejake21]

It's the same way over by Holland. A decent home gets on the market and it's sold within a couple days, and this happens on a regular basis. It's been frustrating for first time home buyers like me who don't want to rent anymore and I'm not able to compete with the other 10 offers on the same house.

[magellan]

I've noticed developments and builders are beginning to ramp up more again. Some are making big efforts to hit that magic below $300,000 mark, which is tough but do-able in some secondary markets (like Walker, Lowell, etc).

[mjlo]

Grand Rapids housing market is nation's 3rd healthiest, survey says | MLive.com

Another article suggesting the answer to the OP is no.

[magellan]

Down to one month of inventory in Kent County.

[mjlo]

Thanks to millennials, Grand Rapids remains hottest U.S. housing market | MLive.com

Grand Rapids ranked number one hottest US housing market again according to Trulia.

[mjlo]

https://www.grbj.com/articles/91107-...es-trending-up

Home sales are on the rise, new home sites are up in Kent County. Hopefully 2018's numbers will show a big bump as the difference between the number of units built between 2016 and 2017 is small. 1100 is still a far cry from the 2,600 homes built in 2004. Probably going to keep the housing market more competitive than is healthy for now.