Market Update Kent County, Grand Rapids July 2021

What’s happening in our neighborhoods?

Here is your July 2021 Local Market Update. What’s happening in our neighborhoods? Is now a good time to buy or sell a home in Kent County, Grand Rapids? As of the time of this video, in Kent County, we have 514 active homes and 301 homes pending. We have sold 984 homes in the Grand Rapids, Michigan area in the past 30 days with a median price of $327,000. The average number of days on market has been 10.

So as you can see, we’re still considered to be in a seller’s market. We come up with that by looking at the months of inventory available. The months of inventory are used to evaluate the rate at which available homes are sold in a specific market during a given period of time. The months of inventory in Kent County is 0.6 months. That means that if we did not add any more inventory, we would have about 2 1/2 weeks’ worth of inventory. Experts believe that anything less than six months inventory level would be considered a seller’s market, and anything over six months would be considered a buyer’s market.

So, we are in a very strong seller’s market. We personally feel that in our current market here locally once we start to see homes sit for 30 to 40 days, that will mean we are headed for stabilization and we will move away from the frenzy. Now more than ever, proper exposure and proper use of online digital marketing are essential. I’m April with AJ Realty Partners. And I’m Jean, and we’re brokered by Key Realty. And we are your digital marketing specialists. We are here to fulfill your dreams, no matter the size.