Market Update August 2021

What’s happening in Kent County Grand Rapids, Michigan?

At the time of this video in Kent County, we have 581 active homes and 240 homes pending. In July, 897 single-family homes were sold. That’s down 17% from last year.

The average price of a home in Kent County in July was $318,000, which is up about 8% from last year when it was $290,000, but the average price in July was down to 2.8% from June when it was $327,000.

The months of supply in Kent county for July were at 0.7 months. A year ago, it was at 1.5 months, meaning that a year ago, if there were no more homes added to the inventory in July, we would have run out of inventory of houses in six weeks. This year, it would have only taken three. But, we have been running at about 0.5 months supply since January of this year. In July, we saw it start to move up just a little bit to 0.7 months. We are still in a seller’s market, but we are seeing it move ever so slightly.

In July, the average time a house was listed for sale was 11 days. That’s something to take note of. We all keep hearing about the houses that sell in a day or two, but the average is 11 days. The norm is not one or two days.

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