Title: West Michigan Housing Market: Interpreting the Latest Data for Key Communities (August 2024)
As of August 2024, West Michigan’s housing market continues to display varied trends across several communities. Some areas are seeing rising inventory and slower sales, while others remain strong seller’s markets with quick transactions. Here’s a data-driven look at key communities and what the latest numbers tell us about current market conditions.
Rockford, MI
- Median Sale Price: $500,000 (up 11% from August 2023).
- Average Cumulative Days on Market (CDOM): 23 days (down 32%).
- Active Listings: Up 46% year-over-year.
Market Interpretation:
Despite a large increase in active listings, Rockford remains competitive, with homes selling quickly and prices rising. The 11.4% price increase and the 32.35% decrease in market time indicate that demand is still strong, making this a challenging market for buyers.
Kentwood, MI
- Median Sale Price: $328,500 (up 1% from August 2023).
- Average Cumulative Days on Market (CDOM): 19 days (up 18.75%).
- Active Listings: Up 11% year-over-year.
Market Interpretation:
Kentwood's market shows more stability with a modest price increase of 1.08% and a slightly longer average time to sell. The rise in active listings provides buyers with more options, though it remains a relatively balanced market.
Grand Rapids, MI
- Median Sale Price: $310,000 (up 4% year-over-year).
- Average Cumulative Days on Market (CDOM): 15 days (up 25%).
- Active Listings: Up 57% compared to August 2023.
Market Interpretation:
Grand Rapids is seeing a major shift, with a 57.4% increase in active listings, giving buyers more options. Though prices continue to rise at a moderate rate of 4%, the increased supply and longer market times suggest that buyers have more negotiating power now than in the past.
Sparta, MI
- Median Sale Price: $319,900 (up 10.3% from August 2023).
- Average Cumulative Days on Market (CDOM): 11 days (down 63.33%).
- Active Listings: Up 125% year-over-year.
Market Interpretation:
Sparta’s housing market remains highly competitive, with homes selling in an average of just 11 days, a significant decrease from last year. Even though active listings have seen a significant increase, homes are being absorbed quickly due to strong buyer demand.
Wayland, MI
- Median Sale Price: $329,000 (up 4.75% from August 2023).
- Average Cumulative Days on Market (CDOM): 28 days (down 15%).
- Active Listings: Just 16, down 23.8% year-over-year.
Market Interpretation:
Wayland is in a hard seller’s market, with very limited inventory (active listings down 23.8%), and homes selling relatively quickly. The 4.75% increase in median sale price and the reduction in market time make this a highly competitive area for buyers, where homes sell fast and there are few options available.
Hudsonville, MI
- Median Sale Price: $412,000 (up 3%).
- Average Cumulative Days on Market (CDOM): 22 days (same as last year).
- Active Listings: Up 3% year-over-year.
Market Interpretation:
Hudsonville is seeing steady growth, with prices increasing by 3% and a slight 3% uptick in listings. The market time of 22 days suggests stability, with no major shifts in competition. Buyers will find some additional options, but it remains a competitive market overall.
Conclusion: Market Diversity Across West Michigan
The August 2024 data highlights the variability in West Michigan’s real estate market. Rockford and Sparta remain competitive with rising prices and quick sales, while Grand Rapids and Kentwood are showing signs of more balance. Wayland and Hudsonville continue to be strong seller's markets, though with different inventory levels and demand.
For buyers, this means adjusting strategies based on the community. Sellers in areas like Sparta and Wayland can still expect strong demand, while those in Grand Rapids and Kentwood may need to account for increased competition.
Fall brings more than just cooler weather—it's bringing opportunities for smart buyers. With active listings up by 45.6% in Rockford and 57.4% in Grand Rapids, there’s more inventory hitting the market, while markets like Hudsonville remains steady for Sellers with homes selling in just 22 days. As the fall season kicks in, buyers may find more choices, fewer bidding wars, and potentially better deals before the winter slowdown. Reach out today for a personalized market analysis based on the latest trends, and let’s make sure you find your perfect home before the snow flies!
