In the Real Estate business, usually the first question we get asked is “what are home prices doing”? Are prices and values going up? Remaining steady? Or going down?
Looking at information for just over 10 years, I am happy to report that, for the most part, average home prices are going UP!
Information was collected from Realtor associations around the state of Michigan. The Michigan Association of Realtors compiled this data to get answers about home pricing in 42 different real estate markets in our state. This data covers 2005 through April 2016.
It’s been up and down here in the Grand Rapids area. Here are the average home prices over the years:
- Grand Rapids
2005: $159,762
2008: $122,837
2012: $132,725
2016: $189,575
So overall, we have had a 9% gain from the same time a year ago (2015). If we go back to 2005, we’ve had a 19% increase in average home prices!
Every area is different. Just because the average home price has gone up in Grand Rapids by 19% over the last decade, that’s not the case every where. For example, look at the West Michigan Lakeshore area:
- West Michigan Lakeshore
2005: $164,641
2008: $134,404
2012: $141,470
2016: $176,467
You can see that from last year to this year there has been a 6% increase (compared to a 9% increase in Grand Rapids). Going back and comparing to prices of 2005, there is only a 7% increase in average home prices along the lakeshore (compared to 19% in Grand Rapids).
If you would like to read more about home prices –and check to see how your community is doing — here is the link to an article from mlive.com.
We continue to have a low inventory of homes for sale in West Michigan. Now is a great time to SELL. If you (or anyone you know) are considering selling your home, please let me know. I would be happy to assist you. My real estate office number is (616) 459-2337. My real estate website is www.scottwintersrealestate.com.
