Why The Grand Rapids Real Estate Market Is Not Crashing
The Grand Rapids real estate market has been a source of great discussion and debate in recent years, with many people questioning whether or not it is on the verge of a crash. While there are certain signs that could point to an impending downturn—higher inventory levels, slowing price appreciation—it’s important to note that the Grand Rapids market is not heading for a crash anytime soon.
Here are some reasons why the Grand Rapids real estate market is not crashing:
Growing Population & Economy: One of the biggest indicators of sustainability for any real estate market is population growth and economic activity. In 2019, Grand Rapids was experiencing both. Between 2014 and 2018, its population grew from 197,800 to 204,400 according to census estimates. This growth indicates an increasing demand for housing which helps support prices in the area even when times may be tough elsewhere across the US.
Low Unemployment & Healthy Wages: Low unemployment rates have been part of keeping the economy humming in Grand Rapids since 2016 when it hit just 2%. And with wages also rising steadily over this period, along with cost of living increases that remain low relative to other parts of the country, people can afford to take on mortgages at or near historic lows thus boosting demand for homes even further if appropriate financing can be found.
Targeted Neighborhood Investments: The city government has put forward several initiatives designed to help rejuvenate areas within Grand Rapids that had suffered from disinvestment and population decline over past decades. Through these efforts they have attracted investment into previously neglected neighborhoods while also spurring demand for homes as new businesses open their doors and people move into newly constructed condos and apartments as well as existing houses nearby previously forgotten streets.
Strong Buyer Demand: With more buyers actively looking for properties throughout 2019 than before in Grand Rapids coupled with fewer homes becoming available during this time (down -6% year-over-year), competition among those still in search became intense leading into 2020 causing home values to rise around 10% compared to a year ago–a bustling sign of health if ever there was one!
Overall, while certain areas may be suffering a slow down due to an excess supply or decrease in demand caused by changing buyer preferences or employment crisis, the state of Michigan’s second largest city remains resilient and attractive for those seeking greater stability amid turbulent times elsewhere across America’s housing markets.
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