April is typically a month where seasonal market trends for Spring tend to cause an up tick in sales price and the number of homes on the market – and this year is no exception. The average sales price for the Greater Grand Rapids area is up 10% 2023 over 22. The number houses on the market is also trending UP but it is still well within the “seller market” category.
By definition we remain in a seller’s market. I would anticipate this trend to continue as buyer interest continues to outpace supply (homes listed.) What would it take for the market to flip into a neutral market or buyer’s market? A LOT more houses on the market, that languish on the market for several months…a market we have not seen in West Michigan for more than a decade. This nationwide inventory chart gives you an idea of what those markets look like both today and historically.
The full Market Trends Report for April 2023 is available here: