UPDATE on the market: October 2022 vs 2021 Market Trends

JOHN RICE ASSOCIATE BROKER | REALTOR

The real estate market continues to be in the headlines and with that comes mixed signals. The most important part of real estate is how your specific area is trending. Most of the news data you see will be about the national real estate trends which often take into account the east and west coasts. Those 2 markets tend to have larger swings in prices and volatility then the Midwest. When we look at Michigan, specifically the Greater Grand Rapids MI market we will see a much clearer picture of the current market and its affect on your property. Yet to REALLY see how your property is impacted we need to do an analysis for your specific property. Everything else is “trends for the area.” Real estate is most definitely hyperlocal.

So how do the numbers stack up? Dive right into the report to review the numbers for yourself.

A couple of key takeaways:

  1. The average time on market in October 2021 was 14 days, for October 2022 it is 17 days. Still landing in the “seller’s market” category.
  2. The average median sales price is up 11.54% over that of last year. This maybe due to the fact that while we do have fewer buyers in the market than last year, the number of buyers continue to outpace the number of homes on the market keeping the market in a “sellers’ market” scenario.

Take note – this market is VERY different than last year! Last year several homes would have seen multiple offers – possibly even double digit multiple offers. Now it is trending that there maybe multiple interested buyers but far fewer offers on the table. This is allowing buyers to often see an offer with due diligence included be accepted (such as inspections, appraisals, etc.) I get more into that in this recent article. As a seller this means proper strategy, marketing and experience are top factors in getting your house sold.

View the full report here: October 2022 Market Trends Report

How do these trends affect you and your property? Let’s talk!

We would love to hear from you!

Let’s connect and get you on the path to success!

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A few words from our clients:
We moved to the Grand Rapids area 11 years ago and John was very patient as we found our first home and made the experience absolutely seamless! When we were ready to sell and buy again we knew to reach out to John. As we remembered and appreciated, John is an absolute professional and was and advocate for our best interests at all times during this wild market. We found great value in our new home and he helped us get top dollar for our sale. Grateful to have him on our side though the whole process. You won’t be disappointed!
Lance W
We have worked with John to sell 1 home and buy 2 homes and he is an incredible realtor! He is professional, prompt with communication, honest and patient. We had quite the list for what we were looking for and John was always available to answer questions and get us in to look at a home. His knowledge and connections in the industry made both the buying and selling process go smoothly. We simply cannot recommend John enough!
Chase and Nicole O
John helped us sell our house when we moved out of Grand Rapids 3 years ago and recently helped us purchase a new house when we moved back. He is very professional and knowledgeable of the area and market. I would recommend him to anyone looking to buy or sell.
S&K Weber
John Rice is hands down one of the best realtors in the Grand Rapids and surrounding areas. We have utilized him as our realtor on two separate occasions, once over 10 years ago, and again over the last several months to buy/sell. He is incredibly knowledgeable and uses his expertise to help guide you in your choices throughout the realty process. He is professional, kind, has impeccable attention to detail, responsive, and clearly loves what he does. Choose John for your realty needs…he is the best of the best!
Amanda W
We have worked with John multiple times now, both buying and selling homes. We 100% recommend him and he’ll always be our go-to realtor for any future real estate needs. John is experienced in the industry and well-known and respected. He is extremely professional and knowledgeable, on top of being an all-around nice guy. He is responsive and answered all of our questions along the way. We asked John for several referrals for other services (lender, cleaner, etc.) and we were very happy with all his suggestions. John is honest and will listen to your concerns/opinions. He is never pushy, but gives great advice based on his years of experience. We are so thankful for the guidance we received from John to make our recent home buying and selling experience successful and quick! If you need a realtor, call John.
G&E Webb
We can’t say enough good things about John. He is an awesome realtor! We bought our home with his help and just recently sold it with his help. He is highly knowledgeable about the Grand Rapids area market and his expertise and professionalism has shown through both times we worked with him...John is a wonderful communicator and a genuine person. His sincerity has been evident in his commitment to making the purchase and sale experience as seamless and informed as possible. We consider ourselves incredibly fortunate to have worked with John and strongly recommend him without reservation!
E&T VanBuskirk
Purchased and sold with John, he is: Professional, an extremely good communicator, precise, and acted on our behalf 24/7. He kept us up to date on listings for purchase and preparation advice for selling our home. He was knowledgeable about neighborhoods. Photography for sale of our house was impressive. We were appreciative of the guidance regarding making offers, inspections, when to list our home, writing contracts, detailed review and presentation of offers on our home and being realistic about our purchase of new home. Great experience, Great Realtor.
J&G Junod
It was a wonderful experience working with John. His professionalism, honesty, experience, and knowledge of the Grand Rapids market, helped us in multiple ways. John sold our home in one day, was honest about what we could expect from offers, and was spot on. As we progressed toward finding our new home, again, he was extremely knowledgeable about the neighborhoods, home values, and history of the homes. We are more than happy to say, that he helped us find our dream home within our budget! Anything I needed, he was there through emails, texts, or phone calls. He definitely put in a lot of work for us. Without a doubt, I will ask for his assistance again when the time comes. Thank you John!
T&A Lascari