The Grand Rapids housing market continues to exhibit resilience and growth, characterized by rising home values, limited inventory, and ongoing development projects aimed at addressing housing demand.
Current Market Trends
As of April 2026, the average home value in Grand Rapids reached $309,801, marking a 2.9% increase over the past year. Homes typically go pending in about seven days, indicating a competitive market. The median sale price stands at $287,000, with 36.9% of sales closing above the list price, reflecting strong buyer demand.
Inventory remains tight, with only 383 homes available for sale and 217 new listings as of April 30, 2026. This limited supply contributes to the competitive nature of the market.
Rental Market Insights
The rental market mirrors the trends seen in home sales. The average rent in Grand Rapids is $1,636, which is below the national average of $1,930. This affordability continues to attract renters to the area.
New Housing Developments
To address the housing demand, several development projects are underway:
Boston Square Together Project
Approved in January 2026, this $11 million project on the city’s southeast side includes 22 to 25 affordable townhomes. The development is part of a larger plan to introduce up to 270 housing units, along with office and community spaces.
Knapp Hills Townhomes
Set to break ground in May 2026, the Knapp Hills Townhomes project in the Creston neighborhood will feature 38 two- and three-bedroom rental units. Eight units are reserved for households earning 100% of the area median income or less. Completion is expected in early 2027.
Looking Ahead
Grand Rapids’ housing market is expected to remain dynamic, with ongoing developments and sustained demand. Prospective buyers and renters should stay informed about market trends and new housing opportunities as they emerge.