Metropolitan Statistical Area (MSA):
Grand Rapids-Wyoming, MI is a Metropolitan Statistical Area (MSA) comprising counties including Itasca.
There is no doubt that the Grand Rapids-Wyoming, MI metropolitan statistical area (MSA) is in the midst of a housing market boom. The combination of low interest rates, a strong job market, and an influx of people moving to the area from other parts of the country has created perfect conditions for a real estate boom.
Prices for both new and existing homes have been on the rise for several years now, and there is no end in sight. The median price for a home in the MSA was $176,000 in 2017, up from $160,000 just two years earlier. And it's not just prices that are rising; the number of homes being sold is also increasing. In 2017, there were nearly 12,000 homes sold in the MSA, up from 10,000 in 2015.
With demand for housing so high and supply relatively limited (the number of new homes being built has not kept pace with population growth), it's no wonder that competition among buyers is fierce. Multiple offers on properties are becoming more common, and bidding wars are not uncommon. As a result, many buyers are being forced to either pay more than they had originally planned or settle for a home that isn't their first choice.
If you're thinking about buying a home in the near future, be prepared to pay more than you might have expected just a few years ago. But despite the challenges posed by today's market conditions, there's no doubt that purchasing a home in Grand Rapids-Wyoming still represents a great investment.