Realtor.com just ranked Grand Rapids the 7th hottest market for 2023

[arcturus]

#2 in price growth apparently boosted by a construction shortage.  Sound familiar?

https://www.realtor.com/research/top-housing-markets-2023/

 

 

[joeDowntown]

10 hours ago, arcturus said:

#2 in price growth apparently boosted by a construction shortage.  Sound familiar?

https://www.realtor.com/research/top-housing-markets-2023/

 

 

Hope they are wrong and housing costs are somewhat flat. Everyone needs a bit of a breather!

[GRLaker]

Odd considering homes have been sitting on the market for months since the rise in interest rates. Listers price homes at what they would have gone for when rates were 2% and then find they need to bring the price down over time to what they should have listed at originally. By that point, though, people are spooked that it has been on the market so long. 

[joeDowntown]

1 hour ago, GRLaker said:

Odd considering homes have been sitting on the market for months since the rise in interest rates. Listers price homes at what they would have gone for when rates were 2% and then find they need to bring the price down over time to what they should have listed at originally. By that point, though, people are spooked that it has been on the market so long. 

I don’t know if that is totally the case. Good homes priced well are still selling (according to friends in real estate). I think a lot of people made way too much for mediocre houses in a frenzied market. 

I for one wouldn’t be spooked if a house was overpriced and sat on the market. Doesn’t necessarily mean the house has problems. The problem was most likely sellers thinking they could get top dollar and mistimed the market. 

Joe

[arcturus]

From April 26th, the WSJ/Realtor.com Housing Index in First Quarter.

https://www.wsj.com/articles/midwest-cities-led-wsj-realtor-com-housing-index-in-first-quarter-8eb5c557?mod=series_housingmarket   <--paywalled?

'The Wall Street Journal/Realtor.com Emerging Housing Markets Index ranks the 300 biggest metro areas in the U.S. In addition to housing-market indicators, the index incorporates economic and lifestyle data, including real-estate taxes, unemployment, wages, commute time and small-business loans.'

In the top 100, Grand Rapids-Wyoming topped the state at #60, followed by Saginaw (62), Monroe (68), Lansing-E Lansing (71), Ann Arbor (82), Battle Creek (95), and Kalamazoo-Portage (100).

In neighboring states, Wisconsin led with 8 and Indiana had 3 in the top 10 (5 in top 100), IL 5, OH 7.

 

[Pattmost20]

15 hours ago, arcturus said:

From April 26th, the WSJ/Realtor.com Housing Index in First Quarter.

https://www.wsj.com/articles/midwest-cities-led-wsj-realtor-com-housing-index-in-first-quarter-8eb5c557?mod=series_housingmarket   <--paywalled?

'The Wall Street Journal/Realtor.com Emerging Housing Markets Index ranks the 300 biggest metro areas in the U.S. In addition to housing-market indicators, the index incorporates economic and lifestyle data, including real-estate taxes, unemployment, wages, commute time and small-business loans.'

In the top 100, Grand Rapids-Wyoming topped the state at #60, followed by Saginaw (62), Monroe (68), Lansing-E Lansing (71), Ann Arbor (82), Battle Creek (95), and Kalamazoo-Portage (100).

In neighboring states, Wisconsin led with 8 and Indiana had 3 in the top 10 (5 in top 100), IL 5, OH 7.

 

Lafayette, IN led the list for the second quarter in a row. Right when I graduated Purdue, the city was starting to turn things in the right direction. Purdue during the 2010s really made it a priority to invest in the city and set a goal to create high paying jobs that would keep graduates around. For being a relatively small city, it has been crazy to watch the population growth and the construction boom happening there. Really shows the influence a top research university can have on an area. 

[arcturus]

4 hours ago, Pattmost20 said:

Really shows the influence a top research university can have on an area. 

Any explanation as to why Elkhart-Goshen and Fort Wayne make the top 10? 

[Pattmost20]

1 hour ago, arcturus said:

Any explanation as to why Elkhart-Goshen and Fort Wayne make the top 10? 

Elkhart is deeply tied to the RV industry which has boomed over Covid. Not 100% on Fort Wayne, they have a couple sizable heath care networks, a decent presence from GM, and pretty affordable housing market.