Greater Grand Rapids October Market Update: A Steady Transition Into Winter

Prices hold firm as inventory expands and the market begins to balance.

As the first snow of the season settles over Greater Grand Rapids, the local housing market is showing signs of gradual adjustment rather than decline. October’s data reflects a community that continues to experience steady demand, modest price growth, and increasing inventory — indicators of a market finding equilibrium after several years of intense activity.

Market Overview

The average sale price in October climbed to $389,000, marking a 2.9% increase compared to the same month last year. While this growth rate is more moderate than the double-digit surges of 2021 and 2022, it demonstrates a stable and resilient market even as mortgage rates remain elevated.

Inventory levels rose to 1,540 active listings, up nearly 13.7% year over year. For the first time in months, buyers are beginning to see a few more options — though still well below pre-pandemic norms. This bump in available homes suggests sellers who waited through the summer may now be testing the market before year-end.

Homes are spending more time on the market, averaging 30 days before going under contract. That’s about a 15% increase from a year ago, a reflection of both seasonal cooling and a more deliberate pace among buyers. Despite that shift, sellers continue to achieve an average of 98% of their list price, underscoring that properly priced homes remain in demand.

What These Numbers Tell Us

The gradual increase in inventory paired with stable prices paints a picture of balance rather than slowdown. Buyer demand remains healthy, driven by job stability, population growth, and limited new construction. At the same time, higher borrowing costs have tempered the rapid bidding wars seen in recent years, creating opportunities for buyers who value patience and preparation.

For sellers, the message is clear: pricing and presentation matter more than ever. With more homes on the market, buyers are comparing properties closely. Homes that are clean, well-maintained, and accurately priced continue to attract strong offers. Those that overshoot the market tend to linger, leading to price reductions that ultimately affect net proceeds.

From a historical standpoint, October’s trends align with the broader normalization taking place across West Michigan. The region remains affordable relative to national averages, and local economic fundamentals — low unemployment, a diverse job base, and strong school districts — continue to support long-term housing demand.

Looking Ahead

Heading into the winter months, expect the market to stay active but measured. Inventory typically dips in late November and December, though motivated buyers remain engaged, often hoping to secure a home before the spring rush. Sellers listing during this period can benefit from less competition and more serious inquiries.

If mortgage rates ease slightly, as many forecasts suggest, pent-up demand could re-emerge quickly in early 2026. Homeowners considering a move in the next six months may want to begin preparing now — refreshing interiors, scheduling professional photos, and consulting on pricing strategy before the new year begins.

A Note for Homeowners and Buyers

Understanding these shifts is key to making smart, informed decisions in a changing market. Whether you’re planning to sell, buy, or simply evaluate your property’s value, having local insight matters.

If you’d like a detailed analysis of your neighborhood or guidance on timing your next move, I’d be glad to provide personalized data and strategy.

Josh McCrackenAssociate Broker, Greenridge Realty Helping you navigate your next move with clarity and confidence.