The residential real estate market continues to remain tight in Grand Rapids, with an inventory that has decreased 61.9 percent during the past five years.
A study by Trulia found the Grand Rapids “trade-up” home inventory dropped 74.3 percent and “starter homes” dropped 70.5 percent, the most in the nation in each category. Home-for-sale inventory levels nationwide are at their lowest point since the industry began to recover from the Great Recession in 2012.
In February, the Grand Rapids area had 1,274 active residential listings, down 7.9 percent from last year, and more than 600 sales closed the same month, according to Ryan Ogle, broker and owner of Blu House Properties. Listings are at historic lows