Grand Rapids’ housing market appears to be cooling rapidly going into 2020.
Realtor.com for the past few years has ranked the Grand Rapids-Wyoming market among the “hottest” housing markets in the country, but the national home search platform recently ranked Grand Rapids No. 88 out of the 100 largest metros in the country.
Realtor.com predicted a median home price in the Grand Rapids market of $197,000 for 2020, along with a 4.2% decrease in sales and a 0.2% increase in price.
Boise, Idaho is the No. 1 housing market, with a predicated median home price of $295,000, a sales increase of 0.3% and a price increase of 8.1%.
At the bottom of the list is Las Vegas-Henderson-Paradise, Nevada, with a predicted median home price of $300,000, a sales decrease of 9.5% and a price decrease of 1.1%.
In the top 10 markets, year-over-year home sales are expected to increase by 2.4% and prices by 3.1%. This is in contrast to a 1.8% decrease in home sales and a 0.8% increase in sales prices nationwide, according the Realtor.com’s 2020 housing forecast.
"Many of the markets on this year's list are late bloomers in the current housing cycle, meaning they still have plenty of inventory and prices are within reach — a rare combination in recent years," said George Ratiu, senior economist, Realtor.com.
"Additionally, a number of the top markets in 2020 are welcoming an influx of buyers from nearby large cities that have become crowded, expensive and lack sufficient inventory."
The Grand Rapids-Wyoming market was previously among the “hottest” housing markets in the country, according to previous Business Journal reports.
Based on a Realtor.com report from May 2018, Grand Rapids ranked No. 9 in the country, coming up from No. 25 in April the same year.
Grand Rapids-Wyoming also ranked as the No. 18 “hottest” housing market in a Realtor.com report from June 2016.
Top 10 housing markets in 2020
1. Boise, Idaho
2. McAllen-Edinburg-Mission, Texas
3. Tucson, Arizona
4. Chattanooga, Tennessee
5. Columbia, South Carolina
6. Rochester, New York
7. Colorado Springs, Colorado
8. Winston-Salem, North Carolina
9. Charleston-North Charleston, South Carolina
10. Memphis, Tennessee
Rankings are based on the combined yearly percentage growth in both home sales and prices expected in 2020 among the top 100 largest markets in the country, per Realtor.com’s metro housing forecast.