Grand Rapids-based Eastbrook Homes is building larger homes than in years past, including ones like this in the Saddle Ridge development in Algoma Township. Courtesy Eastbrook Homes
Realtor.com considers Grand Rapids to be one of the “hottest” housing markets in the country.
Following the “strongest spring in a decade” in the nation, Realtor.com said the Grand Rapids-Wyoming market is the 18th-hottest market as of June.
Detroit-Warren-Dearborn is 12th, and Ann Arbor is 17th.
Nationally, the median “age” of properties on realtor.com in June is expected to be 65 days, and the median home listing is $252,000, an 8-percent increase compared to last year.
By the time June is over, 525,000 new listings are expected across the country.
“The residential real estate market is showing no signs of slowing down as the summer begins,” Realtor.com Chief Economist Jonathon Smoke said. “Pent-up demand and the lowest mortgage rates we’ve seen in three years are continuing to move inventory at the fastest pace we’ve seen so far this recovery. Prices continue to rise at an above-average rate, but the lower mortgage rates are offsetting much of the effect of higher prices.
“While we are seeing a substantial amount of new listings come onto the market, it’s not enough to satisfy demand, as we continue to repeat the pattern of the last 22 months of having fewer homes for sale than we had the prior year.”
Top-20 “hottest markets”
1. Vallejo-Fairfield, California
2. San Francsico-Oakland-Hayward, California
3. Dallas-Fort Worth-Arlington, Texas
4. Stockton-Lodi, California
5. San Diego-Carlsbad, California
6. Santa Rosa, California
7. Denver-Aurora-Lakewood, Colorado
8. Sacramento-Roseville-Arden-Arcade, California
9. Modesto, California
10. Fort Wayne, Indiana
11. Columbus, Ohio
12. Detroit-Warren-Dearborn, Michigan
13. San Jose-Sunnyvale-Santa Clara, California
14. Kennewick-Richland, Washington
15. Santa Cruz-Watsonville, California
16. Eureka-Arcata-Fortuna, California
17. Ann Arbor, Michigan
18. Grand Rapids-Wyoming, Michigan
19. Boston-Cambridge-Newton, Massachusetts-New-Hampshire
20. Los Angeles-Long Beach-Anaheim, California