Since 2010, home prices in Grand Rapids have risen at more than twice the pace of the national average, according to a recent report.
The report from Construction Coverage found the median price of a home in Grand Rapids increased by 87.2% over the last 10 years. The median home price nationwide rose by 42% over the same period.
Grand Rapids had the 21st highest increase in home prices among 118 midsized cities over the last 10 years. In the same category, San Bernardino, California, ranked No. 1 with a 132.8% increase in home prices over 10 years.
At the bottom of the list was Montgomery, Alabama, where home prices actually decreased by 9.9% in 10 years.
Summary of Grand Rapids data compared to national average
- Percentage change in median home price since 2010: 87.2% (42% nationally)
- Absolute change in median home price since 2010: $86,004 ($74,193)
- 2020 median home price: $184,662 ($250,736)
- 2010 median home price: $98,657 ($176,543)
- Median household income: $51,226 ($61,937)
To find the cities with the largest increase in home prices, researchers at Construction Coverage used data from Zillow to find the change in each city’s median home price between 2010 and 2020.
Cities were then ranked by their percentage change in median home price over that 10-year period. To improve relevance, cities were broken into three cohorts based on population. In the report, small cities have 100,000-149,999 residents, midsize cities have 150,000-349,999 residents and large cities have at least 350,000 residents.