Grand Rapids, MI 49506 Real Estate Market Report

ZIP Code: 49506
Report Date: April 2026
Market Temperature: HOT
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

The real estate market in Grand Rapids, MI (49506) is currently characterized by a median sold price of $353,000, reflecting a competitive environment driven by steady demand. The neighborhood has increased 15% since 2023, indicating robust appreciation in property values. This upward trend in sold prices suggests a strong market position, despite the challenges posed by elevated inventory levels.

Transaction activity appears moderate, with 231 median days on market signaling slower sales velocity. The current market conditions, marked by $429,000 median listing price, indicate a notable gap between seller expectations and actual sales prices, which may suggest pricing friction. Overall, the market remains hot, supported by a resilient local economy and steady rental demand, with $1,930 median market rent reflecting ongoing interest in rental properties.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Hot market indicates strong buyer demand with limited inventory, typically characterized by rising prices, quick sales (low days on market), and inventory levels below historical averages.

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Key Findings

1. $353,000 median sold price indicates strong market performance and reflects recent appreciation.

2. 231 median days on market suggests slower sales velocity, indicating potential pricing friction.

3. $429,000 median listing price reveals a significant gap compared to sold prices, which may affect buyer perceptions.

4. Market temperature is classified as hot, suggesting continued demand and competitive conditions.

5. $1,930 median market rent demonstrates steady rental demand, supporting overall market stability.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.