Navigating the real estate market can feel overwhelming, especially with changing trends and fluctuating inventory. Whether you're planning to buy or sell, understanding the latest market dynamics is essential to making smart, timely decisions. This update offers key insights into Kent County, Michigan’s current housing trends—helping you stay informed and confident in your next move.
Market Conditions: A Seller’s Market Dominates
Kent County is currently in a seller’s market, indicated by a months of inventory level at just 1.23. This low inventory suggests limited housing supply, which tends to favor sellers by creating more competition among buyers. For buyers, this environment demands readiness—being pre-approved, flexible, and quick to act are key to success in securing a home.
Inventory Trends: Slight Dip but Signs of Growth
Inventory has decreased by 4% over the last month, but the 12-month trend shows a modest 2% increase. This suggests that while supply remains tight, there may be gradual relief ahead. Sellers can still benefit from the current scarcity, while buyers not in a rush may find better opportunities down the line as more listings become available.
Pricing Power: Homes Selling Above Asking
Homes in Kent County are selling at 103% of their list price, a clear indicator of strong demand and competitive offers. For sellers, this means the possibility of receiving full-price or even above-asking offers. Buyers, on the other hand, should expect competition and consider offering strategically above list price—especially for move-in-ready or well-located homes.
Speed of Sales: Fast-Paced Market
The median days on market is just six, underscoring how quickly homes are selling. Sellers should be ready for a fast turnaround, while buyers need to be decisive. Waiting even a day or two can mean missing out on desirable properties—timing and preparation are everything in this fast-moving environment.
Median Sold Price: Pricing Benchmark
With a median sold price of $372,700, both buyers and sellers gain a sense of current market expectations. Sellers can use this as a benchmark to competitively price their homes, while buyers can better plan their budgets and understand what kind of home their money will buy in today’s market.
Final Thoughts
Whether you're preparing to list your home or start your buying journey, staying informed is the first step toward success. The Kent County market is active and competitive, making it more important than ever to work with an experienced professional. For expert guidance tailored to your goals, reach out to us!
