Grand Rapids, MI, Emerges as a Go-To 'Refuge' Market for Cost-Savvy Homebuyers

"Once again, Grand Rapids is gaining attention as a budget-friendly metro. The Realtor.com® November 2025 Housing Trends Report shows the areas as a continuing, emerging example of how today's buyers are adapting to higher financing costs and limited affordability. The report highlights a national market defined by slowing momentum, soft buyer activity, and rising delistings-all conditions nudging shoppers toward lower-priced metros now known as refuge markets."

"Grand Rapids posted a median list price of $389,900 in November, up 4.0% from last year. Price per square foot rose 5.5% during the same period, sharply outperforming the U.S. average, where PPSF fell 1.0% year-over-year. Since 2022, Grand Rapids has also seen 15.4% PPSF growth, compared with a national decline of 2.2%. These gains place the metro squarely within the report's group of refuge markets-traditionally affordable places still seeing meaningful demand despite nationwide affordability challenges."

"The closest market with similar dynamics is Milwaukee, which recorded a 4.2% PPSF increase year-over-year and 21.0% growth since 2022. Both metros offer relative affordability compared to larger Midwestern hubs, but Grand Rapids stands out for its more moderate price point and stronger year-over-year price trend. As for inventory, active listings increased 3.2% year-over-year, while new listings jumped 10.8%. Homes sold two days faster than last November,"

Grand Rapids registers a November median list price of $389,900, up 4.0% year-over-year. Price per square foot rose 5.5% year-over-year and 15.4% since 2022, outperforming national PPSF trends. Active listings increased 3.2% and new listings jumped 10.8%, while homes sold two days faster than the prior November. Milwaukee shows similar PPSF gains, but Grand Rapids combines a more moderate price point with stronger recent price momentum. Nationally, list prices softened, buyer activity slowed, and delistings rose, shifting demand toward lower-priced refuge metros.

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