The housing market in Grand Rapids continues to see strong price appreciation, with values up 16.1% compared to last year. Home prices have decreased 5.8% in the past month. With 2.5 months of supply, Grand Rapids's inventory levels remain relatively tight. Homes are now taking an average of 150 days to sell, significantly longer than the 42 days typical for this market. A significant 30.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 50.0% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Grand Rapids market with the affordability index at 97.5. Based on current market indicators, home prices in Grand Rapids are projected to decrease by approximately 4.5% over the next month.