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Home Sellers Are Turning Huge Profits in Grand Rapids, MI

24/7 Wall St. logo 24/7 Wall St. 12/8/2021 Samuel Stebbins

© Provided by 24/7 Wall St. Home values are rising at historic rates in the United States. The median home price hit an all time high of $310,500 in the third quarter of 2021, 16% higher than it was the same period the previous year, according to ATTOM Data Solutions, a real estate and property data provider.

Surging home values are partially a product of growing demand, which is fueled in part by low mortgage rates. These conditions have created a seller's market unlike anything seen in recent memory. Nationwide, the profit margin -- the change between purchase and resale prices -- on median-priced single-family homes sold in the third quarter was 47.6%, equivalent to a profit of $100,178. In many cities across the country, third quarter profit margins eclipsed the national median by a wide margin.

In the Grand Rapids-Wyoming metro area, located in Michigan, the typical home sale in the third quarter of 2021 generated a 70.0% profit for the seller -- the 14th highest profit margin among U.S. metro areas considered. In dollar terms, the typical area home sold for $105,000 more than it was purchased for.

As is the case nationwide, the area's high profit margins have been fueled by a historic surge in home values. The typical home in the Grand Rapids-Wyoming metro area sold for $255,000 in the third quarter of 2021, up 2.4% from the median sale price of $249,000 the previous quarter and up 13% from the median sale price of $224,900 in the third quarter of 2020.


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All data in this story was provided by ATTOM Data Solutions. All U.S. metro areas with populations of at least 200,000 and at least 1,000 single-family home and condo sales in Q3 2021 were considered.

 
Rank Metro area Median homesale profit, Q3 2021 (%) Median homesale profit, Q3 2021 ($) Median homesale price, Q3 2021 ($)
1 Boise City, ID 130.3 251,989 445,313
2 Bellingham, WA 105.6 273,500 530,500
3 Claremont-Lebanon, NH-VT 93.8 136,783 281,917
4 Spokane-Spokane Valley, WA 87.7 171,001 369,000
5 Prescott, AZ 84.7 188,000 410,000
6 Stockton-Lodi, CA 80.4 225,000 504,500
7 Seattle-Tacoma-Bellevue, WA 72.8 267,500 637,100
8 Lake Havasu City-Kingman, AZ 72.1 129,907 310,000
9 Utica-Rome, NY 72.0 67,000 160,000
10 Ogden-Clearfield, UT 71.8 176,944 425,000
11 San Jose-Sunnyvale-Santa Clara, CA 71.0 515,000 1,240,000
12 Austin-Round Rock, TX 70.9 192,656 465,000
13 Erie, PA 70.5 62,000 150,000
14 Grand Rapids-Wyoming, MI 70.0 105,000 255,000
15 Port St. Lucie, FL 69.4 125,000 303,418
16 Kennewick-Richland, WA 68.6 152,550 375,000
17 Flint, MI 68.5 68,500 168,250
18 Detroit-Warren-Dearborn, MI 68.0 87,000 215,000
19 Raleigh, NC 67.0 143,250 357,000
20 Reno, NV 66.7 190,000 475,000
21 Olympia-Tumwater, WA 65.9 180,742 455,000
22 Durham-Chapel Hill, NC 65.2 138,500 351,000
23 Athens-Clarke County, GA 65.2 104,550 265,000
24 Green Bay, WI 65.0 90,600 230,000
25 Salt Lake City, UT 64.8 180,874 459,900
26 Provo-Orem, UT 64.7 181,880 463,199
27 Manchester-Nashua, NH 63.8 150,000 385,000
28 Rochester, NY 63.8 70,100 180,000
29 San Francisco-Oakland-Hayward, CA 63.6 388,000 995,000
30 Modesto, CA 62.7 160,000 415,000
31 Palm Bay-Melbourne-Titusville, FL 62.4 111,000 289,000
32 Cape Coral-Fort Myers, FL 62.2 117,000 304,000
33 Tampa-St. Petersburg-Clearwater, FL 62.1 114,900 300,000
34 Merced, CA 62.0 138,000 365,000
35 Pittsburgh, PA 61.9 65,000 170,000
36 Kingsport-Bristol-Bristol, TN-VA 61.8 66,700 174,700
37 Sacramento--Roseville--Arden-Arcade, CA 61.6 199,000 525,000
38 Phoenix-Mesa-Scottsdale, AZ 61.3 150,100 395,204
39 Riverside-San Bernardino-Ontario, CA 60.8 185,500 490,000
40 Scranton--Wilkes-Barre--Hazleton, PA 60.3 53,400 142,000
 
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