Real Estate

Grand Rapids is No. 6 'smaller' metro 'poised to skyrocket'

May 15, 2018
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Michigan Street
The mixed-used Orange building by Third Coast Development stands along Medical Mile on Michigan Street NE in downtown Grand Rapids. Photo by Pat Evans

Realtor.com says Grand Rapids ranks among the top 10 “smaller” metros in the country that are about to “hit it big.”

Grand Rapids ranks No. 6 in a ranking of “The Next Urban Powerhouses: 10 Smaller Cities Poised to Skyrocket,” which was posted by realtor.com last week.

The national real estate website attributes the metro's growth to its thriving health care industry and craft beer scene.

“Its Medical Mile is a hotbed of clinical, research and educational activity,” the post says. “And, like others on this list, this city boasts a flourishing craft beer scene, clearly an essential component in incipient urban hotness.”

Realtor.com also highlights several key data points on the Grand Rapids metro market: the median home list price rose 15.6 percent year over year as of April 1; the market has a median home list price of $288,950; and a population of 1,028,173.

The ranking was based on a range of data: housing price appreciation from realtor.com; five-year population trends; income growth; number of building permits from the U.S. Census Bureau; economic statistics from the U.S. Bureau of Labor Statistics; and number of cultural amenities from Yelp, Google and the Census Bureau.

“10 Smaller Cities Poised to Skyrocket”

1.   Salisbury, Maryland
2.   Lafayette, Louisiana
3.   Myrtle Beach, South Carolina
4.   Gulfport, Mississippi
5.   Winston-Salem, North Carolina
6.   Grand Rapids
7.   Knoxville, Tennessee
8.   Daytona Beach, Florida
9.   Ogden, Utah
10. Worcester, Massachusetts

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