Forbes Names Michigan City as Best Housing Market in the Country

Michigan may not be seen as a hot spot for great real estate, but one city in the Great Lake State was just recognized for having the best housing market in the U.S.


According to MLive.comForbes recently announced that Grand Rapids, MI, has the best real estate market in the country.Beautiful Home Exterior


While Grand Rapids won’t be confused with a tropical paradise any time soon, it does offer a plethora of perks for home buyers, including a flourishing economy. The city’s economy has grown by 3.9% in the past year alone, and its unemployment rate fell to just 3.1% in September.


Home prices in the area have increased by 33% over the past three years, but that still hasn’t stopped the local housing market from succeeding. In fact, the average price of a home in Grand Rapids is still just $154,348, about 22% below the national median price.


The U.S. housing market has been quite bullish since its most recent crash a few years ago, and industry experts expect to see more cities like Grand Rapids continue to grow in 2016. After June 2015 recorded the highest new home sales numbers is nearly a decade, July was not to be outdone, with sales rising even higher than the month before, according to RealEstate Business Intelligence.


Despite Forbes‘s positive endorsement of Grand Rapids, Realtor.com recently reported that the city wasn’t even in their “Top 20 Hottest U.S. Real Estate Markets.” On this list, sunny cities reigned supreme, with 12 of the 20 markets being located in California.


Forbes did have a similar bias towards warm-weather cities on the rest of its list, however, with seven of its top 20 markets being located in Florida. Orlando was listed as the second best housing market behind Grand Rapids.


To compile its list of the best U.S. housing markets, Forbes analyzed statistics compiled by Zillow.com and Local Market Monitor, a North Carolina-cased company that tracks different real estate factors in more than 300 markets across the country.

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