Is Lansing, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lansing is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Lansing has remained a Seller's Market.

Key Takeaway

Lansing is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lansing, IL

How much do homes in Lansing, IL cost?

Median Sold Price

$191,500

$137/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$12,550(+7.0%)

Key Takeaway

Homes in Lansing have sold for 7% more than they did a year ago.

Summary: The median home sold price in Lansing was $191,500 in May 2024, up 7% from last year, and the median price per square foot was $137.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $47K$66K
+40.4%
2 $119K$127.5K
+7.1%
3 $189.7K$206.5K
+8.9%
4 $265K$249.7K
-5.8%
5+ $235K$287.7K
+22.4%

Summary: Lansing housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 40.4%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 8.9%, 4 bedroom homes decreased by 5.8%, and 5+ bedroom homes increased by 22.4%.

Median Sold Price Compared To Nearby Cities

Lynwood
+10.4%
Lansing
+7.0%
South Holland
+4.0%
Calumet City
-1.9%

Housing Supply in Lansing, IL

How many homes are available in Lansing, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
95108+13.7%

Summary: The Lansing real estate market had 108 homes for sale in May 2024, a 13.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 32
-33.3%
2 1923
+21.1%
3 5056
+12.0%
4 2222
0.0%
5+ 15
+400.0%

Summary: The Lansing housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 21.1%, 3 bedroom homes increased by 12%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 400%.

Number of Homes Sold

Apr 2024May 2024CHANGE
2920-31.0%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lansing, you could pay more than the asking price. 45% of homes here sold above asking price last month.

Summary: A total of 20 homes were sold or pending in Lansing in May 2024, down by 31.0% month-over-month. Of the 20 sold homes, 40% were sold under asking, 15% were sold at asking, and 45% were sold over asking.

Days on Market for Lansing, IL

How long does it take to sell a home in Lansing, IL?

Average Sale Time

May 2023May 2024CHANGE
47 Days43 Days-8.1%

Summary: Homes in Lansing had an average of 43 days on market in May 2024, down by 8.1% compared to last year.

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lansing are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 20 homes were sold in Lansing; 60% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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