Is East Lansing, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, East Lansing has remained a Seller's Market.
Housing Prices in East Lansing, MI
How much do homes in East Lansing, MI cost?
Median Sold Price
$284,000
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in East Lansing was $284,000 in April 2024, up 5.6% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $92.2K | $106.1K | +15.1% |
2 Bedrooms | $166K | $188.5K | +13.6% |
3 Bedrooms | $264.1K | $275K | +4.1% |
4 Bedrooms | $315K | $364K | +15.6% |
5+ Bedrooms | $544K | $480K | -11.8% |
Summary: East Lansing housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.1%, 2 bedroom homes increased by 13.6%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes decreased by 11.8%.
Median Sold Price Compared To Nearby Cities
Bath Charter Township | $324.9K | $350K | +7.7% |
Meridian Charter Township | $290.2K | $308.3K | +6.2% |
East Lansing | $268.9K | $284K | +5.6% |
Okemos | $348.5K | $364K | +4.4% |
Lansing Charter Township | $139.9K | $145.9K | +4.3% |
Housing Supply in East Lansing, MI
How many homes are available in East Lansing, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
98 | 123 | +25.5% |
Summary: The East Lansing real estate market had 123 homes for sale in April 2024, a 25.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 2 | -50.0% |
2 Bedrooms | 16 | 21 | +31.3% |
3 Bedrooms | 36 | 52 | +44.4% |
4 Bedrooms | 29 | 33 | +13.8% |
5+ Bedrooms | 13 | 15 | +15.4% |
Summary: The East Lansing housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 31.3%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes increased by 15.4%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
29 | 37 | +27.6% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Summary: A total of 37 homes were sold or pending in East Lansing in April 2024, up by 27.6% month-over-month. Of the 37 sold homes, 16% were sold under asking, 30% were sold at asking, and 54% were sold over asking.
Days on Market for East Lansing, MI
How long does it take to sell a home in East Lansing, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
28 Days | 17 Days | -40.0% |
Summary: Homes in East Lansing had an average of 17 days on market in Apr 2024, down by 40% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 37 homes were sold in East Lansing; 84% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.