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 April 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

$188,487

$136/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$8,287(+4.6%)

Key Takeaway

Homes in Lansing have sold for 4.6% more than they did a year ago.

Summary: The median home sold price in Lansing was $188,487 in April 2024, up 4.6% from last year, and the median price per square foot was $136.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $47K$62K
+31.9%
2 $126K$126K
0.0%
3 $190K$205K
+7.9%
4 $264.9K$249.5K
-5.8%
5+ $237.5K$285.1K
+20.0%

Summary: Lansing housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 31.9%, 2 bedroom homes did not change, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 5.8%, and 5+ bedroom homes increased by 20%.

Median Sold Price Compared To Nearby Cities

Lynwood
+12.0%
Lansing
+4.6%
South Holland
+1.3%
Calumet City
-1.3%

Housing Supply in Lansing, IL

How many homes are available in Lansing, IL?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
95104+9.5%

Summary: The Lansing real estate market had 104 homes for sale in April 2024, a 9.5% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 33
0.0%
2 1920
+5.3%
3 5253
+1.9%
4 2027
+35.0%
5+ 11
0.0%

Summary: The Lansing housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 1.9%, 4 bedroom homes increased by 35%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
2428+16.7%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

14 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. 50% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in Lansing in April 2024, up by 16.7% month-over-month. Of the 28 sold homes, 29% were sold under asking, 21% were sold at asking, and 50% 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

Apr 2023Apr 2024CHANGE
42 Days48 Days+15.5%

Summary: Homes in Lansing had an average of 48 days on market in Apr 2024, up by 15.5% compared to last year.

Breakdown of Home Sale Times

14 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

6 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 April 2024, 28 homes were sold in Lansing; 50% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 21% 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 25 Days Ago

Newest Listings in Lansing, IL

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