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 March 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

$185,162

$134/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$1,162(+0.6%)

Key Takeaway

Homes in Lansing have sold for 0.6% more than they did a year ago.

Summary: The median home sold price in Lansing was $185,162 in March 2024, up 0.6% from last year, and the median price per square foot was $134.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $49K$62K
+26.5%
2 $127.4K$125.3K
-1.6%
3 $191.6K$199.3K
+4.0%
4 $264.5K$248.2K
-6.1%
5+ $222.5K$284.7K
+28.0%

Summary: Lansing housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.5%, 2 bedroom homes decreased by 1.6%, 3 bedroom homes increased by 4%, 4 bedroom homes decreased by 6.1%, and 5+ bedroom homes increased by 28%.

Median Sold Price Compared To Nearby Cities

Lynwood
+15.0%
Lansing
+0.6%
South Holland
0.4%
Calumet City
-6.1%

Housing Supply in Lansing, IL

How many homes are available in Lansing, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
9799+2.1%

Summary: The Lansing real estate market had 99 homes for sale in March 2024, a 2.1% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 23
+50.0%
2 1619
+18.8%
3 5754
-5.3%
4 1822
+22.2%
5+ 41
-75.0%

Summary: The Lansing housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 18.8%, 3 bedroom homes decreased by 5.3%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes decreased by 75%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1720+17.6%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

7 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lansing, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 20 homes were sold or pending in Lansing in March 2024, up by 17.6% month-over-month. Of the 20 sold homes, 40% were sold under asking, 25% were sold at asking, and 35% 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

Mar 2023Mar 2024CHANGE
44 Days19 Days-55.9%

Summary: Homes in Lansing had an average of 19 days on market in Mar 2024, down by 55.9% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 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 March 2024, 20 homes were sold in Lansing; 90% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 10% 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 23 Days Ago

Newest Listings in Lansing, IL

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