Is East Lansing, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$280,000
$147/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in East Lansing was $280,000 in March 2024, up 5.5% from last year, and the median price per square foot was $147.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $93.5K | $106.1K | +13.5% |
2 Bedrooms | $166K | $189K | +13.9% |
3 Bedrooms | $260K | $272.6K | +4.9% |
4 Bedrooms | $314.9K | $362K | +15.0% |
5+ Bedrooms | $517.8K | $477.5K | -7.8% |
Summary: East Lansing housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.5%, 2 bedroom homes increased by 13.9%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 15%, and 5+ bedroom homes decreased by 7.8%.
Median Sold Price Compared To Nearby Cities
East Lansing | $265.5K | $280K | +5.5% |
Bath Charter Township | $322.1K | $338.9K | +5.2% |
Meridian Charter Township | $290.8K | $303K | +4.2% |
Lansing Charter Township | $140K | $144.9K | +3.6% |
Okemos | $350K | $357K | +2.0% |
Housing Supply in East Lansing, MI
How many homes are available in East Lansing, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
85 | 94 | +10.6% |
Summary: The East Lansing real estate market had 94 homes for sale in March 2024, a 10.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 4 | 0.0% |
2 Bedrooms | 17 | 17 | 0.0% |
3 Bedrooms | 28 | 34 | +21.4% |
4 Bedrooms | 21 | 26 | +23.8% |
5+ Bedrooms | 15 | 13 | -13.3% |
Summary: The East Lansing housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 21.4%, 4 bedroom homes increased by 23.8%, and 5+ bedroom homes decreased by 13.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
34 | 25 | -26.5% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Summary: A total of 25 homes were sold or pending in East Lansing in March 2024, down by 26.5% month-over-month. Of the 25 sold homes, 48% were sold under asking, 24% were sold at asking, and 28% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
37 Days | 21 Days | -42.7% |
Summary: Homes in East Lansing had an average of 21 days on market in Mar 2024, down by 42.7% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 25 homes were sold in East Lansing; 80% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.