Is Lansing, MI 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 February 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, MI

How much do homes in Lansing, MI cost?

Median Sold Price

$144,933

$112/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$5,446(+3.9%)

Key Takeaway

Homes in Lansing have sold for 3.9% more than they did a year ago.

Summary: The median home sold price in Lansing was $144,933 in February 2024, up 3.9% from last year, and the median price per square foot was $112.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $58K$60.2K
+3.9%
2 $91.2K$104.9K
+15.1%
3 $148.6K$153.5K
+3.3%
4 $199.9K$208.8K
+4.4%
5+ $215K$330K
+53.5%

Summary: Lansing housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.9%, 2 bedroom homes increased by 15.1%, 3 bedroom homes increased by 3.3%, 4 bedroom homes increased by 4.4%, and 5+ bedroom homes increased by 53.5%.

Median Sold Price Compared To Nearby Cities

East Lansing
+9.1%
Delhi Charter Township
+6.9%
Lansing
+3.9%
Delta Charter Township
+3.8%
Lansing Charter Township
+2.1%

Housing Supply in Lansing, MI

How many homes are available in Lansing, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
439503+14.6%

Summary: The Lansing real estate market had 503 homes for sale in February 2024, a 14.6% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 89
+12.5%
2 128134
+4.7%
3 214260
+21.5%
4 7180
+12.7%
5+ 1820
+11.1%

Summary: The Lansing housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 21.5%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
107129+20.6%

Asking Price vs. Sold Price

53 Homes Were Sold
Under Asking

27 Homes Were Sold
At Asking

49 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. 41.1% of homes here sold below asking price last month.

Summary: A total of 129 homes were sold or pending in Lansing in February 2024, up by 20.6% month-over-month. Of the 129 sold homes, 41% were sold under asking, 21% were sold at asking, and 38% were sold over asking.

Days on Market for Lansing, MI

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

Average Sale Time

Feb 2023Feb 2024CHANGE
40 Days37 Days-6.2%

Summary: Homes in Lansing had an average of 37 days on market in Feb 2024, down by 6.2% compared to last year.

Breakdown of Home Sale Times

83 Homes Were Sold
Under 30 Days

26 Homes Were Sold
In 30 - 90 Days

20 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 February 2024, 129 homes were sold in Lansing; 64% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 16% 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 27 Days Ago

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