Is Lansing, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Lansing has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $58K | $60.2K | +3.9% |
2 Bedrooms | $91.2K | $104.9K | +15.1% |
3 Bedrooms | $148.6K | $153.5K | +3.3% |
4 Bedrooms | $199.9K | $208.8K | +4.4% |
5+ Bedrooms | $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 | $260K | $283.6K | +9.1% |
Delhi Charter Township | $252.6K | $270K | +6.9% |
Lansing | $139.4K | $144.9K | +3.9% |
Delta Charter Township | $259.9K | $269.7K | +3.8% |
Lansing Charter Township | $139.9K | $142.8K | +2.1% |
Housing Supply in Lansing, MI
How many homes are available in Lansing, MI?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
439 | 503 | +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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 9 | +12.5% |
2 Bedrooms | 128 | 134 | +4.7% |
3 Bedrooms | 214 | 260 | +21.5% |
4 Bedrooms | 71 | 80 | +12.7% |
5+ Bedrooms | 18 | 20 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
107 | 129 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
40 Days | 37 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
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.