Is 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, Lansing has remained a Seller's Market.
Housing Prices in Lansing, MI
How much do homes in Lansing, MI cost?
Median Sold Price
$145,141
$113/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Lansing was $145,141 in March 2024, up 3.7% from last year, and the median price per square foot was $113.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $57.5K | $60K | +4.3% |
2 Bedrooms | $93.9K | $105.8K | +12.7% |
3 Bedrooms | $149.9K | $155K | +3.4% |
4 Bedrooms | $199.2K | $210K | +5.4% |
5+ Bedrooms | $218.5K | $333K | +52.4% |
Summary: Lansing housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.3%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 5.4%, and 5+ bedroom homes increased by 52.4%.
Median Sold Price Compared To Nearby Cities
Delhi Charter Township | $250.8K | $273K | +8.8% |
East Lansing | $265.5K | $280K | +5.5% |
Delta Charter Township | $259.9K | $270K | +3.9% |
Lansing | $140K | $145.1K | +3.7% |
Lansing Charter Township | $140K | $144.9K | +3.6% |
Housing Supply in Lansing, MI
How many homes are available in Lansing, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
492 | 511 | +3.9% |
Summary: The Lansing real estate market had 511 homes for sale in March 2024, a 3.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 9 | 11 | +22.2% |
2 Bedrooms | 132 | 135 | +2.3% |
3 Bedrooms | 255 | 256 | 0.4% |
4 Bedrooms | 77 | 86 | +11.7% |
5+ Bedrooms | 19 | 23 | +21.1% |
Summary: The Lansing housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 2.3%, 3 bedroom homes increased by 0.4%, 4 bedroom homes increased by 11.7%, and 5+ bedroom homes increased by 21.1%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
144 | 133 | -7.6% |
Asking Price vs. Sold Price
47 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
64 Homes Were Sold
Over Asking
Summary: A total of 133 homes were sold or pending in Lansing in March 2024, down by 7.6% month-over-month. Of the 133 sold homes, 35% were sold under asking, 17% were sold at asking, and 48% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
29 Days | 15 Days | -47.4% |
Summary: Homes in Lansing had an average of 15 days on market in Mar 2024, down by 47.4% compared to last year.
Breakdown of Home Sale Times
111 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During March 2024, 133 homes were sold in Lansing; 83% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.