Is Lansing, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$149,910
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lansing have sold for 7.5% more than they did a year ago.
Summary: The median home sold price in Lansing was $149,910 in May 2024, up 7.5% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $57.5K | $75K | +30.4% |
| 2 Bedrooms | $97K | $109.9K | +13.3% |
| 3 Bedrooms | $148.9K | $157.4K | +5.8% |
| 4 Bedrooms | $199.4K | $215K | +7.8% |
| 5+ Bedrooms | $260K | $313.7K | +20.7% |
Summary: Lansing housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 30.4%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 20.7%.
Median Sold Price Compared To Nearby Cities
| Delhi Charter Township | $247.1K | $280.5K | +13.5% |
| East Lansing | $265.4K | $289.9K | +9.2% |
| Delta Charter Township | $253.1K | $275K | +8.6% |
| Lansing Charter Township | $137.5K | $149.1K | +8.4% |
| Lansing | $139.4K | $149.9K | +7.5% |
Housing Supply in Lansing, MI
How many homes are available in Lansing, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 540 | 595 | +10.2% |
Summary: The Lansing real estate market had 595 homes for sale in May 2024, a 10.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 9 | -25.0% |
| 2 Bedrooms | 146 | 168 | +15.1% |
| 3 Bedrooms | 254 | 271 | +6.7% |
| 4 Bedrooms | 105 | 121 | +15.2% |
| 5+ Bedrooms | 23 | 26 | +13.0% |
Summary: The Lansing housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 15.1%, 3 bedroom homes increased by 6.7%, 4 bedroom homes increased by 15.2%, and 5+ bedroom homes increased by 13%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 175 | 193 | +10.3% |
Asking Price vs. Sold Price
65 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
106 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lansing, you could pay more than the asking price. 54.9% of homes here sold above asking price last month.
Summary: A total of 193 homes were sold or pending in Lansing in May 2024, up by 10.3% month-over-month. Of the 193 sold homes, 34% were sold under asking, 11% were sold at asking, and 55% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 32 Days | 22 Days | -29.2% |
Summary: Homes in Lansing had an average of 22 days on market in May 2024, down by 29.2% compared to last year.
Breakdown of Home Sale Times
158 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lansing are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 193 homes were sold in Lansing; 82% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.