Home prices will almost certainly continue to rise through 2021, primarily due to limited supply and strong demand. Mortgage rates remain at only a little above 3% making it easy for buyers to make extremely competitive offers for very few available home choices. Sellers receiving offers exceeding the listing price are often given an “appraisal guarantee” assuring that the buyer will provide additional, out-of-pocket, funds for the closing of the purchase.
According to First quarter 2021 sales statistics, the average sales price of Lansing area homes has increased from $178,903 at the end of March 2020 to $200,743 on March 31, 2021. This is a 12.2% increase and represents an average home value increase of $21,840. Average selling time for many homes is less than one month. These figures include all sales through the Greater Lansing Association of Realtors.
Check out our Fourth Quarter Sales Statistics Link (below) for an update of sales activity by community. (Please note that pending sales, properties under contract that have not yet closed, are not factored into these statistics.)
First Quarter 2021 Sales Statistics
Market View – April 27, 2021
– A strong seller’s market continues as we enter the Spring selling season.
– Only 320 homes listed for sale in the five county greater Lansing area.
– 332 homes have accepted offers, awaiting inspections .
– 600 home are listed as Pending. Have completed inspections and will soon close.