First quarter 2024 sales statistics showed that the average sales price of Lansing area homes increased 13.8% from $217,376 at the end of the first quarter of 2023 to $247,308. This represents an average home value improvement of $29,927.

The fact that there were 121 fewer sales so far in 2024 (-11.1%) represents a lower number of homes being offered for sale with established homeowners reluctance to give up a 3.5% mortgage in order to enter into a now 7.17% mortgage on a different home.

The 13.9% increase in home value indicates strong buyer enthusiasm by those moving into the Lansing area and those able to adjust to higher mortgage rates. First time home buyers have been hit hard with the increased interest rates that require budgeting changes and higher down payments. Local lenders and the State of Michigan’s MSHDA program have offered relief with mortgage incentives that accommodate lower income buyers.

First Quarter 2024 Sales Statistics

Snapshot of current Lansing area sales entering into the Spring selling season:
Lansing Area Market View –May 1, 2024
 436 – currently listed homes for sale in the five county greater Lansing area.
 258 – homes with accepted offers. (Awaiting inspections and/or appraisal.)
 381 – homes listed as Pending. (Have completed inspections and will soon close.)
 1454 – homes that have closed since January 1, 2024. 

Current Mortgage interest rates 
  30-year fixed – 7.17% ($677 per $1000)
  15-year fixed – 6.44% ($868 per $1000)