End of year 2023 sales statistics showed that the average sales price of Lansing area homes increased 4.6% from $229,554 at the close of 2022 to $240,208. This represents an average home value improvement of $10,654.

Fourth Quarter 2023 Sales Statistics

The fact that there were 979 fewer sales in 2023 (-14.8%) represents a lower number of homes being offered for sale…established homeowners are reluctance to give up a 3.5% mortgage in order to enter into a now 6.9% mortgage on a different home.

Buyer enthusiasm has been strong, especially for those who have recently sold a home and/or are moving into the Lansing area. 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.

Just about any properly priced home has been receiving multiple offers within a few days.
Price reductions occurring only with overpriced homes.

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

Current Mortgage interest rates 
  30-year fixed – 6.9% ($659 per $1000)
  15-year fixed – 6.29% ($860 per $1000)