Home prices have continued to rise as we’re half way through 2021. Mortgage rates are currently at 2.78% making it easy for buyers to make extremely competitive offers for very few available home choices. Through May, June and July, sellers have been receiving offers exceeding the listing price and 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 second quarter 2021 sales statistics, the average sales price of Lansing area homes has increased from $188,150 at the end of June 2020 to $209,089 on June 31, 2021. This is a 11.1% increase and represents an average home value increase of $20,939. 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 Second 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.)
Second Quarter 2021 Sales Statistics
Market View – July 29, 2021
• A strong seller’s market continued through the month of July.
• 688 homes listed for sale in the five county greater Lansing area.
• 355 homes have accepted offers, awaiting inspections .
• 599 home are listed as Pending. Have completed inspections and will soon close.