Average home prices have continued to rise as shown by third-quarter (July – September) sales results. Mortgage rates are currently at 3.09% making it easy for buyers to make extremely competitive offers for the few available home choices. Through July, August and September, sellers continued to receive 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 third quarter 2021 sales statistics, the average sales price of Lansing area homes increased from $194,103 at the end of September 2020 to $213,401 on September 30, 2021. This is a 9.1% increase and represents an average home value increase of $19,298. 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 Third 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.)
Third Quarter 2021 Sales Statistics
Market View – October 28, 2021
• A strong seller’s market continues through the month of October.
• 675 homes listed for sale in the five county greater Lansing area.
• 413 homes have accepted offers, awaiting inspections .
• 617 home are listed as Pending. Have completed inspections and will soon close.