The Lansing area real estate market continues to strongly favor sellers as we enter into the month of August.  Second quarter sales statistics show that the average sales price of Lansing area homes has increased $9,167 during the twelve months period between June 30, 2017 and June 30 2018.

Average Lansing Area home prices increase steadily
The average sales price of homes in the Greater Lansing area has risen 5.9% from $156,251 at the end of June 2017 to $165,418 in June 2018.  Check out our Second Quarter Sales Statistics Link (below) for an update 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 2018 Sales Statistics

Low inventory resulted in homes selling quickly during past six months
As of the July 27th, the number of available homes for sale is in the Greater Lansing market continues to be below 1500 units. This low volume has been a standard for the past three and a half years. A balanced market, favoring neither buyer or seller, would be at between 3000 to 3400 units.

The inventory Absorption Rate, the average time it takes to sell a home, has dropped from 2.8 months to 2.4 months. Absorption rate varies by community and price range.