First quarter 2020 sales statistics show that the average sales price of Lansing area homes has increased from $168,498 for the same period in 2019 to $178,903. This is a 6.2% increase of $10,405. Average selling time is 1.5 months.

Check out our first 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.)

First Quarter 2020 Sales Statistics

Entering 2020, the Greater Lansing market continues to favor Seller’s with only 1087 available homes currently for sale. A balanced market, favoring neither buyer or seller, would be at between 2800 to 3200 units.

The sales volume is 6.1% higher but the number of available homes for 2020 is nearly identical to 2019. Low housing inventory has been the standard for the past six years.

Housing is not to blame for the COVID-19 recession, and in fact it will play a part in pulling the economy out of this recession. We expect a recovery in late summer, with pent-up demand creating a spring-like market in late summer and fall.