Second Quarter 2023 sales statistics (April- June) showed that the average sales price of Lansing area homes increased from $230,299 to $234,818 as compared to the second quarter of 2022. This 2% represents an average home value increase of $4,519 for homes sold during those three months. The fact that there were 535 fewer sales in 2023 (-16.5%) does not represent a decline in Lansing area sales activity.  (These figures include all sales throughout the Greater Lansing Association of Realtors.)

Second Quarter 2023 Sales Statistics

Sales prices have been increasing steadily while the annual number of sold units has been decreasing each year. The 16.5% reduction in total number of home sales thus far this year has been caused was by the low number of homes being offered for sale…not from any lack of enthusiasm on the part of buyer. Just about any properly priced home will receive multiple offers and be off the market within a few days. For sellers, there is a serious reluctance to give up a 3.5% mortgage in order to enter into a 7% mortgage on a different home. This, and unstable economic conditions is the main reason is the low number of homes to choose from.

Spring and Summer sales have been brisk and show no sign of slowing as we move into August. Traditionally, sale begin to slow as we approach Labor Day.

Lansing Area Market View – August 1, 2023
 550 – currently listed homes for sale in the five county greater Lansing area.
 258 – homes with accepted offers. (Awaiting inspections and/or appraisal.)
 340 – homes listed as Pending. (Have completed inspections and will soon close.)
 3168 – homes that have closed since January 1, 2023. 

Current Mortgage interest rates
  30-year fixed – 6.81% ($6.53 per $1000)
  15-year fixed – 6.11% ($8.50 per $1000)