Is East Lansing, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, East Lansing has remained a Seller's Market.
Key Takeaway
East Lansing is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in East Lansing, MI
How much do homes in East Lansing, MI cost?
Median Sold Price
$289,931
$152/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in East Lansing have sold for 9.2% more than they did a year ago.
Summary: The median home sold price in East Lansing was $289,931 in May 2024, up 9.2% from last year, and the median price per square foot was $152.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $97.5K | $104.7K | +7.4% |
| 2 Bedrooms | $169.2K | $195K | +15.2% |
| 3 Bedrooms | $262K | $280K | +6.9% |
| 4 Bedrooms | $315K | $364.5K | +15.7% |
| 5+ Bedrooms | $553K | $477.5K | -13.7% |
Summary: East Lansing housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.4%, 2 bedroom homes increased by 15.2%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes decreased by 13.7%.
Median Sold Price Compared To Nearby Cities
| Meridian Charter Township | $284.9K | $315.1K | +10.6% |
| East Lansing | $265.4K | $289.9K | +9.2% |
| Okemos | $344.2K | $373.7K | +8.6% |
| Lansing Charter Township | $137.5K | $149.1K | +8.4% |
| Bath Charter Township | $328.6K | $349.9K | +6.5% |
Housing Supply in East Lansing, MI
How many homes are available in East Lansing, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 121 | 150 | +24.0% |
Summary: The East Lansing real estate market had 150 homes for sale in May 2024, a 24.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 23 | 27 | +17.4% |
| 3 Bedrooms | 52 | 62 | +19.2% |
| 4 Bedrooms | 31 | 38 | +22.6% |
| 5+ Bedrooms | 13 | 19 | +46.2% |
Summary: The East Lansing housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 17.4%, 3 bedroom homes increased by 19.2%, 4 bedroom homes increased by 22.6%, and 5+ bedroom homes increased by 46.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 48 | +17.1% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in East Lansing, you could pay more than the asking price. 47.9% of homes here sold above asking price last month.
Summary: A total of 48 homes were sold or pending in East Lansing in May 2024, up by 17.1% month-over-month. Of the 48 sold homes, 17% were sold under asking, 35% were sold at asking, and 48% were sold over asking.
Days on Market for East Lansing, MI
How long does it take to sell a home in East Lansing, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 21 Days | -34.4% |
Summary: Homes in East Lansing had an average of 21 days on market in May 2024, down by 34.4% compared to last year.
Breakdown of Home Sale Times
44 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in East Lansing are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 48 homes were sold in East Lansing; 92% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Listing information is provided in part by the IDX Program of the MLS of the Greater Lansing Association of REALTORS®. IDX information is provided exclusively for Consumers' personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties Consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.