Understanding home values is essential for anyone looking to buy or sell a property in Lansing, Michigan. As a vibrant city rooted in the middle of the Mitten State, Lansing offers a diverse real estate market with a range of housing options to suit various preferences and budgets. Whether you’re a prospective buyer seeking your dream home or a homeowner considering selling your property, having a clear understanding of Lansing’s home prices and values can help you make informed decisions and navigate the real estate market with confidence.
Understanding Home Prices in Lansing, Michigan
Home prices in Lansing, Michigan, are influenced by various factors that shape the local real estate market. Factors such as location, property size, condition, amenities, and market demand all play a role in determining home prices. Lansing’s Capital District, its thriving downtown area, and its local art and music scene contribute to its desirability and can impact property values. Additionally, the type of property, such as single-family homes, condominiums, or townhouses, will also affect pricing.
Market Overview
According to Zillow, the average Lansing home value is $145,039, down 50.1% over the past year, and goes to pending in around 10 days. (Data from April, 2024)
| For Sale Inventory | 369 |
| New Listings | 154 |
| Median Sale to List Ratio | 1.000 |
| Median List Price | $129,300 |
| Percent of Sales Over List Price | 39.6% |
| Percent of Sales Under List Price | 44.4% |
| Median Days to Pending | 10 |
Factors Affecting Home Values in Lansing, Michigan
The value of a home in Lansing, Michigan, is influenced by a variety of factors that contribute to its overall worth in the local market. Key determinants of home values include factors such as the property’s location within the city, the condition and age of the home, the size and layout of the property, and the presence of desirable amenities. Neighborhood influences also play a significant role, with factors like school districts, crime rates, and nearby amenities impacting property values.
Appreciation rates and historical data provide further insight into the trajectory of home values in Lansing. Understanding how home values have changed over time can help buyers and sellers anticipate future trends and make informed decisions about their real estate transactions. By staying informed about the factors that affect home values in Lansing, individuals can better assess the worth of their property or make strategic investments in the local real estate market.
Lansing Neighborhoods
| Neighborhood | Median Home Value |
| Lewton Rich | $200,049 |
| Colonial Village | $156,298 |
| Averill Woods | $188,391 |
| Moores Park | $132,177 |
| Westside | $141,474 |
| REO Town | $90,189 |
| Greencroft Park | $122,622 |
| Genesee | $124,413 |
