Richard Child Real Estate Agent

The Greater Lansing home market is starting to slow and conditions are beginning to be become more favorable for buyers. The median home selling price was $233,500, unchanged from one year ago. This is the first month with no inflation in home prices in many years, though one month does not mean a trend. The inventory remains low with only two months of supply, but this is better than an inventory of one month of less which was the case a few years ago. The median days on the market was 23 days, up from 14 days one year ago, another sign the market is tilting slightly toward buyers. If mortgage interest rates fall into the 5% or lower range in 2026, which some economists predict, we will see a more balanced market with neither the sellers nor the buyers dominating.

Sunday November 2, 9457 Hollister in Laingsburg, priced at $299,900, will be open from 1:30 pm to 3:30 pm. There will be a random drawing for five $25 VISA gift cards with the first five names drawn each receiving a card. These cards can be used anywhere that accepts VISA credit cards. There will be a lender there, Steve Nardin from Guild Mortgage, with information on some exciting new down payment assistance programs. The house is move-in ready and, in many ways, shows like a new home. One acre private and level lot with parking for RVs, boats, etc. Oversize 2.5 car attached garage has space for a workshop with a 220 volt outlet for machine tools. Inside is spectacular with first floor primary suite and laundry. Nearly new high quality stainless steel gas stove and side-by-side refrigerator grace the island kitchen that is open to the living room and dining room. Four generous sized bedrooms and two full baths. There is also a builder-finished bonus space in the basement that could be a child's play area, office, home gym, media room., etc.. Nature views and quiet street. This can be your dream home.

Open this Sunday, October 12, 1:30 pm to 3:30 pm. 9457 Hollister, Laingsburg, just off Round Lake Road. $299,900. Four beds, 2 full baths, neutral decor, newer stainless steel gas stove and refrigerator, first floor primary suite with laundry conveniently behind,1 acre private lot, oversize 2.5 car garage with 220 volt service for power tools and bonus room in basement for office, children's play space, home gym, etc.

July home sales for Greater Lansing resulted in a median sale price of $250,000 compared to $235,000 one year ago today. Home prices are still rising, but at the rate of 5% to 6%, which is a much slower rate than the double-digit price increases we experienced for several years. Home mortgage rates remain near 7% which continues to slow the housing market considerably. The supply of homes edged up to 1.7 months from 1.5 months one year ago. The median days on the market is virtually unchanged at 8 days vs. 7 days a year ago.

June results for the Greater Lansing housing market are mostly more of the same. We are still working with low levels of homes for sale with 1.6 months available in June 2025 vs. 1.4 months one year ago. The median home sale price was $265,000 compared to $250,000 one year ago, a 6 % increase. The median days on the market is 7 now vs. 5 days in June 2024. Nationwide, some of the larger cities are experiencing more sellers than buyers, but Greater Lansing is still a Seller's market. A normal or balanced market is a six month supply of homes for sale, but Greater Lansing has been averaging a 1 to 1.5 month supply for many years. Interest rates are still relatively unchanged at slightly less than 7%. The only good news is that the increases in home prices are growing at a much lower rate, but home prices are still increasing.

According to the Greater Lansing Association of Realtors (GLAR), the median sales price for residential homes in our area rose to $230,000 for the calendar year 2024 vs. $211,000 for calendar 2023.
The supply of homes for sale in 2024 improved slightly to 1.46 months vs. 1.27 months for 2023. A normal or balanced market consists of a 6 month supply, so our area and the U.S. in general continue to experience a shortage of homes for sale. This shortage is likely to continue until there is a significant decline in 30 year fixed mortgage interest rates, which are currently between 6.5% and 7% locally and slightly under 7% nationally. The median days on the market before selling was unchanged at 9 days for both 2024 and 2023.