Lansing Home Values Surge to $132,500 Amid Real Estate Growth

An Overview of Lansing’s Real Estate Growth

Lansing, Michigan has demonstrated a marked trend of growth, increases in average property values. Over the span of one year, from April 2023 to March 2024, the average value of a home in Lansing rose impressively from $108,900 to $132,500. This represents a substantial growth in home equity for existing homeowners and a compelling argument for potential investors looking to capitalize on the upsurge in property valuations.

Furthermore, taking a closer look at per square foot values, we see that these too have ascended, albeit with some fluctuations. The progress from $69 to $108 per square foot in the same period substantiates the notion that, on a more granular level, homeowners are now seeing greater value per inch of their property. This increment pushes Lansing into a competitive position within the real estate market, indicating healthy demand and a robust local economy.

Turning our attention to the changes in sale prices, Lansing’s residential market reflects a strong and growing investment potential, with the average sale price of homes ascending from $120,221 in April 2023 to $146,305 in March 2024. This upward trend tracks with the overall growth in property values, reassuring both buyers and sellers of the city’s positive market trajectory.

An analysis of market volume presents an interesting facet of the housing landscape in Lansing. Although varying month to month, a notable peak occurred in October 2023, with a surge to 2,071 properties sold – a figure that underscores a particularly active period in the Lansing real estate calendar.

Lansing vs. Nearby Cities: A Comparative Analysis

Comparing the average values and per square foot prices, Lansing’s real estate market shows a more modest valuation when placed next to its neighbors. For instance, in March 2024, the average value in Dimondale stands at a significant $329,900, with a per square foot value peaking at $178, outshining Lansing’s numbers for the same period. The sheer difference lays bare the variation in market conditions between these proximate areas, suggesting disparities in local demographics, economic factors, and community amenities.

Grand Ledge and East Lansing follow suit, both presenting higher average values and per square foot values, recorded at $339,900 and $332,400 respectively, and higher per square foot numbers than Lansing. This points to a premium on properties in these areas, possibly aligning with the presence of better schools, lower crime rates, or a more upscale living environment.

Even Potterville and Holt depict stronger market valuations than Lansing, with Potterville’s properties fetching an average of $325,000 and Holt’s $294,950, positioning them as potentially more lucrative spots for real estate investments. Moreover, the per square foot values in these cities range from about $148 to $179, which is notably higher than Lansing’s.

The sales volume in Lansing’s neighbors, while not achieving the peak seen in Lansing’s October 2023 sales spike, exhibit robust activity nonetheless. With 47 properties moved in Dimondale, 211 in Grand Ledge, 33 in Potterville, 191 in Holt, and a noteworthy 342 in East Lansing, the vibrancy and appeal of these markets are established, reflecting diverse but consistently active environments for real estate transactions.

In light of this data, it’s clear that while Lansing’s real estate market is on an upward trajectory when it comes to property values and sale prices, it sits in a uniquely affordable niche when compared to its neighboring cities. This potentially exposes untapped opportunities for homebuyers and investors to enter a growing market at a lower entry point, promising an enticing combination of accessible prices and ascending value.