Richard Child Real Estate Agent

A shortage of homes for sale continues to be the defining characteristic of the Greater Lansing home market. The supply of homes for sale inched up from 1.16 months in February last year to 1.32 months in February, 2025. In comparison, a normal or balanced market consists of a 6 month supply. The median sales price at the end of February 2025 was $223,500, up 5.6% from $211,500, which was the median home sale price in February 2024. The cumulative median days on the market increased significantly to 28 days compared to 16 days one year ago. Thirty year conventional mortgage rates continue to be slightly less than 7%, making it unattractive for discretionary sellers to sell their current homes, which likely have roughly a 3% mortgage rate. Clearly, a dramatic drop in 30 year mortgage rates is needed, but there is no short term solution available.