The Lansing housing market has experienced notable changes over the past year, reflecting broader trends observed across Michigan. Understanding these shifts, especially in new construction, is crucial for potential homeowners, investors, and industry professionals.
Lansing Housing Market Overview
Median Home Prices: As of December 2024, the median home price in Lansing was $147,000, marking an 8.9% increase from the previous year.
Days on Market: Homes in Lansing typically remained on the market for 36 days, a slight improvement from 37 days the previous year, indicating sustained demand.
Inventory Levels: There were 602 homes for sale in Lansing, with a median price of $155,000, reflecting a 7.3% year-over-year increase.
New Construction Trends in Lansing
Building Permits: In 2024, Lansing saw a resurgence in single-family home construction, with building permits increasing by 11.2% after four consecutive quarters of decline.
Housing Supply Challenges: Despite the uptick in construction, Lansing faces a tight housing inventory, leading to competitive bidding and homes often selling above the asking price.
Comparison with Michigan Statewide Trends
Statewide Home Prices: The average home price in Michigan reached $245,716 in 2024, a 4.3% increase from the previous year.
Construction Activity: Statewide, new home construction gained traction with a 6.3% increase in building permits compared to 2022, aiming to address persistent supply shortages.
Affordability Concerns: Rising home values and limited inventory have heightened affordability challenges across Michigan, particularly in urban centers like Detroit and Ann Arbor.
Why Now is the Right Time to Build in Lansing
The Lansing housing market is evolving, and with rising home prices and high demand, new construction is one of the best ways to secure a home that meets your needs. While inventory remains tight, building allows you to customize your home while benefiting from potential appreciation in value.
Luxe Development Group has openings this spring for new construction projects. Whether you're an investor looking for opportunities or a homeowner ready to build your dream home, now is the time to take action. Contact us today to start your project and turn your vision into reality. Email: contact@luxedevelops.com
2025 Lansing New Construction Market Update.
Provided by Tyler Davis - Owner (Luxe Development Group, LLC.)
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