Is Lansing, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lansing is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Lansing was a Seller's Market.

Key Takeaway

Lansing is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Lansing, IL

How much do homes in Lansing, IL cost?

Median Sold Price

$199,995

$142/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$19,995(+11.1%)

Key Takeaway

Homes in Lansing have sold for 11.1% more than they did a year ago.

Summary: The median home sold price in Lansing was $199,995 in November 2024, up 11.1% from last year, and the median price per square foot was $142.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $62K$69.2K
+11.7%
2 $126.5K$124.5K
-1.6%
3 $196K$212K
+8.2%
4 $245K$257K
+4.9%
5+ $248K$297.4K
+19.9%

Summary: Lansing housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.7%, 2 bedroom homes decreased by 1.6%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 4.9%, and 5+ bedroom homes increased by 19.9%.

Median Sold Price Compared To Nearby Cities

Lansing
+11.1%
South Holland
+6.8%
Calumet City
+6.4%
Lynwood
-6.3%

Housing Supply in Lansing, IL

How many homes are available in Lansing, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
175177+1.1%

Summary: The Lansing real estate market had 177 homes for sale in November 2024, a 1.1% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 65
-16.7%
2 4639
-15.2%
3 7683
+9.2%
4 3942
+7.7%
5+ 88
0.0%

Summary: The Lansing housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes decreased by 15.2%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3625-30.6%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lansing, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 25 homes were sold or pending in Lansing in November 2024, down by 30.6% month-over-month. Of the 25 sold homes, 40% were sold under asking, 20% were sold at asking, and 40% were sold over asking.

Days on Market for Lansing, IL

How long does it take to sell a home in Lansing, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
24 Days44 Days+86.0%

Summary: Homes in Lansing had an average of 44 days on market in Nov 2024, up by 86% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lansing are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 25 homes were sold in Lansing; 44% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Lansing, IL

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