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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lansing is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Lansing has remained a Seller's Market.

Key Takeaway

Lansing is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lansing, IL

How much do homes in Lansing, IL cost?

Median Sold Price

$200,000

$141/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$20,912(+11.7%)

Key Takeaway

Homes in Lansing have sold for 11.7% more than they did a year ago.

Summary: The median home sold price in Lansing was $200,000 in October 2024, up 11.7% from last year, and the median price per square foot was $141.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $58.8K$68.5K
+16.3%
2 $126K$129K
+2.4%
3 $195K$214.9K
+10.2%
4 $245.4K$258.4K
+5.3%
5+ $225K$299.9K
+33.3%

Summary: Lansing housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.3%, 2 bedroom homes increased by 2.4%, 3 bedroom homes increased by 10.2%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 33.3%.

Median Sold Price Compared To Nearby Cities

Lansing
+11.7%
South Holland
+5.0%
Calumet City
+3.4%
Lynwood
-9.7%

Housing Supply in Lansing, IL

How many homes are available in Lansing, IL?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
148193+30.4%

Summary: The Lansing real estate market had 193 homes for sale in October 2024, a 30.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 25
+150.0%
2 3448
+41.2%
3 7389
+21.9%
4 3041
+36.7%
5+ 910
+11.1%

Summary: The Lansing housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 150%, 2 bedroom homes increased by 41.2%, 3 bedroom homes increased by 21.9%, 4 bedroom homes increased by 36.7%, and 5+ bedroom homes increased by 11.1%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2935+20.7%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

12 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. 37.1% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in Lansing in October 2024, up by 20.7% month-over-month. Of the 35 sold homes, 37% were sold under asking, 34% were sold at asking, and 29% 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

Oct 2023Oct 2024CHANGE
38 Days39 Days+3.4%

Summary: Homes in Lansing had an average of 39 days on market in Oct 2024, up by 3.4% compared to last year.

Breakdown of Home Sale Times

19 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

4 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 October 2024, 35 homes were sold in Lansing; 54% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 11% 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

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