If you’re interested in Lansing real estate news, you might be asking, “What were the hottest selling homes in 2017 for the Lansing Area?” According to the Greater Lansing Association of Realtors, Mason, St. Johns and Waverly school districts saw the average home sales price rise by over 10% from 2016. DeWitt, Laingsburg, Potterville, Okemos and Williamston saw their average home sales prices rise by less than 5% from 2016.
Remember our housing market is just like any other commodity.
It’s driven by supply and demand. In some areas we have more new homes being built than others, which is providing more supply in certain school districts than others.
By now you probably have heard we are in a seller’s market due to so few homes on the market. If you live in Holt, Mason or DeWitt you probably noticed a lot fewer homes on the market. Those school districts saw a decrease of at least 10% inventory.
How can DeWitt be on both lists?
What’s going on? Well, DeWitt had a drop in the number of homes on the market in 2017, but the number of homes on the market was still higher than the demand. DeWitt had 14.8% decrease in number of homes on the market in 2017 but only saw a 2% increase in average sales price. This isn’t necessarily bad news! The correction in 2017 should make for a much better market in 2018!
More good Lansing real estate news!
If you have a 3 bedroom home that has a value of $180,000 or above, you saw an increase in demand. 4 bedroom homes over $200,000 also saw an increase in total number of homes sold. In fact, in 2017 we sold about 15% more homes in this price range than we did in 2016. Pretty good considering we had 8% fewer homes go up for sale in this same price range!
If you would like to see this information specific to your school district and value range, please contact me. I would be glad to explain this in more detail. I also have information specific to neighborhoods.
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