Greater Lansing Real Estate News

Greater Lansing Housing Market Update: What Dr. Lawrence Yun's Latest Report Means for Local Buyers and Sellers

Based on reporting by Inman and Jessi Healey regarding comments from National Association of REALTORS® Chief Economist Dr. Lawrence Yun.

National headlines often tell only part of the story.

Recently, National Association of REALTORS® Chief Economist Dr. Lawrence Yun noted that existing home sales nationally have remained near four million annual sales for the fourth straight year—a level not seen since the 2008 housing crisis. Fortunately, that's where the comparison ends.

Unlike 2008, today's market isn't being driven by foreclosures or distressed sales. Instead, homeowners are holding onto historically low mortgage rates while buyers continue to face affordability challenges and limited inventory.

What Does This Mean for Greater Lansing?

Here in Greater Lansing, we're seeing many of the same national trends—but with some important local differences.

Inventory remains tight

Although we've seen modest increases in available homes, desirable properties that are priced correctly continue to attract significant interest.

Many listings receive strong activity during the first week on the market, especially between $200,000 and $450,000, which continues to be one of our busiest price ranges.

Home values remain strong

Nationally, the median home price reached another record high. That mirrors what we've experienced throughout Greater Lansing over the past year.

For homeowners, that's welcome news.

Many families have built substantial equity over the last five years, giving them flexibility they may not realize they have.

Affordability continues to challenge buyers

Higher mortgage rates combined with rising home prices mean today's buyers must be more prepared than ever.

Preparation includes:

• Mortgage pre-approval
• Understanding monthly payment options
• Planning for Michigan property tax uncapping
• Acting quickly when the right home appears

Education is becoming just as important as financing.

The market is becoming more balanced—not weak

One point Dr. Yun emphasized is that today's slower sales are not the result of a housing crisis.

Instead, many homeowners simply aren't moving because they're locked into historically low mortgage rates. That limits the number of homes available for sale while buyer demand remains relatively healthy.

We're seeing similar conditions across Eaton, Ingham, and Clinton Counties.

My Perspective

After more than four decades helping Greater Lansing buyers and sellers, I've learned that real estate is always local.

National reports provide valuable context, but your neighborhood, price range, timing, and goals matter far more than any national average.

Whether you're:

• Thinking about downsizing
  
• Selling after many years in your home
  
• Buying your first home
  
• Helping parents make a move
  
• Navigating an estate or probate sale
  

your strategy should be based on what's happening right here in Greater Lansing—not just what's making national headlines.

Final Thoughts

The housing market isn't frozen.

It's selective.

Well-prepared buyers are still purchasing homes.

Well-priced homes are still selling.

And homeowners continue building long-term wealth through real estate.

If you're wondering how today's market affects your own situation, I'd be happy to help you understand your options and develop a plan that's right for you.

Founder | Greater Lansing Home Transition Resource Center