LANSING, Mich — Home prices in the Lansing area are decreasing and houses are staying on the market longer, potentially creating better opportunities for buyers who have been priced out of the market.
- The tri-county average home price has dropped to $266,000, which is lower than this time last year.
- Lansing currently offers the most affordable homes in the area, with prices starting around $100,000 and mortgage payments under $1,000 per month.
- Local realtors say buyers have finally pushed back against continuously rising prices, leading to price reductions across the region.
WATCH: Mid-Michigan housing market shifts in favor of buyers as summer ends
After months of a seller's market that left many potential homebuyers feeling hopeless, the Mid-Michigan housing market is showing signs of a shift.
"We're starting to see houses sit on the market a little longer," said Robert Dowding, a realtor with Keller Williams.
This change comes after a prolonged period where buyers struggled to find affordable options. Last year, many residents expressed frustration with the housing market conditions.
"I can't even predict a time or think of a year I could buy a house," one potential homebuyer told me during previous reporting.
The intense competition and limited inventory created significant challenges for those looking to purchase their first home.
"The demand for everything is so high and what's available is so small," another resident said.
But Dowding says the market dynamics have shifted over the past three months, potentially creating better opportunities for buyers.
"You're starting to see some price reductions which is going to be really good for buyers. Prices just kept getting pushed up and up and up and buyers said no, it's enough," Dowding said.
According to Dowding, the tri-county average home price was $266,000 last month, which is up from this time last year. But, he points to Lansing as offering the most affordable options in the area.
"So, you'd own something probably less than what you're paying in rent right now. I'm sure there's a lot of people paying over a thousand dollars in rent right now when they could be buying a house," Dowding said.
With homes available for as low as $100,000 and mortgage rates just under $1,000 per month in Lansing, Dowding suggests it's a good time to buy before the summer ends.
While he expects prices to continue decreasing in the near term, Dowding cautions that market conditions can always change.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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