Greater Lansing Real Estate Results: 2014 Was Good…2015 Could Be Better

Last year, real estate sales in greater Lansing were good. Dollar volume was up 11.25%, unit sales were flat and average prices were up 11.4%. The average selling price for a home in 2014 was last achieved in 2007, so there continues to be a recovery of the local real estate market.

Of course home buyers and sellers know all companies are not the same, and some companies just get better results. That’s true for Tomie Raines, Inc. where dollar volume was up 15.9%, unit sales were up 3.5%, and average selling price was up 12%, which was the highest of all major firms.

What do we expect for the 2015 real estate market? 

Freddie Mac sees sustained economic growth, lower energy costs, easing credit conditions, and growing consumer confidence nationally which all lead to faster economic growth. These conditions should lead to increasing household formations which should stimulate real estate sales.

Locally things look even better. Here you'll find an article published in the Greater Lansing Business Monthly concerning remarks made recently by the CEO of the Lansing Economic Area Partnership. Besides chest pounding about exceeding Ann Arbor in the rate of economic growth, the underlying strength in the greater Lansing economy is impressive. The fundamental driver of a strong housing market is consumer confidence, and employment growth in greater Lansing should stimulate that.

We see moderate but increasing home prices and a more historical pattern of 3.8% volume growth in 2015. Despite large increases in average selling prices the past two years affordability is still very good in this market. We anticipate great opportunities for both buyers and seller to take advantage of the marketing in 2015.