Recently released Realtor.com data for May shows that prospective buyers and sellers in Ingham County sold homes at prices above the previous month’s median sales price of $164,000.
The median home sold for $188,000, an analysis of Realtor.com data shows, meaning May, the latest month for which figures are available, was up 14.6 percent from April.
Compared to May 2023, the median home sale price increased 9.9% to $188,000 from $171,000.
Realtor.com gets its sales data from property deeds, which results in a delay of several months in providing current data. The statistics do not include homes currently listed for sale and are not directly comparable to listing data.
For information on your local real estate market and other useful community data, visit data.lansingstatejournal.com.
Looking at single-family homes only, the median sales price in Ingham County was $185,000 in May, up 15.6% from the previous month’s $160,000. Since May 2023, the sales price for single-family homes has increased 15.6%, from a median of $160,000.
No single-family homes sold for $1 million or more during the month.
The sales price of condos and townhomes increased 10.3% in May to a median of $242,550, up from $219,950 in April. Compared to May 2023, the sales price of condos and townhomes increased 29.4% from $187,500. No condos or townhomes sold for $1 million or more in May.
In May, the number of recorded sales in Ingham County since May 2023 fell 12.4% from 426 to 373. All residential real estate sales totaled $86.4 million.
In Michigan, the median home price sold for $249,986 in May, up 10.2% from April ($226,758). Statewide, 10,922 sales were recorded in May, down 12.5% from May 2023 (12,482).
The total value of registered residential real estate sales in Michigan increased 22%, from $2.6 billion in April to $3.2 billion in May of this year.
Of all residential real estate sales in Michigan, 1.5% of homes sold for at least $1 million in May, compared to 1.29% in May 2023.
Single-family home sales prices in Michigan increased 9.1% from a median of $220,000 in April to $240,000 in May. Since May 2023, single-family home sales prices statewide have increased 9.2% from $219,747.
Statewide, the sales price for condos and townhomes increased 6.2% from a median of $272,860 in April to $289,900 in May. The median sales price for condos and townhomes increased 8.8% from the median of $266,530 in May 2023.
The median home sale price used in this report represents the average price of all homes or apartments listed during the specified time period. The median provides a more accurate picture of market trends than the average sales price, which would divide the sum of all sales prices by the number of homes sold. The average can be skewed by a particularly low or high sale.
The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Please leave feedback or corrections to this story here. This story was written by Ozge Terzioglu.
