East Lansing, MI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

East Lansing, MI Housing Market Trends

With 48,145 people, 13,519 houses or apartments, and a median cost of homes of $196,773, East Lansing real estate and house prices are near the national average for all cities and towns.

Large apartment complexes or high rise apartments are the single most common housing type in East Lansing, accounting for 48.70% of the city's housing units. Other types of housing that are prevalent in East Lansing include single-family detached homes ( 35.78%), row houses and other attached homes ( 9.02%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.01%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

East Lansing is dominated by renter-occupied one, two, or no bedrooms apartments. 76.42% of East Lansing's dwellings are rentals.

There is a lot of housing in East Lansing built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in East Lansing built between 1940-1969 ( 33.41%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.94%). There's also some housing in East Lansing built before 1939 ( 11.26%).

Vacant housing appears to be an issue in East Lansing. Fully 10.95% of the housing stock is classified as vacant. Left unchecked, vacant East Lansing homes and apartments can be a drag on the real estate market, holding East Lansing real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

East Lansing Home Appreciation Rates

Appreciation rates for homes in East Lansing have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 56.67%, which ranks in the top 30% nationwide. This equates to an annual average East Lansing house appreciation rate of 4.59%.

Over the last year, East Lansing appreciation rates have trailed the rest of the nation. In the last twelve months, East Lansing's appreciation rate has been 8.06%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in East Lansing were at 2.80%, which equates to an annual appreciation rate of 11.70%.

Relative to Michigan, our data show that East Lansing's latest annual appreciation rate is lower than 80% of the other cities and towns in Michigan.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within East Lansing differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in East Lansing - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best East Lansing real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$196,773

East Lansing, MI HOME PRICES

> $1,189,000
0.3%
0.3%
$892,001 - $1,189,000
0.2%
0.2%
$595,001 - $892,000
2.2%
2.2%
$475,001 - $595,000
2.2%
2.2%
$357,001 - $475,000
6.6%
6.6%
$238,001 - $357,000
29.7%
29.7%
$119,001 - $238,000
48.6%
48.6%
$59,001 - $119,000
6.2%
6.2%
$0 - $59,000
4.1%
4.1%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for MI

Value Relative To Nation

Number Of Homes And Apartments:
13,519

East Lansing Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
55.34% 2.07%
8
3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,166 / per month

Homeownership Rate

Owners
23.6%
23.6%
Renters
76.4%
76.4%
Vacant
11.0%
11.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.9%
13.9%
1970 - 1999
41.4%
41.4%
1940 - 1969
33.4%
33.4%
1939 or Older
11.3%
11.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
35.8%
35.8%
Townhomes
9.0%
9.0%
Small Apt. Buildings
6.0%
6.0%
Apt. Complexes
48.7%
48.7%
Mobile Homes
0.5%
0.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.0%
4.0%
1 Bedroom
18.2%
18.2%
2 Bedrooms
34.7%
34.7%
3 Bedrooms
22.5%
22.5%
4 Bedrooms
16.6%
16.6%
5 or more bedrooms
3.9%
3.9%
0.0% 100.0%
% OF HOMES