Median home price: here’s what $130K buys you

There were nearly 1,500 homes sold in the tri-county area between April and June.

It’s shaping up to be “the strongest spring and summer the market has seen in nine years,” said Bill MacLeod, president of Coldwell Banker Hubbell BriarWood.

“It’s related to optimism in the market and people’s knowledge of interest rates being low,” MacLeod said, whose organization released quarterly housing market results earlier this month.

In other words, the regional housing market is returning to pre-recession levels, and interest rates are hovering between 3 and 4 percent.

The average sale price for homes in Ingham, Clinton and Eaton counties was $142, 685 compared to $132,359 at this point last year, which is still a little lower than 2006 levels, but quickly returning, MacLeod said.

“During the eight-year housing recession, the average home lost 40 percent of its value,” he said. “In the last two years, 30 percent of it has been made back up. It’s rapidly coming back.”

The median sale price was $130,349, meaning half of the homes sold for more and half sold for less. In Lansing, it was $60,825, a 17 percent increase.

“A lot of it has to do with declining foreclosure rates,” MacLeod said. “People are reinvesting in their communities and getting caught up on their payments.”

Leslie had the biggest increase at 68 percent to $137,500 while the largest decrease was in Williamston at 10 percent.

“The market has come back around,” MacLeod said. “We have a lot to be proud of.”

Contact Alexander Alusheff at (517) 388-5973 or aalusheff@lsj.com. Follow him on Twitter @alexalusheff.