The capital of Michigan, Lansing, has shown a steady and gradual trend rather than a dramatic rise. Recently, the market has been slower to increase compared to other emerging areas, but it has also exhibited less volatility.

According to Zillow data, the average home value in downtown Lansing is currently around $145,000. This represents an increase of about 27% over the past five years, compared to the early 2021 range of just over $110,000. However, when looking at the greater Lansing-East Lansing area, the median value exceeds $200,000, indicating significant regional variation.

Year by year, from 2021 to 2022 during the pandemic, Lansing did not see a significant increase compared to metropolitan areas, and at the end of 2022, during the interest rate hike period, transactions slowed down, temporarily halting the upward trend. Since 2023, there has been a gradual recovery, showing a stable growth rate of 2 to 4% per year.

In comparison, the national average increase during the same period was between 35% and 45%, indicating that downtown Lansing's growth was below the national average.

Factors contributing to this trend include a stable but gradual employment structure centered around state government agencies, a relatively ample housing supply, and demand being dispersed to nearby East Lansing and the Michigan State University area.

Looking ahead, Lansing is likely to continue a gradual upward trend in line with inflation rates rather than experiencing sharp fluctuations. However, there may be variations within the metropolitan area depending on school districts or new development areas, so detailed local checks are necessary.

For Korean households, the relatively low entry costs and stable price trends may present a less burdensome option for actual residence. However, if you are expecting investment returns, it is important to consider that the growth rate is relatively slow.

The Lansing market is expected to maintain a gentle trend without significant fluctuations, and we will continue to monitor related developments.