Is Lake City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lake City was a Buyer's Market.
Key Takeaway
Lake City is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lake City, MI
How much do homes in Lake City, MI cost?
Median Sold Price
$226,500
$150/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake City have sold for 37.3% more than they did a year ago.
Summary: The median home sold price in Lake City was $226,500 in May 2024, up 37.3% from last year, and the median price per square foot was $150.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $204K | +23.6% |
| 2 Bedrooms | $147K | $215K | +46.3% |
| 3 Bedrooms | $171.7K | $228.9K | +33.3% |
| 4 Bedrooms | $171K | $337.7K | +97.5% |
| 5+ Bedrooms | $161K | $252.5K | +56.8% |
Summary: Lake City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.6%, 2 bedroom homes increased by 46.3%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 97.5%, and 5+ bedroom homes increased by 56.8%.
Median Sold Price Compared To Nearby Cities
| Lake Township | $132K | $198K | +50.0% |
| Lake City | $165K | $226.5K | +37.3% |
Housing Supply in Lake City, MI
How many homes are available in Lake City, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 36 | +63.6% |
Summary: The Lake City real estate market had 36 homes for sale in May 2024, a 63.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 10 | +100.0% |
| 3 Bedrooms | 11 | 19 | +72.7% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Lake City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 100%, 3 bedroom homes increased by 72.7%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 6 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake City, expect to pay close to the asking price. 66.7% of homes here sold near the asking price last month.
Summary: A total of 6 homes were sold or pending in Lake City in May 2024, the same as the previous month. Of the 6 sold homes, 33% were sold under asking, 67% were sold at asking, and 0% were sold over asking.
Days on Market for Lake City, MI
How long does it take to sell a home in Lake City, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 106 Days | 25 Days | -76.2% |
Summary: Homes in Lake City had an average of 25 days on market in May 2024, down by 76.2% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake City are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Lake City; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. 
© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.