Is Spring Lake, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Spring Lake has remained a Seller's Market.
Housing Prices in Spring Lake, MI
How much do homes in Spring Lake, MI cost?
Median Sold Price
$388,933
$254/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Spring Lake was $388,933 in May 2024, up 3.5% from last year, and the median price per square foot was $254.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $302.4K | $180K | -40.5% |
2 Bedrooms | $291.4K | $256.5K | -12.0% |
3 Bedrooms | $350K | $354K | +1.1% |
4 Bedrooms | $399.9K | $505K | +26.3% |
5+ Bedrooms | $632K | $621.9K | -1.6% |
Summary: Spring Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 40.5%, 2 bedroom homes decreased by 12%, 3 bedroom homes increased by 1.1%, 4 bedroom homes increased by 26.3%, and 5+ bedroom homes decreased by 1.6%.
Median Sold Price Compared To Nearby Cities
Ferrysburg | $319.9K | $347.4K | +8.6% |
Grand Haven | $330.8K | $353.7K | +6.9% |
Spring Lake | $375.6K | $388.9K | +3.5% |
Spring Lake Township | $377.1K | $388.9K | +3.1% |
Housing Supply in Spring Lake, MI
How many homes are available in Spring Lake, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
86 | 116 | +34.9% |
Summary: The Spring Lake real estate market had 116 homes for sale in May 2024, a 34.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 17 | 27 | +58.8% |
3 Bedrooms | 34 | 40 | +17.6% |
4 Bedrooms | 17 | 24 | +41.2% |
5+ Bedrooms | 16 | 24 | +50.0% |
Summary: The Spring Lake housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 58.8%, 3 bedroom homes increased by 17.6%, 4 bedroom homes increased by 41.2%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
22 | 21 | -4.5% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 21 homes were sold or pending in Spring Lake in May 2024, down by 4.5% month-over-month. Of the 21 sold homes, 38% were sold under asking, 24% were sold at asking, and 38% were sold over asking.
Days on Market for Spring Lake, MI
How long does it take to sell a home in Spring Lake, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
30 Days | 32 Days | +6.2% |
Summary: Homes in Spring Lake had an average of 32 days on market in May 2024, up by 6.2% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During May 2024, 21 homes were sold in Spring Lake; 76% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.