Is Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Lake Township has remained a Neutral Market.
Key Takeaway
Lake Township 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 Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$193,700
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lake Township have sold for 25% more than they did a year ago.
Summary: The median home sold price in Lake Township was $193,700 in April 2024, up 25% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $132.6K | $61.9K | -53.3% |
| 2 Bedrooms | $76.2K | $163.2K | +114.1% |
| 3 Bedrooms | $159.9K | $237.5K | +48.5% |
| 4 Bedrooms | $650K | $215K | -66.9% |
| 5+ Bedrooms | $615K | $225K | -63.4% |
Summary: Lake Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 53.3%, 2 bedroom homes increased by 114.1%, 3 bedroom homes increased by 48.5%, 4 bedroom homes decreased by 66.9%, and 5+ bedroom homes decreased by 63.4%.
Median Sold Price Compared To Nearby Cities
| Lake City | $147.7K | $228K | +54.3% |
| Lake Township | $155K | $193.7K | +25.0% |
Housing Supply in Lake Township, MI
How many homes are available in Lake Township, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 29 | 34 | +17.2% |
Summary: The Lake Township real estate market had 34 homes for sale in April 2024, a 17.2% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 4 | +100.0% |
| 2 Bedrooms | 10 | 11 | +10.0% |
| 3 Bedrooms | 15 | 15 | 0.0% |
| 4 Bedrooms | 1 | 3 | +200.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Lake Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 10%, 3 bedroom homes remained the same, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 5 | -50.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Township, you may be able to get a good deal. 80% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Lake Township in April 2024, down by 50.0% month-over-month. Of the 5 sold homes, 80% were sold under asking, 0% were sold at asking, and 20% were sold over asking.
Days on Market for Lake Township, MI
How long does it take to sell a home in Lake Township, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 160 Days | 93 Days | -41.5% |
Summary: Homes in Lake Township had an average of 93 days on market in Apr 2024, down by 41.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake Township has remained consistent over time.
Summary: During April 2024, 5 homes were sold in Lake Township; 0% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
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