Is Lake Odessa, 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 Odessa was a Seller's Market.
Key Takeaway
Lake Odessa 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 Odessa, MI
How much do homes in Lake Odessa, MI cost?
Median Sold Price
$225,000
$166/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake Odessa have sold for 21.6% more than they did a year ago.
Summary: The median home sold price in Lake Odessa was $225,000 in May 2024, up 21.6% from last year, and the median price per square foot was $166.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $167.5K | N/A |
| 2 Bedrooms | $174.2K | $250K | +43.5% |
| 3 Bedrooms | $190K | $194.5K | +2.4% |
| 4 Bedrooms | $185K | $271K | +46.5% |
| 5+ Bedrooms | $242.4K | $281.3K | +16.0% |
Summary: Lake Odessa housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 43.5%, 3 bedroom homes increased by 2.4%, 4 bedroom homes increased by 46.5%, and 5+ bedroom homes increased by 16%.
Median Sold Price Compared To Nearby Cities
| Lake Odessa | $185K | $225K | +21.6% |
| Odessa Township | $182.5K | $192K | +5.2% |
Housing Supply in Lake Odessa, MI
How many homes are available in Lake Odessa, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 14 | +16.7% |
Summary: The Lake Odessa real estate market had 14 homes for sale in May 2024, a 16.7% 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 | 1 | 3 | +200.0% |
| 3 Bedrooms | 4 | 6 | +50.0% |
| 4 Bedrooms | 5 | 4 | -20.0% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Lake Odessa 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 200%, 3 bedroom homes increased by 50%, 4 bedroom homes decreased by 20%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 4 | 2 | -50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Odessa, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Lake Odessa in May 2024, down by 50.0% month-over-month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Lake Odessa, MI
How long does it take to sell a home in Lake Odessa, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 22 Days | 13 Days | -39.6% |
Summary: Homes in Lake Odessa had an average of 13 days on market in May 2024, down by 39.6% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Odessa are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2 homes were sold in Lake Odessa; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
