Is Lake Township, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Township is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Lake Township has remained a Seller's Market.

Key Takeaway

Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lake Township, MI

How much do homes in Lake Township, MI cost?

Median Sold Price

$151,000

$136/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

-$4,000(-2.6%)

Key Takeaway

Homes in Lake Township have sold for 2.6% less than they did a year ago.

Summary: The median home sold price in Lake Township was $151,000 in September 2024, down 2.6% from last year, and the median price per square foot was $136.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $58.2K$72.5K
+24.6%
2 $107.5K$150K
+39.5%
3 $177.5K$182.3K
+2.7%
4 $229.4K$215K
-6.3%
5+ $363K$555K
+52.9%

Summary: Lake Township housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 24.6%, 2 bedroom homes increased by 39.5%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 6.3%, and 5+ bedroom homes increased by 52.9%.

Median Sold Price Compared To Nearby Cities

Lake Township
-2.6%
Caseville Township
-26.8%

Housing Supply in Lake Township, MI

How many homes are available in Lake Township, MI?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
7169-2.8%

Summary: The Lake Township real estate market had 69 homes for sale in September 2024, a 2.8% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 66
0.0%
2 2424
0.0%
3 3333
0.0%
4 44
0.0%
5+ 42
-50.0%

Summary: The Lake Township housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 50%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
1215+25.0%

Asking Price vs. Sold Price

10 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Township, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Lake Township in September 2024, up by 25.0% month-over-month. Of the 15 sold homes, 67% were sold under asking, 7% were sold at asking, and 27% 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

Sep 2023Sep 2024CHANGE
39 Days89 Days+129.2%

Summary: Homes in Lake Township had an average of 89 days on market in Sep 2024, up by 129.2% compared to last year.

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

8 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Lake Township has remained consistent over time.

Summary: During September 2024, 15 homes were sold in Lake Township; 20% of homes were sold within 30 days, 53% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 30 Days Ago

Newest Listings in Lake Township, MI

Nearby Markets to Lake Township, MI

What housing markets are near Lake Township, MI?