Is Long Lake Township, 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, Long Lake Township has remained a Seller's Market.
Key Takeaway
Long Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Long Lake Township, MI
How much do homes in Long Lake Township, MI cost?
Median Sold Price
$459,250
$229/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Long Lake Township have sold for 3.3% less than they did a year ago.
Summary: The median home sold price in Long Lake Township was $459,250 in May 2024, down 3.3% from last year, and the median price per square foot was $229.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $438.6K | $322.1K | -26.6% |
| 3 Bedrooms | $400K | $425.7K | +6.4% |
| 4 Bedrooms | $495K | $579K | +17.0% |
| 5+ Bedrooms | $682.7K | $558.5K | -18.2% |
Summary: Long Lake Township 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 decreased by 26.6%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 17%, and 5+ bedroom homes decreased by 18.2%.
Median Sold Price Compared To Nearby Cities
| Interlochen | $294.9K | $349.9K | +18.6% |
| Garfield Charter Township | $375K | $365K | -2.7% |
| Green Lake Township | $370K | $358.5K | -3.1% |
| Long Lake Township | $475K | $459.2K | -3.3% |
Housing Supply in Long Lake Township, MI
How many homes are available in Long Lake Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 42 | 63 | +50.0% |
Summary: The Long Lake Township real estate market had 63 homes for sale in May 2024, a 50.0% 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 | 7 | 8 | +14.3% |
| 3 Bedrooms | 26 | 37 | +42.3% |
| 4 Bedrooms | 6 | 12 | +100.0% |
| 5+ Bedrooms | 3 | 6 | +100.0% |
Summary: The Long Lake Township 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 14.3%, 3 bedroom homes increased by 42.3%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 21 | +200.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Long Lake Township, expect to pay close to the asking price. 35.3% of homes here sold near the asking price last month.
Summary: A total of 21 homes were sold or pending in Long Lake Township in May 2024, up by 200.0% month-over-month. Of the 17 sold homes, 29% were sold under asking, 35% were sold at asking, and 35% were sold over asking.
Days on Market for Long Lake Township, MI
How long does it take to sell a home in Long Lake Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 49 Days | 37 Days | -23.1% |
Summary: Homes in Long Lake Township had an average of 37 days on market in May 2024, down by 23.1% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Long Lake Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 21 homes were sold in Long Lake Township; 62% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
