Is Lake County, 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, Lake County has remained a Seller's Market.
Key Takeaway
Lake County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake County, MI
How much do homes in Lake County, MI cost?
Median Sold Price
$152,000
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake County have sold for 11.9% more than they did a year ago.
Summary: The median home sold price in Lake County was $152,000 in May 2024, up 11.9% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75.9K | $80K | +5.4% |
| 2 Bedrooms | $118K | $140K | +18.6% |
| 3 Bedrooms | $167.9K | $187.2K | +11.5% |
| 4 Bedrooms | $179.9K | $257.4K | +43.1% |
| 5+ Bedrooms | $219.5K | $354.5K | +61.5% |
Summary: Lake County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes increased by 18.6%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 43.1%, and 5+ bedroom homes increased by 61.5%.
Median Sold Price Compared To Nearby Counties
| Manistee County | $196.5K | $221.5K | +12.7% |
| Lake County | $135.8K | $152K | +11.9% |
| Mason County | $235K | $259.9K | +10.6% |
| Newaygo County | $204.6K | $224.6K | +9.8% |
| Osceola County | $155.4K | $167.6K | +7.9% |
Housing Supply in Lake County, MI
How many homes are available in Lake County, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 86 | 113 | +31.4% |
Summary: The Lake County real estate market had 113 homes for sale in May 2024, a 31.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 13 | 0.0% |
| 2 Bedrooms | 35 | 45 | +28.6% |
| 3 Bedrooms | 31 | 43 | +38.7% |
| 4 Bedrooms | 3 | 8 | +166.7% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Lake County 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 28.6%, 3 bedroom homes increased by 38.7%, 4 bedroom homes increased by 166.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 25 | +127.3% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake County, you may be able to get a good deal. 40% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Lake County in May 2024, up by 127.3% month-over-month. Of the 25 sold homes, 40% were sold under asking, 28% were sold at asking, and 32% were sold over asking.
Days on Market for Lake County, MI
How long does it take to sell a home in Lake County, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 159 Days | 62 Days | -61.1% |
Summary: Homes in Lake County had an average of 62 days on market in May 2024, down by 61.1% compared to last year.
Breakdown of Home Sale Times
13 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 25 homes were sold in Lake County; 52% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 32% of homes were sold over 90 days.
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