$5,807 Closing Credit*
$489,000
2,352 SqFt
4 Beds
•2 Full Baths
Steve Parafin, Listing Office: Real Estate One - Charlevoix
Is Central Lake, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Central Lake has remained a Seller's Market.
Key Takeaway
Central Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Central Lake, MI
How much do homes in Central Lake, MI cost?
Median Sold Price
$245,000
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$28,700(+13.3%)
Key Takeaway
Homes in Central Lake have sold for 13.3% more than they did a year ago.
Summary: The median home sold price in Central Lake was $245,000 in October 2024, up 13.3% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $52K | $467.5K | +799.0% |
| 2 Bedrooms | $185K | $310K | +67.6% |
| 3 Bedrooms | $240K | $279.8K | +16.6% |
| 4 Bedrooms | $497.5K | $211.2K | -57.5% |
| 5+ Bedrooms | $312K | $175K | -43.9% |
Summary: Central Lake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 799%, 2 bedroom homes increased by 67.6%, 3 bedroom homes increased by 16.6%, 4 bedroom homes decreased by 57.5%, and 5+ bedroom homes decreased by 43.9%.
Median Sold Price Compared To Nearby Cities
| Central Lake | $216.3K | $245K | +13.3% |
| Central Lake Township | $225.6K | $245K | +8.6% |
Housing Supply in Central Lake, MI
How many homes are available in Central Lake, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 29 | 24 | -17.2% |
Summary: The Central Lake real estate market had 24 homes for sale in October 2024, a 17.2% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 12 | 10 | -16.7% |
| 4 Bedrooms | 11 | 9 | -18.2% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Central Lake housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 20%, 3 bedroom homes decreased by 16.7%, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 6 | 5 | -16.7% |
Asking Price vs. Sold Price
5 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 Central Lake, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Central Lake in October 2024, down by 16.7% month-over-month. Of the 5 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Central Lake, MI
How long does it take to sell a home in Central Lake, MI?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 96 Days | 119 Days | +23.7% |
Summary: Homes in Central Lake had an average of 119 days on market in Oct 2024, up by 23.7% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Central Lake are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During October 2024, 5 homes were sold in Central Lake; 20% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 60% of homes were sold over 90 days.
