$18,900
0.26 Acres
Land
#50162741, CHANCE HUNT, Listing Office: REISS REAL ESTATE INC.
Is Lake, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Lake was a Buyer's Market.
Key Takeaway
Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake, MI
How much do homes in Lake, MI cost?
Median Sold Price
$149,500
$129/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$500(+0.3%)
Key Takeaway
The sold price of homes in Lake has remained the same since last year.
Summary: The median home sold price in Lake was $149,500 in November 2024, up 0.3% from last year, and the median price per square foot was $129.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $59.9K | $66K | +10.2% |
| 2 Bedrooms | $100K | $147K | +47.0% |
| 3 Bedrooms | $220K | $170K | -22.7% |
| 4 Bedrooms | $267K | $192.5K | -27.9% |
| 5+ Bedrooms | - | $555K | N/A |
Summary: Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.2%, 2 bedroom homes increased by 47%, 3 bedroom homes decreased by 22.7%, 4 bedroom homes decreased by 27.9%, and 5+ bedroom homes did not change.
Housing Supply in Lake, MI
How many homes are available in Lake, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 59 | 54 | -8.5% |
Summary: The Lake real estate market had 54 homes for sale in November 2024, a 8.5% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 7 | 0.0% |
| 2 Bedrooms | 23 | 22 | -4.3% |
| 3 Bedrooms | 23 | 21 | -8.7% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 3 | 2 | -33.3% |
Summary: The Lake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.3%, 3 bedroom homes decreased by 8.7%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes decreased by 33.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 10 | 17 | +70.0% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake, you may be able to get a good deal. 70.6% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in Lake in November 2024, up by 70.0% month-over-month. Of the 17 sold homes, 71% were sold under asking, 24% were sold at asking, and 6% were sold over asking.
Days on Market for Lake, MI
How long does it take to sell a home in Lake, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 161 Days | 73 Days | -54.2% |
Summary: Homes in Lake had an average of 73 days on market in Nov 2024, down by 54.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake has remained consistent over time.
Summary: During November 2024, 17 homes were sold in Lake; 29% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS.