$45,000
5.65 Acres
Land
#50161284, Nick McNamara, Listing Office: RE/MAX RIVERHAVEN--SS
Is 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, Lake has remained a Seller'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
$168,950
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$24,450(+16.9%)
Key Takeaway
Homes in Lake have sold for 16.9% more than they did a year ago.
Summary: The median home sold price in Lake was $168,950 in October 2024, up 16.9% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $62K | $67.5K | +8.9% |
| 2 Bedrooms | $112K | $165K | +47.3% |
| 3 Bedrooms | $220K | $175K | -20.5% |
| 4 Bedrooms | $215K | $192.5K | -10.5% |
| 5+ Bedrooms | - | $562.5K | N/A |
Summary: Lake housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.9%, 2 bedroom homes increased by 47.3%, 3 bedroom homes decreased by 20.5%, 4 bedroom homes decreased by 10.5%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Lake | $144.5K | $168.9K | +16.9% |
| Garfield Township | $177.5K | $173.2K | -2.4% |
Housing Supply in Lake, MI
How many homes are available in Lake, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 64 | 59 | -7.8% |
Summary: The Lake real estate market had 59 homes for sale in October 2024, a 7.8% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 7 | +16.7% |
| 2 Bedrooms | 20 | 22 | +10.0% |
| 3 Bedrooms | 32 | 24 | -25.0% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Lake housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.7%, 2 bedroom homes increased by 10%, 3 bedroom homes decreased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 14 | 11 | -21.4% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 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. 66.7% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Lake in October 2024, down by 21.4% month-over-month. Of the 9 sold homes, 67% were sold under asking, 22% were sold at asking, and 11% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 46 Days | 63 Days | +37.3% |
Summary: Homes in Lake had an average of 63 days on market in Oct 2024, up by 37.3% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake has remained consistent over time.
Summary: During October 2024, 11 homes were sold in Lake; 27% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 27% 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. 
Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.