$59,900
10.01 Acres
Land
Linda Koetje, Listing Office: City2Shore Real Estate Northern Michigan
Is Lake City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Lake City has remained a Seller's Market.
Key Takeaway
Lake City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake City, MI
How much do homes in Lake City, MI cost?
Median Sold Price
$234,900
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$24,900(+11.9%)
Key Takeaway
Homes in Lake City have sold for 11.9% more than they did a year ago.
Summary: The median home sold price in Lake City was $234,900 in November 2024, up 11.9% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $89.9K | $219.4K | +144.1% |
| 2 Bedrooms | $185K | $165K | -10.8% |
| 3 Bedrooms | $225K | $247.5K | +10.0% |
| 4 Bedrooms | $210K | $365K | +73.8% |
| 5+ Bedrooms | $225K | $280K | +24.4% |
Summary: Lake City housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 144.1%, 2 bedroom homes decreased by 10.8%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 73.8%, and 5+ bedroom homes increased by 24.4%.
Median Sold Price Compared To Nearby Cities
| Lake City | $210K | $234.9K | +11.9% |
| Lake Township | $198.5K | $182.4K | -8.1% |
Housing Supply in Lake City, MI
How many homes are available in Lake City, MI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 47 | 40 | -14.9% |
Summary: The Lake City real estate market had 40 homes for sale in November 2024, a 14.9% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 11 | 7 | -36.4% |
| 3 Bedrooms | 21 | 19 | -9.5% |
| 4 Bedrooms | 6 | 6 | 0.0% |
| 5+ Bedrooms | 8 | 7 | -12.5% |
Summary: The Lake City 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 36.4%, 3 bedroom homes decreased by 9.5%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 12.5%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 11 | 9 | -18.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake City, you may be able to get a good deal. 44.4% of homes here sold below asking price last month.
Summary: A total of 9 homes were sold or pending in Lake City in November 2024, down by 18.2% month-over-month. Of the 9 sold homes, 44% were sold under asking, 11% were sold at asking, and 44% were sold over asking.
Days on Market for Lake City, MI
How long does it take to sell a home in Lake City, MI?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 57 Days | 78 Days | +37.3% |
Summary: Homes in Lake City had an average of 78 days on market in Nov 2024, up by 37.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake City has remained consistent over time.
Summary: During November 2024, 9 homes were sold in Lake City; 0% of homes were sold within 30 days, 56% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
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