Is Lake City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Lake City has remained a Seller's Market.
Housing Prices in Lake City, MI
How much do homes in Lake City, MI cost?
Median Sold Price
$228,000
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Lake City was $228,000 in April 2024, up 54.3% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $165K | $204K | +23.6% |
2 Bedrooms | $146.5K | $220K | +50.2% |
3 Bedrooms | $142K | $226.5K | +59.5% |
4 Bedrooms | $107.4K | $297K | +176.4% |
5+ Bedrooms | $161K | $252.5K | +56.8% |
Summary: Lake City housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.6%, 2 bedroom homes increased by 50.2%, 3 bedroom homes increased by 59.5%, 4 bedroom homes increased by 176.4%, and 5+ bedroom homes increased by 56.8%.
Median Sold Price Compared To Nearby Cities
Lake City | $147.7K | $228K | +54.3% |
Lake Township | $155K | $193.7K | +25.0% |
Housing Supply in Lake City, MI
How many homes are available in Lake City, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
21 | 24 | +14.3% |
Summary: The Lake City real estate market had 24 homes for sale in April 2024, a 14.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 5 | +66.7% |
3 Bedrooms | 13 | 13 | 0.0% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 2 | 3 | +50.0% |
Summary: The Lake City housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 66.7%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
11 | 6 | -45.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 6 homes were sold or pending in Lake City in April 2024, down by 45.5% month-over-month. Of the 6 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
65 Days | 65 Days | -0.5% |
Summary: Homes in Lake City had an average of 65 days on market in Apr 2024, down by 0.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During April 2024, 6 homes were sold in Lake City; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.