$4,749 Closing Credit*
$399,900
1,810 SqFt
3 Beds
•1 Full Bath, 1 Partial
Tamara McLeod Helsel, 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 October 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
$148/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
-$5,100(-2.1%)
Key Takeaway
Homes in Lake City have sold for 2.1% less than they did a year ago.
Summary: The median home sold price in Lake City was $234,900 in October 2024, down 2.1% from last year, and the median price per square foot was $148.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $234.9K | N/A |
| 2 Bedrooms | $240K | $164.9K | -31.3% |
| 3 Bedrooms | $239.9K | $247.5K | +3.1% |
| 4 Bedrooms | $267.5K | $335K | +25.2% |
| 5+ Bedrooms | $193K | $280K | +45.1% |
Summary: Lake City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 31.3%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 25.2%, and 5+ bedroom homes increased by 45.1%.
Median Sold Price Compared To Nearby Cities
| Lake Township | $192.5K | $190.5K | -1.0% |
| Lake City | $240K | $234.9K | -2.1% |
Housing Supply in Lake City, MI
How many homes are available in Lake City, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 58 | 48 | -17.2% |
Summary: The Lake City real estate market had 48 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 | 1 | 1 | 0.0% |
| 2 Bedrooms | 14 | 11 | -21.4% |
| 3 Bedrooms | 28 | 20 | -28.6% |
| 4 Bedrooms | 9 | 8 | -11.1% |
| 5+ Bedrooms | 6 | 8 | +33.3% |
Summary: The Lake City 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 21.4%, 3 bedroom homes decreased by 28.6%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 17 | 10 | -41.2% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake City, you could pay more than the asking price. 40% of homes here sold above asking price last month.
Summary: A total of 10 homes were sold or pending in Lake City in October 2024, down by 41.2% month-over-month. Of the 10 sold homes, 30% were sold under asking, 30% were sold at asking, and 40% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 71 Days | 74 Days | +4.5% |
Summary: Homes in Lake City had an average of 74 days on market in Oct 2024, up by 4.5% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake City has remained consistent over time.
Summary: During October 2024, 10 homes were sold in Lake City; 20% of homes were sold within 30 days, 40% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
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