Is Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lake Township was a Seller's Market.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$198,000
$144/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake Township was $198,000 in May 2024, up 50% from last year, and the median price per square foot was $144.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150.3K | $63.9K | -57.5% |
2 Bedrooms | $76.2K | $183.2K | +140.3% |
3 Bedrooms | $159.9K | $231.5K | +44.8% |
4 Bedrooms | $650K | $257.4K | -60.4% |
5+ Bedrooms | $615K | $225K | -63.4% |
Summary: Lake Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 57.5%, 2 bedroom homes increased by 140.3%, 3 bedroom homes increased by 44.8%, 4 bedroom homes decreased by 60.4%, and 5+ bedroom homes decreased by 63.4%.
Median Sold Price Compared To Nearby Cities
Lake Township | $132K | $198K | +50.0% |
Lake City | $165K | $226.5K | +37.3% |
Housing Supply in Lake Township, MI
How many homes are available in Lake Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
36 | 56 | +55.6% |
Summary: The Lake Township real estate market had 56 homes for sale in May 2024, a 55.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 6 | +50.0% |
2 Bedrooms | 11 | 16 | +45.5% |
3 Bedrooms | 16 | 28 | +75.0% |
4 Bedrooms | 3 | 4 | +33.3% |
5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Lake Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 45.5%, 3 bedroom homes increased by 75%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
5 | 7 | +40.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 7 homes were sold or pending in Lake Township in May 2024, up by 40.0% month-over-month. Of the 7 sold homes, 57% were sold under asking, 14% were sold at asking, and 29% were sold over asking.
Days on Market for Lake Township, MI
How long does it take to sell a home in Lake Township, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
74 Days | 33 Days | -55.3% |
Summary: Homes in Lake Township had an average of 33 days on market in May 2024, down by 55.3% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 7 homes were sold in Lake Township; 57% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.