$45,000
5.65 Acres
Land
#50161284, Nick McNamara, Listing Office: RE/MAX RIVERHAVEN--SS
Is Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Lake Township was a Seller's Market.
Key Takeaway
Lake Township is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$168,950
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$27,050(+19.1%)
Key Takeaway
Homes in Lake Township have sold for 19.1% more than they did a year ago.
Summary: The median home sold price in Lake Township was $168,950 in October 2024, up 19.1% 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 | $61.9K | $67.5K | +9.0% |
| 2 Bedrooms | $112K | $167.5K | +49.6% |
| 3 Bedrooms | $177.5K | $175K | -1.4% |
| 4 Bedrooms | $215K | $95K | -55.8% |
| 5+ Bedrooms | - | $562.5K | N/A |
Summary: Lake Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9%, 2 bedroom homes increased by 49.6%, 3 bedroom homes decreased by 1.4%, 4 bedroom homes decreased by 55.8%, and 5+ bedroom homes did not change.
Housing Supply in Lake Township, MI
How many homes are available in Lake Township, MI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 64 | 59 | -7.8% |
Summary: The Lake Township 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 | 2 | 2 | 0.0% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Lake Township 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 | 10 | -28.6% |
Asking Price vs. Sold Price
5 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 Township, you may be able to get a good deal. 62.5% of homes here sold below asking price last month.
Summary: A total of 10 homes were sold or pending in Lake Township in October 2024, down by 28.6% month-over-month. Of the 8 sold homes, 63% were sold under asking, 25% were sold at asking, and 13% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 46 Days | 66 Days | +42.9% |
Summary: Homes in Lake Township had an average of 66 days on market in Oct 2024, up by 42.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Township are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 10 homes were sold in Lake Township; 30% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 30% 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. 
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