$240,000
60.00 Acres
Land
#50163170, CHUCK GASKILL, Listing Office: REISS REAL ESTATE INC.
Is Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Lake Township was a Buyer's Market.
Key Takeaway
Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$149,500
$129/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$3,250(+2.2%)
Key Takeaway
Homes in Lake Township have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in Lake Township was $149,500 in November 2024, up 2.2% from last year, and the median price per square foot was $129.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $59.9K | $66K | +10.2% |
| 2 Bedrooms | $100K | $148.5K | +48.5% |
| 3 Bedrooms | $182K | $170K | -6.6% |
| 4 Bedrooms | $267K | $95K | -64.4% |
| 5+ Bedrooms | - | $555K | N/A |
Summary: Lake Township housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.2%, 2 bedroom homes increased by 48.5%, 3 bedroom homes decreased by 6.6%, 4 bedroom homes decreased by 64.4%, 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
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 59 | 55 | -6.8% |
Summary: The Lake Township real estate market had 55 homes for sale in November 2024, a 6.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 7 | 0.0% |
| 2 Bedrooms | 23 | 22 | -4.3% |
| 3 Bedrooms | 23 | 21 | -8.7% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 4 | 3 | -25.0% |
Summary: The Lake Township 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 4.3%, 3 bedroom homes decreased by 8.7%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 9 | 17 | +88.9% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
4 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. 70.6% of homes here sold below asking price last month.
Summary: A total of 17 homes were sold or pending in Lake Township in November 2024, up by 88.9% month-over-month. Of the 17 sold homes, 71% were sold under asking, 24% were sold at asking, and 6% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 161 Days | 73 Days | -54.2% |
Summary: Homes in Lake Township had an average of 73 days on market in Nov 2024, down by 54.2% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Lake Township has remained consistent over time.
Summary: During November 2024, 17 homes were sold in Lake Township; 29% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 29% 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.