Is Bear 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, Bear Lake Township was a Seller's Market.
Key Takeaway
Bear 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 Bear Lake Township, MI
How much do homes in Bear Lake Township, MI cost?
Median Sold Price
$232,000
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Bear Lake Township have sold for 7.9% more than they did a year ago.
Summary: The median home sold price in Bear Lake Township was $232,000 in May 2024, up 7.9% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $70K | $77.5K | +10.7% |
| 2 Bedrooms | $170K | $154.5K | -9.1% |
| 3 Bedrooms | $217.5K | $233.2K | +7.2% |
| 4 Bedrooms | $397.5K | $281K | -29.3% |
| 5+ Bedrooms | - | $392.4K | N/A |
Summary: Bear Lake Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.7%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes increased by 7.2%, 4 bedroom homes decreased by 29.3%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Grayling Charter Township | $150K | $191.2K | +27.5% |
| Frederic Township | $187.9K | $238.5K | +26.9% |
| Frederic | $193.9K | $245.5K | +26.6% |
| Bear Lake Township | $215K | $232K | +7.9% |
Housing Supply in Bear Lake Township, MI
How many homes are available in Bear Lake Township, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 25 | +25.0% |
Summary: The Bear Lake Township real estate market had 25 homes for sale in May 2024, a 25.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 4 | 7 | +75.0% |
| 3 Bedrooms | 5 | 8 | +60.0% |
| 4 Bedrooms | 9 | 7 | -22.2% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Bear Lake Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 75%, 3 bedroom homes increased by 60%, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 3 | 4 | +33.3% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Bear Lake Township, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 4 homes were sold or pending in Bear Lake Township in May 2024, up by 33.3% month-over-month. Of the 4 sold homes, 75% were sold under asking, 25% were sold at asking, and 0% were sold over asking.
Days on Market for Bear Lake Township, MI
How long does it take to sell a home in Bear Lake Township, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 61 Days | 74 Days | +21.3% |
Summary: Homes in Bear Lake Township had an average of 74 days on market in May 2024, up by 21.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Bear Lake Township has remained consistent over time.
Summary: During May 2024, 4 homes were sold in Bear Lake Township; 0% of homes were sold within 30 days, 50% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
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