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.
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
$190,000
$145/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake Township have sold for 43.9% more than they did a year ago.
Summary: The median home sold price in Lake Township was $190,000 in May 2024, up 43.9% from last year, and the median price per square foot was $145.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $105.1K | $63.9K | -39.2% |
| 2 Bedrooms | $67K | $148.5K | +121.6% |
| 3 Bedrooms | $159.9K | $220K | +37.6% |
| 4 Bedrooms | $595K | $319K | -46.4% |
| 5+ Bedrooms | $615K | $1.3M | +121.5% |
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 39.2%, 2 bedroom homes increased by 121.6%, 3 bedroom homes increased by 37.6%, 4 bedroom homes decreased by 46.4%, and 5+ bedroom homes increased by 121.5%.
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 |
|---|---|---|
| 39 | 54 | +38.5% |
Summary: The Lake Township real estate market had 54 homes for sale in May 2024, a 38.5% 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 | 15 | +36.4% |
| 3 Bedrooms | 16 | 26 | +62.5% |
| 4 Bedrooms | 3 | 2 | -33.3% |
| 5+ Bedrooms | 5 | 5 | 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 36.4%, 3 bedroom homes increased by 62.5%, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 8 | +14.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were 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 8 homes were sold or pending in Lake Township in May 2024, up by 14.3% month-over-month. Of the 8 sold homes, 63% were sold under asking, 13% were sold at asking, and 25% 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 |
|---|---|---|
| 31 Days | 42 Days | +36.8% |
Summary: Homes in Lake Township had an average of 42 days on market in May 2024, up by 36.8% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lake Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 8 homes were sold in Lake Township; 50% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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