Is Central Lake, 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, Central Lake was a Seller's Market.
Key Takeaway
Central Lake is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Central Lake, MI
How much do homes in Central Lake, MI cost?
Median Sold Price
$235,000
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Central Lake have sold for 24.7% less than they did a year ago.
Summary: The median home sold price in Central Lake was $235,000 in May 2024, down 24.7% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $52K | N/A |
| 2 Bedrooms | $210K | $180K | -14.3% |
| 3 Bedrooms | $200K | $262K | +31.0% |
| 4 Bedrooms | $390K | $730K | +87.2% |
| 5+ Bedrooms | $360K | $568.1K | +57.8% |
Summary: Central Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 31%, 4 bedroom homes increased by 87.2%, and 5+ bedroom homes increased by 57.8%.
Median Sold Price Compared To Nearby Cities
| Central Lake | $312K | $235K | -24.7% |
| Central Lake Township | $360K | $235K | -34.7% |
Housing Supply in Central Lake, MI
How many homes are available in Central Lake, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 29 | +45.0% |
Summary: The Central Lake real estate market had 29 homes for sale in May 2024, a 45.0% 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 | 0 | 1 | +100.0% |
| 3 Bedrooms | 9 | 12 | +33.3% |
| 4 Bedrooms | 7 | 10 | +42.9% |
| 5+ Bedrooms | 3 | 5 | +66.7% |
Summary: The Central Lake 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 100%, 3 bedroom homes increased by 33.3%, 4 bedroom homes increased by 42.9%, and 5+ bedroom homes increased by 66.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 2 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Central Lake, you may be able to get a good deal. 100% of homes here sold below asking price last month.
Summary: A total of 2 homes were sold or pending in Central Lake in May 2024, the same as the previous month. Of the 2 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.
Days on Market for Central Lake, MI
How long does it take to sell a home in Central Lake, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 45 Days | 72 Days | +58.5% |
Summary: Homes in Central Lake had an average of 72 days on market in May 2024, up by 58.5% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Central Lake has remained consistent over time.
Summary: During May 2024, 2 homes were sold in Central Lake; 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.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.