Is Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Lake Township has remained a Seller's Market.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$177,500
$135/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Lake Township was $177,500 in April 2024, up 14.5% from last year, and the median price per square foot was $135.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $103.4K | $61.9K | -40.1% |
2 Bedrooms | $67K | $127.5K | +90.3% |
3 Bedrooms | $159.9K | $227.5K | +42.3% |
4 Bedrooms | $595K | $487K | -18.2% |
5+ Bedrooms | $615K | $1.3M | +117.9% |
Summary: Lake Township housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 40.1%, 2 bedroom homes increased by 90.3%, 3 bedroom homes increased by 42.3%, 4 bedroom homes decreased by 18.2%, and 5+ bedroom homes increased by 117.9%.
Housing Supply in Lake Township, MI
How many homes are available in Lake Township, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
27 | 37 | +37.0% |
Summary: The Lake Township real estate market had 37 homes for sale in April 2024, a 37.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 4 | +100.0% |
2 Bedrooms | 8 | 11 | +37.5% |
3 Bedrooms | 12 | 15 | +25.0% |
4 Bedrooms | 1 | 3 | +200.0% |
5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Lake Township housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 37.5%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 200%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
4 | 7 | +75.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 7 homes were sold or pending in Lake Township in April 2024, up by 75.0% month-over-month. Of the 7 sold homes, 71% were sold under asking, 29% were sold at asking, and 0% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
160 Days | 78 Days | -50.8% |
Summary: Homes in Lake Township had an average of 78 days on market in Apr 2024, down by 50.8% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 7 homes were sold in Lake Township; 14% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 43% of homes were sold over 90 days.