Is Lakeland, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lakeland is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Lakeland has remained a Seller's Market.

Key Takeaway

Lakeland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Lakeland, FL

How much do homes in Lakeland, FL cost?

Median Sold Price

$315,000

$193/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$7,605(+2.5%)

Key Takeaway

Homes in Lakeland have sold for 2.5% more than they did a year ago.

Summary: The median home sold price in Lakeland was $315,000 in May 2024, up 2.5% from last year, and the median price per square foot was $193.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $121.2K$139.5K
+15.1%
2 $219.9K$220K
0.0%
3 $299.9K$300K
0.0%
4 $390.1K$385.7K
-1.1%
5+ $430K$498.2K
+15.9%

Summary: Lakeland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.1%, 2 bedroom homes did not change, 3 bedroom homes did not change, 4 bedroom homes decreased by 1.1%, and 5+ bedroom homes increased by 15.9%.

Median Sold Price Compared To Nearby Cities

Plant City
+8.9%
Lakeland
+2.5%
Polk City
-4.0%

Housing Supply in Lakeland, FL

How many homes are available in Lakeland, FL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1,3271,311-1.2%

Summary: The Lakeland real estate market had 1,311 homes for sale in May 2024, a 1.2% decrease compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 1113
+18.2%
2 203199
-2.0%
3 645628
-2.6%
4 378372
-1.6%
5+ 9099
+10.0%

Summary: The Lakeland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.2%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 2.6%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes increased by 10%.

Number of Homes Sold

Apr 2024May 2024CHANGE
294278-5.4%

Asking Price vs. Sold Price

149 Homes Were Sold
Under Asking

91 Homes Were Sold
At Asking

38 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lakeland, you may be able to get a good deal. 53.6% of homes here sold below asking price last month.

Summary: A total of 278 homes were sold or pending in Lakeland in May 2024, down by 5.4% month-over-month. Of the 278 sold homes, 54% were sold under asking, 33% were sold at asking, and 14% were sold over asking.

Days on Market for Lakeland, FL

How long does it take to sell a home in Lakeland, FL?

Average Sale Time

May 2023May 2024CHANGE
34 Days48 Days+39.6%

Summary: Homes in Lakeland had an average of 48 days on market in May 2024, up by 39.6% compared to last year.

Breakdown of Home Sale Times

139 Homes Were Sold
Under 30 Days

98 Homes Were Sold
In 30 - 90 Days

41 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lakeland are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 278 homes were sold in Lakeland; 50% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 22 Days Ago

Newest Listings in Lakeland, FL

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