Is Lake, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Lake has remained a Seller's Market.
Key Takeaway
Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake, MI
How much do homes in Lake, MI cost?
Median Sold Price
$124,550
$111/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake have sold for 4.9% less than they did a year ago.
Summary: The median home sold price in Lake was $124,550 in March 2024, down 4.9% from last year, and the median price per square foot was $111.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $62K | $58.2K | -6.1% |
| 2 Bedrooms | $96K | $100K | +4.2% |
| 3 Bedrooms | $155K | $198.7K | +28.2% |
| 4 Bedrooms | - | $139.9K | N/A |
| 5+ Bedrooms | $615K | - | N/A |
Summary: Lake housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.1%, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 28.2%, 4 bedroom homes did not change, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Garfield Township | $125K | $156.5K | +25.2% |
| Lake | $131K | $124.5K | -4.9% |
Housing Supply in Lake, MI
How many homes are available in Lake, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 24 | 26 | +8.3% |
Summary: The Lake real estate market had 26 homes for sale in March 2024, a 8.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 10 | 9 | -10.0% |
| 3 Bedrooms | 9 | 13 | +44.4% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Lake housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 10%, 3 bedroom homes increased by 44.4%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 7 | 5 | -28.6% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake, you may be able to get a good deal. 60% of homes here sold below asking price last month.
Summary: A total of 5 homes were sold or pending in Lake in March 2024, down by 28.6% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% were sold over asking.
Days on Market for Lake, MI
How long does it take to sell a home in Lake, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 68 Days | 93 Days | +36.1% |
Summary: Homes in Lake had an average of 93 days on market in Mar 2024, up by 36.1% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 5 homes were sold in Lake; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.
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