Is Lake City, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Lake City was a Buyer's Market.
Key Takeaway
Lake City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake City, MI
How much do homes in Lake City, MI cost?
Median Sold Price
$225,000
$156/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake City have sold for 36.4% more than they did a year ago.
Summary: The median home sold price in Lake City was $225,000 in March 2024, up 36.4% from last year, and the median price per square foot was $156.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $204K | +23.6% |
| 2 Bedrooms | $165.5K | $210K | +26.9% |
| 3 Bedrooms | $175.5K | $228.9K | +30.5% |
| 4 Bedrooms | $59.9K | $295K | +392.5% |
| 5+ Bedrooms | $149.9K | $193K | +28.8% |
Summary: Lake City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.6%, 2 bedroom homes increased by 26.9%, 3 bedroom homes increased by 30.5%, 4 bedroom homes increased by 392.5%, and 5+ bedroom homes increased by 28.8%.
Median Sold Price Compared To Nearby Cities
| Lake City | $165K | $225K | +36.4% |
| Lake Township | $159.9K | $190K | +18.8% |
Housing Supply in Lake City, MI
How many homes are available in Lake City, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 19 | 21 | +10.5% |
Summary: The Lake City real estate market had 21 homes for sale in March 2024, a 10.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 12 | 13 | +8.3% |
| 4 Bedrooms | 4 | 3 | -25.0% |
| 5+ Bedrooms | 1 | 2 | +100.0% |
Summary: The Lake City 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 increased by 50%, 3 bedroom homes increased by 8.3%, 4 bedroom homes decreased by 25%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 5 | 10 | +100.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake City, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 10 homes were sold or pending in Lake City in March 2024, up by 100.0% month-over-month. Of the 10 sold homes, 40% were sold under asking, 50% were sold at asking, and 10% were sold over asking.
Days on Market for Lake City, MI
How long does it take to sell a home in Lake City, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 85 Days | 56 Days | -33.9% |
Summary: Homes in Lake City had an average of 56 days on market in Mar 2024, down by 33.9% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake City are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 10 homes were sold in Lake City; 50% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.
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