Is Lake County, 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 County has remained a Seller's Market.
Key Takeaway
Lake County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake County, MI
How much do homes in Lake County, MI cost?
Median Sold Price
$150,000
$132/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake County have sold for 15.4% more than they did a year ago.
Summary: The median home sold price in Lake County was $150,000 in March 2024, up 15.4% from last year, and the median price per square foot was $132.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75.9K | $80K | +5.4% |
| 2 Bedrooms | $105K | $134.9K | +28.5% |
| 3 Bedrooms | $168.9K | $170K | +0.6% |
| 4 Bedrooms | $206K | $189.9K | -7.8% |
| 5+ Bedrooms | $219.5K | $536K | +144.2% |
Summary: Lake County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes increased by 28.5%, 3 bedroom homes increased by 0.6%, 4 bedroom homes decreased by 7.8%, and 5+ bedroom homes increased by 144.2%.
Median Sold Price Compared To Nearby Counties
| Lake County | $130K | $150K | +15.4% |
| Manistee County | $200K | $225.5K | +12.8% |
| Osceola County | $155K | $165.5K | +6.8% |
| Newaygo County | $207.7K | $220.2K | +6.0% |
| Mason County | $237.4K | $250K | +5.3% |
Housing Supply in Lake County, MI
How many homes are available in Lake County, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 69 | 80 | +15.9% |
Summary: The Lake County real estate market had 80 homes for sale in March 2024, a 15.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 13 | 12 | -7.7% |
| 2 Bedrooms | 29 | 31 | +6.9% |
| 3 Bedrooms | 24 | 30 | +25.0% |
| 4 Bedrooms | 1 | 2 | +100.0% |
| 5+ Bedrooms | 2 | 5 | +150.0% |
Summary: The Lake County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 7.7%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 150%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 18 | +80.0% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake County, you may be able to get a good deal. 61.1% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in Lake County in March 2024, up by 80.0% month-over-month. Of the 18 sold homes, 61% were sold under asking, 6% were sold at asking, and 33% were sold over asking.
Days on Market for Lake County, MI
How long does it take to sell a home in Lake County, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 115 Days | 88 Days | -23.7% |
Summary: Homes in Lake County had an average of 88 days on market in Mar 2024, down by 23.7% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Lake County are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 18 homes were sold in Lake County; 28% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 39% of homes were sold over 90 days.
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© 2024 Water Wonderland MLS, Inc © All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange Program of the Water Wonderland MLS (WWLX). Real estate listings held by brokerage firms other than this broker are marked with the WWLX logo and the detailed information about said listing includes the listing office.The listings displayed come from various Water Wonderland Board of REALTORS® member offices who have chosen to participate in WWBR. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither the site hosting broker(s), nor the listing broker or Water Wonderland Board of REALTORS® shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless.