Is Lake Orion, 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 Orion has remained a Seller's Market.
Housing Prices in Lake Orion, MI
How much do homes in Lake Orion, MI cost?
Median Sold Price
$368,333
$198/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Lake Orion was $368,333 in March 2024, up 4.6% from last year, and the median price per square foot was $198.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | $175K | N/A |
2 Bedrooms | $189.8K | $199.5K | +5.1% |
3 Bedrooms | $305K | $330K | +8.2% |
4 Bedrooms | $440K | $460K | +4.5% |
5+ Bedrooms | $550K | $620K | +12.7% |
Summary: Lake Orion housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 8.2%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 12.7%.
Median Sold Price Compared To Nearby Cities
Lake Orion | $351.9K | $368.3K | +4.6% |
Orion Charter Township | $375K | $370.8K | -1.1% |
Housing Supply in Lake Orion, MI
How many homes are available in Lake Orion, MI?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
72 | 92 | +27.8% |
Summary: The Lake Orion real estate market had 92 homes for sale in March 2024, a 27.8% 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 | 16 | 20 | +25.0% |
3 Bedrooms | 22 | 28 | +27.3% |
4 Bedrooms | 29 | 35 | +20.7% |
5+ Bedrooms | 5 | 9 | +80.0% |
Summary: The Lake Orion 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 25%, 3 bedroom homes increased by 27.3%, 4 bedroom homes increased by 20.7%, and 5+ bedroom homes increased by 80%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
17 | 25 | +47.1% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Summary: A total of 25 homes were sold or pending in Lake Orion in March 2024, up by 47.1% month-over-month. Of the 25 sold homes, 52% were sold under asking, 8% were sold at asking, and 40% were sold over asking.
Days on Market for Lake Orion, MI
How long does it take to sell a home in Lake Orion, MI?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
158 Days | 25 Days | -83.6% |
Summary: Homes in Lake Orion had an average of 25 days on market in Mar 2024, down by 83.6% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 25 homes were sold in Lake Orion; 72% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.