Is Lake Township, 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 Township has remained a Seller's Market.
Key Takeaway
Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$190,000
$142/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake Township have sold for 18.8% more than they did a year ago.
Summary: The median home sold price in Lake Township was $190,000 in March 2024, up 18.8% from last year, and the median price per square foot was $142.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150.3K | $58.2K | -61.3% |
| 2 Bedrooms | $103.8K | $147.5K | +42.1% |
| 3 Bedrooms | $178.2K | $240K | +34.7% |
| 4 Bedrooms | $650K | $212.5K | -67.3% |
| 5+ Bedrooms | $615K | $225K | -63.4% |
Summary: Lake Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 61.3%, 2 bedroom homes increased by 42.1%, 3 bedroom homes increased by 34.7%, 4 bedroom homes decreased by 67.3%, and 5+ bedroom homes decreased by 63.4%.
Median Sold Price Compared To Nearby Cities
| Lake City | $165K | $225K | +36.4% |
| Lake Township | $159.9K | $190K | +18.8% |
| Mc Bain | $209.9K | $210.2K | 0.2% |
Housing Supply in Lake Township, MI
How many homes are available in Lake Township, MI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 33 | 36 | +9.1% |
Summary: The Lake Township real estate market had 36 homes for sale in March 2024, a 9.1% 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 | 13 | 11 | -15.4% |
| 3 Bedrooms | 13 | 20 | +53.8% |
| 4 Bedrooms | 3 | 1 | -66.7% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Lake Township 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 15.4%, 3 bedroom homes increased by 53.8%, 4 bedroom homes decreased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Township, expect to pay close to the asking price. 54.5% of homes here sold near the asking price last month.
Summary: A total of 11 homes were sold or pending in Lake Township in March 2024, down by 8.3% month-over-month. Of the 11 sold homes, 36% were sold under asking, 55% were sold at asking, and 9% were sold over asking.
Days on Market for Lake Township, MI
How long does it take to sell a home in Lake Township, MI?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 77 Days | 55 Days | -27.9% |
Summary: Homes in Lake Township had an average of 55 days on market in Mar 2024, down by 27.9% compared to last year.
Breakdown of Home Sale Times
6 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 Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 11 homes were sold in Lake Township; 55% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 27% of homes were sold over 90 days.
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