Is Lake Township, MI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Township is a seller's market

Buyer's
Market

Difference Since February 2023

At the same time last year, Lake Township was a Neutral 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

$155,000

$128/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$13,850(+9.8%)

Key Takeaway

Homes in Lake Township have sold for 9.8% more than they did a year ago.

Summary: The median home sold price in Lake Township was $155,000 in February 2024, up 9.8% from last year, and the median price per square foot was $128.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $150.3K$59.9K
-60.1%
2 $85.5K$107.5K
+25.7%
3 $145.4K$220K
+51.3%
4 $595K$267K
-55.1%
5+ $615K$1.3M
+117.9%

Summary: Lake Township housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 60.1%, 2 bedroom homes increased by 25.7%, 3 bedroom homes increased by 51.3%, 4 bedroom homes decreased by 55.1%, and 5+ bedroom homes increased by 117.9%.

Housing Supply in Lake Township, MI

How many homes are available in Lake Township, MI?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
3937-5.1%

Summary: The Lake Township real estate market had 37 homes for sale in February 2024, a 5.1% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 35
+66.7%
2 1814
-22.2%
3 1313
0.0%
4 32
-33.3%
5+ 23
+50.0%

Summary: The Lake Township housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes decreased by 22.2%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 33.3%, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
710+42.9%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Township, you may be able to get a good deal. 90% of homes here sold below asking price last month.

Summary: A total of 10 homes were sold or pending in Lake Township in February 2024, up by 42.9% month-over-month. Of the 10 sold homes, 90% were sold under asking, 0% were sold at asking, and 10% 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

Feb 2023Feb 2024CHANGE
26 Days115 Days+345.7%

Summary: Homes in Lake Township had an average of 115 days on market in Feb 2024, up by 345.7% compared to last year.

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Lake Township are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During February 2024, 10 homes were sold in Lake Township; 0% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 60% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 18 Days Ago

Newest Listings in Lake Township, MI

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