Is Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
At the same time last year, Lake Township was a Neutral Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150.3K | $59.9K | -60.1% |
2 Bedrooms | $85.5K | $107.5K | +25.7% |
3 Bedrooms | $145.4K | $220K | +51.3% |
4 Bedrooms | $595K | $267K | -55.1% |
5+ Bedrooms | $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 2024 | Feb 2024 | CHANGE |
---|---|---|
39 | 37 | -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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 3 | 5 | +66.7% |
2 Bedrooms | 18 | 14 | -22.2% |
3 Bedrooms | 13 | 13 | 0.0% |
4 Bedrooms | 3 | 2 | -33.3% |
5+ Bedrooms | 2 | 3 | +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 2024 | Feb 2024 | CHANGE |
---|---|---|
7 | 10 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
26 Days | 115 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
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.