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
$128,000
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lake Township have sold for 16.1% less than they did a year ago.
Summary: The median home sold price in Lake Township was $128,000 in March 2024, down 16.1% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150.3K | $58.2K | -61.3% |
| 2 Bedrooms | $85.5K | $122.5K | +43.3% |
| 3 Bedrooms | $156.5K | $170K | +8.6% |
| 4 Bedrooms | $254.9K | $139.9K | -45.1% |
| 5+ Bedrooms | $615K | - | N/A |
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 43.3%, 3 bedroom homes increased by 8.6%, 4 bedroom homes decreased by 45.1%, and 5+ bedroom homes did not change.
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 |
|---|---|---|
| 27 | 27 | 0.0% |
Summary: The Lake Township real estate market had 27 homes for sale in March 2024, the same as February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 3 | 3 | 0.0% |
| 2 Bedrooms | 13 | 10 | -23.1% |
| 3 Bedrooms | 9 | 13 | +44.4% |
| 4 Bedrooms | 1 | 0 | -100.0% |
| 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 23.1%, 3 bedroom homes increased by 44.4%, 4 bedroom homes decreased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 6 | -33.3% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Township, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 6 homes were sold or pending in Lake Township in March 2024, down by 33.3% month-over-month. Of the 6 sold homes, 67% were sold under asking, 17% were sold at asking, and 17% 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 | 93 Days | +21.0% |
Summary: Homes in Lake Township had an average of 93 days on market in Mar 2024, up by 21% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
2 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, 6 homes were sold in Lake Township; 33% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 33% of homes were sold over 90 days.
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