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
At the same time last year, Lake Township was a Seller's Market.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$149,950
$143/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Lake Township was $149,950 in March 2024, down 23.1% from last year, and the median price per square foot was $143.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $136.1K | $59.9K | -56.0% |
2 Bedrooms | $132K | $139.9K | +6.0% |
3 Bedrooms | $195K | $220K | +12.8% |
4 Bedrooms | $532.5K | $305K | -42.7% |
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 56%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 12.8%, 4 bedroom homes decreased by 42.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
Markey Township | $167.5K | $169.9K | +1.5% |
Houghton Lake | $181.4K | $178K | -1.9% |
Lake Township | $195K | $149.9K | -23.1% |
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 |
---|---|---|
32 | 39 | +21.9% |
Summary: The Lake Township real estate market had 39 homes for sale in March 2024, a 21.9% 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 | 12 | 20 | +66.7% |
4 Bedrooms | 2 | 2 | 0.0% |
5+ Bedrooms | 2 | 3 | +50.0% |
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 66.7%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
9 | 5 | -44.4% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 5 homes were sold or pending in Lake Township in March 2024, down by 44.4% month-over-month. Of the 5 sold homes, 60% were sold under asking, 20% were sold at asking, and 20% 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
Summary: During March 2024, 5 homes were sold in Lake Township; 40% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 40% of homes were sold over 90 days.