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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Long Lake Township is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Long Lake Township has remained a Seller's Market.

Key Takeaway

Long Lake Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Long Lake Township, MI

How much do homes in Long Lake Township, MI cost?

Median Sold Price

$459,250

$229/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$15,750(-3.3%)

Key Takeaway

Homes in Long Lake Township have sold for 3.3% less than they did a year ago.

Summary: The median home sold price in Long Lake Township was $459,250 in May 2024, down 3.3% from last year, and the median price per square foot was $229.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 --
N/A
2 $438.6K$322.1K
-26.6%
3 $400K$425.7K
+6.4%
4 $495K$579K
+17.0%
5+ $682.7K$558.5K
-18.2%

Summary: Long Lake Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 26.6%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 17%, and 5+ bedroom homes decreased by 18.2%.

Median Sold Price Compared To Nearby Cities

Interlochen
+18.6%
Garfield Charter Township
-2.7%
Green Lake Township
-3.1%
Long Lake Township
-3.3%

Housing Supply in Long Lake Township, MI

How many homes are available in Long Lake Township, MI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
4263+50.0%

Summary: The Long Lake Township real estate market had 63 homes for sale in May 2024, a 50.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 78
+14.3%
3 2637
+42.3%
4 612
+100.0%
5+ 36
+100.0%

Summary: The Long Lake Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 42.3%, 4 bedroom homes increased by 100%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Apr 2024May 2024CHANGE
721+200.0%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Long Lake Township, expect to pay close to the asking price. 35.3% of homes here sold near the asking price last month.

Summary: A total of 21 homes were sold or pending in Long Lake Township in May 2024, up by 200.0% month-over-month. Of the 17 sold homes, 29% were sold under asking, 35% were sold at asking, and 35% were sold over asking.

Days on Market for Long Lake Township, MI

How long does it take to sell a home in Long Lake Township, MI?

Average Sale Time

May 2023May 2024CHANGE
49 Days37 Days-23.1%

Summary: Homes in Long Lake Township had an average of 37 days on market in May 2024, down by 23.1% compared to last year.

Breakdown of Home Sale Times

13 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Long Lake Township are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 21 homes were sold in Long Lake Township; 62% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 14% 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 12 Days Ago

Newest Listings in Long Lake Township, MI

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