Is Lake County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Lake County was a Seller's Market.
Key Takeaway
Lake County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Lake County, MI
How much do homes in Lake County, MI cost?
Median Sold Price
$150,000
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lake County have sold for 11.2% more than they did a year ago.
Summary: The median home sold price in Lake County was $150,000 in April 2024, up 11.2% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75.9K | $80K | +5.4% |
| 2 Bedrooms | $119.9K | $134.9K | +12.5% |
| 3 Bedrooms | $169.9K | $185.5K | +9.2% |
| 4 Bedrooms | $179.9K | $257.4K | +43.1% |
| 5+ Bedrooms | $219.5K | $536K | +144.2% |
Summary: Lake County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 43.1%, and 5+ bedroom homes increased by 144.2%.
Median Sold Price Compared To Nearby Counties
| Manistee County | $200K | $225.5K | +12.8% |
| Lake County | $134.9K | $150K | +11.2% |
| Mason County | $234K | $254.4K | +8.7% |
| Osceola County | $155K | $167.9K | +8.3% |
| Newaygo County | $206K | $220.7K | +7.1% |
Housing Supply in Lake County, MI
How many homes are available in Lake County, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 79 | 85 | +7.6% |
Summary: The Lake County real estate market had 85 homes for sale in April 2024, a 7.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 12 | 13 | +8.3% |
| 2 Bedrooms | 29 | 35 | +20.7% |
| 3 Bedrooms | 30 | 30 | 0.0% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Lake County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 20.7%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 21 | 11 | -47.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake County, you may be able to get a good deal. 36.4% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Lake County in April 2024, down by 47.6% month-over-month. Of the 11 sold homes, 36% were sold under asking, 36% were sold at asking, and 27% were sold over asking.
Days on Market for Lake County, MI
How long does it take to sell a home in Lake County, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 43 Days | 71 Days | +66.6% |
Summary: Homes in Lake County had an average of 71 days on market in Apr 2024, up by 66.6% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake County are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 11 homes were sold in Lake County; 55% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.
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