Is Lake Orion, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Lake Orion has remained a Seller's Market.
Key Takeaway
Lake Orion is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Orion, MI
How much do homes in Lake Orion, MI cost?
Median Sold Price
$370,000
$199/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Lake Orion have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Lake Orion was $370,000 in April 2024, up 5.4% from last year, and the median price per square foot was $199.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $175K | N/A |
| 2 Bedrooms | $192K | $200K | +4.2% |
| 3 Bedrooms | $303K | $335K | +10.6% |
| 4 Bedrooms | $440K | $450K | +2.3% |
| 5+ Bedrooms | $550K | $620K | +12.7% |
Summary: Lake Orion housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 4.2%, 3 bedroom homes increased by 10.6%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes increased by 12.7%.
Median Sold Price Compared To Nearby Cities
| Lake Orion | $351K | $370K | +5.4% |
| Orion Charter Township | $376.5K | $373.1K | -0.9% |
Housing Supply in Lake Orion, MI
How many homes are available in Lake Orion, MI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 86 | 92 | +7.0% |
Summary: The Lake Orion real estate market had 92 homes for sale in April 2024, a 7.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 24 | 23 | -4.2% |
| 3 Bedrooms | 26 | 32 | +23.1% |
| 4 Bedrooms | 28 | 28 | 0.0% |
| 5+ Bedrooms | 8 | 9 | +12.5% |
Summary: The Lake Orion housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 4.2%, 3 bedroom homes increased by 23.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 28 | 26 | -7.1% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Orion, you could pay more than the asking price. 38.5% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in Lake Orion in April 2024, down by 7.1% month-over-month. Of the 26 sold homes, 35% were sold under asking, 27% were sold at asking, and 38% were sold over asking.
Days on Market for Lake Orion, MI
How long does it take to sell a home in Lake Orion, MI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 9 Days | 34 Days | +271.5% |
Summary: Homes in Lake Orion had an average of 34 days on market in Apr 2024, up by 271.5% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Orion are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 26 homes were sold in Lake Orion; 58% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
Provided through IDX via MiRealSource, as the “Source MLS”, courtesy of the Originating MLS shown on the property listing, as the Originating MLS. Copyright MiRealSource.