Is Lake Township, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lake Township has remained a Seller's Market.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$177,500
$149/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake Township was $177,500 in May 2024, up 11% from last year, and the median price per square foot was $149.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $122K | $64.4K | -47.2% |
2 Bedrooms | $119K | $149.9K | +25.9% |
3 Bedrooms | $187.8K | $227.5K | +21.1% |
4 Bedrooms | $493.7K | $305K | -38.2% |
5+ Bedrooms | $615K | $669.9K | +8.9% |
Summary: Lake Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 47.2%, 2 bedroom homes increased by 25.9%, 3 bedroom homes increased by 21.1%, 4 bedroom homes decreased by 38.2%, and 5+ bedroom homes increased by 8.9%.
Median Sold Price Compared To Nearby Cities
Lake Township | $159.9K | $177.5K | +11.0% |
Houghton Lake | $179.9K | $190K | +5.6% |
Markey Township | $166.7K | $170K | +1.9% |
Housing Supply in Lake Township, MI
How many homes are available in Lake Township, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
51 | 70 | +37.3% |
Summary: The Lake Township real estate market had 70 homes for sale in May 2024, a 37.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 4 | 6 | +50.0% |
2 Bedrooms | 13 | 17 | +30.8% |
3 Bedrooms | 27 | 39 | +44.4% |
4 Bedrooms | 3 | 4 | +33.3% |
5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Lake Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 30.8%, 3 bedroom homes increased by 44.4%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
4 | 13 | +225.0% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Summary: A total of 13 homes were sold or pending in Lake Township in May 2024, up by 225.0% month-over-month. Of the 13 sold homes, 54% were sold under asking, 31% were sold at asking, and 15% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
31 Days | 31 Days | 0.1% |
Summary: Homes in Lake Township had an average of 31 days on market in May 2024, up by 0.1% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 13 homes were sold in Lake Township; 31% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.