Is Lapeer, 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, Lapeer has remained a Seller's Market.
Housing Prices in Lapeer, MI
How much do homes in Lapeer, MI cost?
Median Sold Price
$255,841
$176/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lapeer was $255,841 in May 2024, up 11.1% from last year, and the median price per square foot was $176.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $139K | $85K | -38.8% |
2 Bedrooms | $164K | $216.9K | +32.3% |
3 Bedrooms | $230K | $235K | +2.2% |
4 Bedrooms | $275.5K | $324.9K | +17.9% |
5+ Bedrooms | $425K | $434.5K | +2.2% |
Summary: Lapeer housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 38.8%, 2 bedroom homes increased by 32.3%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 2.2%.
Median Sold Price Compared To Nearby Cities
Elba Township | $254K | $300.5K | +18.3% |
Oregon Township | $226.5K | $260K | +14.8% |
Lapeer | $230.3K | $255.8K | +11.1% |
Lapeer Township | $231.5K | $255K | +10.2% |
Mayfield Township | $242.5K | $265K | +9.3% |
Housing Supply in Lapeer, MI
How many homes are available in Lapeer, MI?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
99 | 106 | +7.1% |
Summary: The Lapeer real estate market had 106 homes for sale in May 2024, a 7.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 15 | 19 | +26.7% |
3 Bedrooms | 55 | 54 | -1.8% |
4 Bedrooms | 24 | 31 | +29.2% |
5+ Bedrooms | 5 | 2 | -60.0% |
Summary: The Lapeer 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 26.7%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 29.2%, and 5+ bedroom homes decreased by 60%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
30 | 25 | -16.7% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Summary: A total of 25 homes were sold or pending in Lapeer in May 2024, down by 16.7% month-over-month. Of the 25 sold homes, 44% were sold under asking, 12% were sold at asking, and 44% were sold over asking.
Days on Market for Lapeer, MI
How long does it take to sell a home in Lapeer, MI?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
8 Days | 22 Days | +150.7% |
Summary: Homes in Lapeer had an average of 22 days on market in May 2024, up by 150.7% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 25 homes were sold in Lapeer; 76% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.