Is Lake City, TN 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 City has remained a Seller's Market.
Key Takeaway
Lake City is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake City, TN
How much do homes in Lake City, TN cost?
Median Sold Price
$207,000
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake City have sold for 18.6% more than they did a year ago.
Summary: The median home sold price in Lake City was $207,000 in May 2024, up 18.6% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $48K | $245K | +410.4% |
| 2 Bedrooms | $154K | $164.9K | +7.1% |
| 3 Bedrooms | $174.5K | $215K | +23.2% |
| 4 Bedrooms | $262.5K | $279.9K | +6.6% |
| 5+ Bedrooms | $70K | - | N/A |
Summary: Lake City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 410.4%, 2 bedroom homes increased by 7.1%, 3 bedroom homes increased by 23.2%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes did not change.
Housing Supply in Lake City, TN
How many homes are available in Lake City, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 10 | 11 | +10.0% |
Summary: The Lake City real estate market had 11 homes for sale in May 2024, a 10.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 2 | +100.0% |
| 2 Bedrooms | 4 | 3 | -25.0% |
| 3 Bedrooms | 5 | 6 | +20.0% |
| 4 Bedrooms | 0 | 0 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Lake City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 25%, 3 bedroom homes increased by 20%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 4 | +100.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake City, you could pay more than the asking price. 75% of homes here sold above asking price last month.
Summary: A total of 4 homes were sold or pending in Lake City in May 2024, up by 100.0% month-over-month. Of the 4 sold homes, 25% were sold under asking, 0% were sold at asking, and 75% were sold over asking.
Days on Market for Lake City, TN
How long does it take to sell a home in Lake City, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 40 Days | 65 Days | +62.3% |
Summary: Homes in Lake City had an average of 65 days on market in May 2024, up by 62.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lake City are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 4 homes were sold in Lake City; 50% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Knoxville Area Association of REALTORS® Multiple Listing Service. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some or all of the listings may not belong to the firm whose website is being visited. Real estate listings held by brokerage firms other than this broker are indicated by detailed information about them such as the name of the listing firms.