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
At the same time last year, Lake Township was a Seller's Market.
Housing Prices in Lake Township, MI
How much do homes in Lake Township, MI cost?
Median Sold Price
$147,000
$128/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 $147,000 in May 2024, up 11.4% from last year, and the median price per square foot was $128.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $70K | $58.4K | -16.5% |
2 Bedrooms | $85.5K | $149.5K | +74.9% |
3 Bedrooms | $159.9K | $175K | +9.4% |
4 Bedrooms | - | $269.9K | N/A |
5+ Bedrooms | $475K | $536K | +12.8% |
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 16.5%, 2 bedroom homes increased by 74.9%, 3 bedroom homes increased by 9.4%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 12.8%.
Median Sold Price Compared To Nearby Cities
Pleasant Plains Township | $122.4K | $150K | +22.5% |
Lake Township | $132K | $147K | +11.4% |
Troy Township | $395K | $410K | +3.8% |
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 |
---|---|---|
47 | 67 | +42.6% |
Summary: The Lake Township real estate market had 67 homes for sale in May 2024, a 42.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 8 | 10 | +25.0% |
2 Bedrooms | 17 | 24 | +41.2% |
3 Bedrooms | 18 | 29 | +61.1% |
4 Bedrooms | 2 | 2 | 0.0% |
5+ Bedrooms | 2 | 2 | 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 25%, 2 bedroom homes increased by 41.2%, 3 bedroom homes increased by 61.1%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
4 | 11 | +175.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Lake Township in May 2024, up by 175.0% month-over-month. Of the 11 sold homes, 36% were sold under asking, 27% were sold at asking, and 36% 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 |
---|---|---|
23 Days | 20 Days | -10.2% |
Summary: Homes in Lake Township had an average of 20 days on market in May 2024, down by 10.2% compared to last year.
Breakdown of Home Sale Times
8 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, 11 homes were sold in Lake Township; 73% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.