Is Lake County, MI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Lake County was a Seller's Market.
Housing Prices in Lake County, MI
How much do homes in Lake County, MI cost?
Median Sold Price
$150,000
$134/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Lake County was $150,000 in April 2024, up 11.2% from last year, and the median price per square foot was $134.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $75.9K | $80K | +5.4% |
2 Bedrooms | $119.9K | $134.9K | +12.5% |
3 Bedrooms | $169.9K | $185.5K | +9.2% |
4 Bedrooms | $179.9K | $257.4K | +43.1% |
5+ Bedrooms | $219.5K | $536K | +144.2% |
Summary: Lake County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.4%, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 9.2%, 4 bedroom homes increased by 43.1%, and 5+ bedroom homes increased by 144.2%.
Median Sold Price Compared To Nearby Counties
Manistee County | $200K | $225.5K | +12.8% |
Lake County | $134.9K | $150K | +11.2% |
Mason County | $234K | $254.4K | +8.7% |
Osceola County | $155K | $167.9K | +8.3% |
Newaygo County | $206K | $220.7K | +7.1% |
Housing Supply in Lake County, MI
How many homes are available in Lake County, MI?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
79 | 85 | +7.6% |
Summary: The Lake County real estate market had 85 homes for sale in April 2024, a 7.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 12 | 13 | +8.3% |
2 Bedrooms | 29 | 35 | +20.7% |
3 Bedrooms | 30 | 30 | 0.0% |
4 Bedrooms | 3 | 3 | 0.0% |
5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The Lake County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 20.7%, 3 bedroom homes remained the same, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
21 | 11 | -47.6% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 11 homes were sold or pending in Lake County in April 2024, down by 47.6% month-over-month. Of the 11 sold homes, 36% were sold under asking, 36% were sold at asking, and 27% were sold over asking.
Days on Market for Lake County, MI
How long does it take to sell a home in Lake County, MI?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
43 Days | 71 Days | +66.6% |
Summary: Homes in Lake County had an average of 71 days on market in Apr 2024, up by 66.6% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During April 2024, 11 homes were sold in Lake County; 55% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 36% of homes were sold over 90 days.