Is Wolverine Lake, 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, Wolverine Lake has remained a Seller's Market.
Key Takeaway
Wolverine Lake is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Wolverine Lake, MI
How much do homes in Wolverine Lake, MI cost?
Median Sold Price
$295,000
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Wolverine Lake have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Wolverine Lake was $295,000 in May 2024, up 5.4% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $207.5K | $245K | +18.1% |
| 3 Bedrooms | $278K | $292.4K | +5.2% |
| 4 Bedrooms | $450K | $420K | -6.7% |
| 5+ Bedrooms | - | $1.5M | N/A |
Summary: Wolverine Lake housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 18.1%, 3 bedroom homes increased by 5.2%, 4 bedroom homes decreased by 6.7%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Walled Lake | $252K | $270K | +7.1% |
| Commerce Charter Township | $350K | $370K | +5.7% |
| Wolverine Lake | $280K | $295K | +5.4% |
Housing Supply in Wolverine Lake, MI
How many homes are available in Wolverine Lake, MI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 18 | -18.2% |
Summary: The Wolverine Lake real estate market had 18 homes for sale in May 2024, a 18.2% decrease 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 | 4 | 4 | 0.0% |
| 3 Bedrooms | 12 | 12 | 0.0% |
| 4 Bedrooms | 4 | 1 | -75.0% |
| 5+ Bedrooms | 2 | 1 | -50.0% |
Summary: The Wolverine Lake 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 remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 75%, and 5+ bedroom homes decreased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 7 | 6 | -14.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
3 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Wolverine Lake, expect to pay close to the asking price. 50% of homes here sold near the asking price last month.
Summary: A total of 6 homes were sold or pending in Wolverine Lake in May 2024, down by 14.3% month-over-month. Of the 6 sold homes, 17% were sold under asking, 50% were sold at asking, and 33% were sold over asking.
Days on Market for Wolverine Lake, MI
How long does it take to sell a home in Wolverine Lake, MI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 9 Days | 12 Days | +29.7% |
Summary: Homes in Wolverine Lake had an average of 12 days on market in May 2024, up by 29.7% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Wolverine Lake are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 6 homes were sold in Wolverine Lake; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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