Is Lake, MI 48632 a buyer’s or seller’s market?
Lake is a balanced market. With about 6 months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.
More competitive than 44% of U.S. ZIP codes, and #395 of 510 in the state.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. See the breakdown
The Lake housing market right now
In the three months ending August 31, 2026, 23% of homes in Lake, MI 48632 sold above their list price, the typical home went under contract in 32 days and there were 6 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 36 home sales.
Compared with the same period a year earlier, the share selling over asking rose from 12%, homes sold faster (36 days then) and the median sale price rose 12% to $172,825. Overall, Lake is more competitive than a year ago, so tougher for buyers.
On our competition score, Lake ranks #395 of 510 MI ZIP codes with enough sales (score 44 out of 100).
Nearby, buyers who want less competition could look at Harrison 48625 (16% sold over asking) or Clare 48617 (17% sold over asking), while Farwell 48622 (31% sold over asking) is even more competitive.
Run the numbers for 48632
Nearby markets
Clare 48617Seller’s market $148 /sq ftFarwell 48622Seller’s market $135 /sq ftHarrison 48625Seller’s market $135 /sq ft Browse all markets →Towns like Lake nearby
Find towns like Lake in other states →Where Lake is
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Questions about Lake real estate
Is Lake a buyer’s or seller’s market?
A balanced market: there were 6 months of supply in Lake, MI 48632 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Lake?
The typical home went under contract in 32 days in the latest three months.
Do homes in Lake sell over asking?
23% of homes sold above their original list price, and the typical sale closed at 98.3% of the list price.
What are property taxes in Lake?
About 1.11% of a home’s value a year in Clare County, or roughly $4,440 on a $400,000 home.
What is the median home price in Lake?
The median sale price was $172,825 in the three months ending August 31, 2026, about $158 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology