Is Lake City, MI 49651 a buyer’s or seller’s market?
Lake City is a seller’s market. With about 2.7 months of supply and 22% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
More competitive than 51% of U.S. ZIP codes, and #355 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 City housing market right now
In the three months ending August 31, 2026, 22% of homes in Lake City, MI 49651 sold above their list price, the typical home went under contract in 49 days and there were 2.7 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 57 home sales.
Compared with the same period a year earlier, the share selling over asking fell from 24%, homes sold more slowly (45 days then) and the median sale price held steady to $244,894. Overall, Lake City is less competitive than a year ago, which gives buyers more room.
On our competition score, Lake City ranks #355 of 510 MI ZIP codes with enough sales (score 50 out of 100).
Nearby, buyers who want less competition could look at Mc Bain 49657 (0% sold over asking) or Falmouth 49632 (0% sold over asking).
Run the numbers for 49651
Nearby markets
Falmouth 49632Balanced $171 /sq ftMc Bain 49657Seller’s market $165 /sq ftMerritt 49667 — /sq ft Browse all markets →Towns like Lake City nearby
Find towns like Lake City in other states →Where Lake City is
Loading map…
Questions about Lake City real estate
Is Lake City a buyer’s or seller’s market?
A seller’s market: there were 2.7 months of supply in Lake City, MI 49651 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 City?
The typical home went under contract in 49 days in the latest three months.
Do homes in Lake City sell over asking?
22% of homes sold above their original list price, and the typical sale closed at 98.6% of the list price.
What are property taxes in Lake City?
About 0.98% of a home’s value a year in Missaukee County, or roughly $3,920 on a $400,000 home.
What is the median home price in Lake City?
The median sale price was $244,894 in the three months ending August 31, 2026, about $183 per square foot.
Local agents
See all agents in 49651 →No sponsored agents in 49651 yet. Are you an agent here? Put your name in front of local buyers.
More tools for 49651
Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology