The numbers show a clear trending of property sales away from the lakefront in Michigan City as fewer properties become available north of U.S. 12.
In 2020, a total of 178 properties were listed for sale in the beachfront area, and every one was sold, more than 100 of them in the first 90 days of listing. The total value was over $89.2 million, and selling prices ranged from a low of $90,000 to a high of $3 million, with a median price of $404,500.
A year later, in 2021, only 128 properties were listed, and again, all but 28 within the first 60 days of listing. The total value was about $75.8 million, and selling prices ranged from a low of $80,000 to a high of $4.325 million, with a median price of $510,000.
While fewer homes were listed and sold along the lake in 2021, the interior of the city (south of U.S. 12) picked up the slack in the market.
In 2020, there were 359 properties listed in the city and all of them sold, 178 in the first 30 days of listing and over 300 in the first 90 days. The total sales volume was $43.1 million, ranging from a low selling price of $10,000 to a high of $530,000 with a median price of $112,000.
In 2021, a total of 456 properties were listed in the inner city, and again all of them sold, 382 within 30 days of listing and all but 39 within 60 days. Total sales volume jumped to $69.7 million, with a low price of $19,000 and a high of $1.47 million, and a median selling price of $138,000.
All the figures are preliminary, and were provided by @properties from the Rapattoni Corporation.