With only 1.0 months of inventory, Lake City remains a seller's market. Home prices have decreased 41.5% in the past month. At the current pace, all available homes in Lake City would sell out in just 1.0 months, indicating a continued supply shortage. Homes are taking about 64 days to sell, which is 0 days longer than this time last year. A significant 40.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 20.0% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Lake City market with the affordability index at 476.2. Looking ahead, the Lake City market is expected to maintain its current trajectory with relatively stable conditions.