Summer is officially behind us, but these highlights from Lake Martin’s August 2022 Residential Report are right in front of us! Did the last busy month on the water make a splash in terms of real estate?
Median sales prices are up.
Compared to August 2021, median sales prices this August were up by 13.9 percent. The median sales price for waterfront homes this year was $845,000 versus $742,000 last year.
But when looking at July 2022, the median sales price actually went down by 5.9 percent compared to August 2022. So, that’s good news for buyers!
Average sales prices are also higher.
Once again, when looking at year-over-year figures, this August saw a 15.1 percent jump in the average sales price compared to last August.
However, month-to-month saw a nice dip. In July 2022, the average sales price was $1,182,183. That figure was $975,389 in August 2022, which is a 17.5 percent decrease.
Waterfront homes are spending a little less time on the market.
This one of the highlights from Lake Martin’s August 2022 Residential Report that has stayed fairly consistent overall.
When looking back to August 2021, lake homes were on the market for an average of 80 days. In August 2022, that figure was 79—just one day less!
Inventory is on the rise.
The water level may be going down, but the number of lake listings is going up. In fact, August 2022 saw a 9.6 increase with 125 total listings versus 114 listings in August 2021.
It also shows a 5.9 percent jump from July, which translates to seven more houses being listed in August.
Summary
Do these top highlights from Lake Martin’s August 2022 Residential Report have you ready to rekindle a lake-life romance? Find out more about what’s on the market at Lake Martin and in Auburn, Opelika, Lee County and the surrounding areas when you connect with Ryan Roberts today! Dive into more blogs for additional East Alabama real estate trends, facts and figures.
