Just as the holiday season heated up in November, so did a few local real estate trends for waterfront properties! Let’s take a look at Lake Martin’s November 2023 Residential Report to see what changed.
Inventory was up.
Compared to November 2022, inventory increased by 28.7 percent within a year. More specifically, there were 121 waterfront properties available in November 2023. In November 2022, there were a total of 94 properties for sale.
Median sales prices rose.
The water levels may be low in the fall at Lake Martin, but the median sales prices for waterfront properties rose by 12.5 percent year-over-year. The median sales price in November 2023 was $909,000, whereas in November 2022, the median sales price was $808,000.
What’s more, there was also a 17.3 percent jump in the median sales price month-to-month. In October 2023, the median sales price was $775,000, which equals a $134,000 difference in just one month!
Homes spent more time on the market.
As we take a look at Lake Martin’s November 2023 Residential Report, we can’t help but notice lake houses spent more time on the market this November versus last November.
To clarify, homes spent an average of 128 days on the market in November 2023, which is a 96.9 percent increase from the 65 days homes spent on the market in November 2022.
Average sales prices increased.
Along with the median sales prices, the average sales price for waterfront property was up by 63.9 percent in November 2023. In other words, homes cost an average of $558,172 more in November 2023 than in November 2022.
Summary
If taking a look at Lake Martin’s November 2023 Residential Report has you daydreaming about those longer summer days on the lake, reach out to Ryan Roberts. Turn those dreams into reality and be ready to dive into warmer weather with waterfront property! Or if you are looking for something closer to town, Ryan can help with that too. Read our blogs for more local real estate statistics, property showcases and community news.
