A whole new wave of numbers and trends has rolled their way into Lake Martin! Keep reading to discover the major highlights from Lake Martin’s January 2024 Residential Report.
Inventory was up year-over-year.
In January, the temperature may have been low, but the number of homes listed for sale on Lake Martin was up! Compared to January 2023, when there were 88 homes listed on the market, January 2024 saw 98 homes listed.
Homes spent less time on the market.
More homes bring more options. When taking a look at January 2023, when inventory was lower, we see that homes spent an average of 117 days on the market. In January 2024, homes spent an average of 100 days on the market.
That is a 14.5% decrease from a year ago.
Average sales prices were up.
With spring and summer coming and a rise in temperature approaching, we are also beginning to see a rise in average sales prices.
In fact, the average sales price for waterfront homes in January 2024 was $1,395,938. That’s a 100% increase from a year ago, when the average sales price was $698,006.
Total residential sales increased.
Another one of the main highlights from Lake Martin’s January 2024 Residential Report was the increase in total residential sales. Homes on Lake Martin were in high demand, and the numbers show it!
Compared to January 2023, the total number of residential sales increased by 14.3%. More specifically, the total number of residential sales in January 2024 totaled eight units, whereas in January 2023, the total was seven.
Summary
Are you ready to jump on the wave and find a waterfront property before the warmer weather is here? Let these highlights from Lake Martin’s January 2024 Residential Report motivate you to contact Ryan Roberts, your local Lake Martin real estate expert.
And for more local real estate updates, trends and news, continue reading our blogs.
