It’s getting harder and harder not to daydream about those fun summer days spent on the water. Have you been considering waterfront property at the lake? Maybe these three takeaways from Lake Martin’s March 2024 Residential Report will give you the push you need!
Inventory continued to rise.
Like the water itself, inventory rose by 23.7% in March 2024. To break it down, 141 waterfront properties were listed in March this year. Whereas in March 2023, that figure was 114.
The year-over-year increase wasn’t the only one. Month-to-month saw a 15.6% increase, with 19 more homes listed in March versus February 2024.
Homes spent more time on the market.
Not only was inventory up, but the average days on the market also increased by 3.0% from March 2024 to March 2023. More specifically, waterfront homes spent an average of 104 days on the market in March 2024 and 101 days in March 2023.
On the other hand, when comparing March of this year to February, days on the market decreased by 39.2%, or a whopping 67 days!
Averages sales prices increased year-over-year.
While buyers have been enjoying the previous takeaways from Lake Martin’s March 2024 residential report, this trend favors sellers. If you’ve been keeping an eye on our local real estate market, it should come as no surprise that the average sales price for Lake Martin homes jumped 21.0% in March 2024.
The average sales price for homes at the lake this March was $1,106,742, which is $192,139 more than the average $914,603 sales price in March 2023.
Summary
Since we summed up the takeaways from Lake Martin’s March 2024 Residential Report, make a splash this summer by making your dreams of a lake house a reality before the season starts. The best way to start your search is to connect with Ryan Roberts, your local expert and real estate guide. For more market statistics, local listings and property showcases, continue to read our blogs.