The official start of summer is next week and the temperatures are rising–but those aren’t the only things changing on Lake Martin this season! Check out how the housing market is fairing with this overview of Lake Martin’s April 2024 Residential Report.
Inventory has risen.
Comparing inventory numbers from the same month last year, we see the number of Lake Martin waterfront properties increased from 108 units in April 2023 to 177 units in April 2024–a 63.9% increase!
Homes are spending less time on the market.
Although inventory is up, that doesn’t mean these homes are sitting on the market. In fact, homes are spending 39 days less on the market.
When looking at April 2023, we see that homes spent an average of 103 days on the market. Whereas in April 2024, homes spent an average of 64 days in the market.
That is a 37.9% decrease year-over-year.
Average sales prices are up.
Inventory isn’t the only thing that has risen on Lake Martin’s April 2024 Residential Report. For those looking to sell, you will be pleased that the average sales price has also increased.
More specifically, the average sales price has risen from $895,650 in April 2023 to $1,259,730 in April 2024–a big 40.6% increase!
Total residential sales have stalled.
And if you are looking to buy your next home on Lake Martin, with more inventory and a decrease in total residential sales–now may be the time to secure yours!
April 2024 totaled 22 units, representing a 15.4% decrease. This means if you shop now, there are more options to choose from!
Summary
Does Lake Martin’s April 2024 Residential Report make you want to move to the water? Contact Ryan Roberts–your local Lake Martin real estate expert!
And for more local real estate updates and news, continue reading our blogs.