Fall can be unpredictable, including in real estate. Let’s look at how the season affected our local housing market with these highlights from Lake Martin’s November 2024 Residential Report.
Inventory has risen.
Comparing inventory numbers from last year, Lake Martin waterfront properties increased from 121 units in November 2023 to 163 units in November 2024—a 34.7% increase!
Homes spent less time on the market.
Although inventory was up, homes weren’t just sitting on the market. As a matter of fact, homes spent 21 days less on the market.
In November 2023, homes spent an average of 128 days on the market. In contrast, in November 2024, homes spent an average of 107 days on the market. That’s an impressive 16.4% decrease year-over-year.
Average sales prices were down.
The trends in Lake Martin’s November 2024 Residential Report showed that the average sales prices for November 2024 were down.
More specifically, the average sales price was $1,431,641 in November 2023 and dropped to $1,262,609 in November 2024—a slight 11.4% decrease. What’s more, month-to-month average sales prices showed a bigger drop.
In October 2024, the average sales price was $1,704,066, a 25.9% difference from last month.
Total residential sales increased.
Another interesting trend for the local housing market, realtors and those looking for homes—we are pleased to say that November 2024 Lake Martin residential sales increased from the same time last year!
November 2024 sales totaled 19 units, while November 2023 totaled 15 units. This represents a 26.7% boost.
Summary
Are you ready to live on the water? Are you considering listing your waterfront property on Lake Martin? These stats from Lake Martin’s November 2024 Residential Report prove that any time can be a good time to make your move! Contact Ryan Roberts—your local Lake Martin real estate expert—to make your lake home dreams a reality, from buying to selling.
And for more local news and real estate updates, continue reading our blogs.
