The warm days have floated by, and the autumn chill has slowly crept in. But the weather isn’t the only thing that has changed at Lake Martin. Let’s look at how the local housing market has been doing with this overview of Lake Martin’s October 2024 Residential Report.
Inventory rose year-over-year.
In October 2024, there were 193 waterfront properties for sale on Lake Martin, compared to just 125 available in October 2023. This means inventory increased by 54.4%.
Additionally, the inventory-to-sales ratio rose 5.3% year-over-year. Based on October 2024’s numbers, there was an 8.8-month supply of homes for sale. In October 2023, there was a supply for 8.3 months.
Homes are spending less time on the market.
Even though there are more options to choose from, don’t wait too long—homes are moving faster than they were this time last year!
In this overview of Lake Martin’s October 2024 Residential Report, we see that in October 2024, properties spent an average of 111 days on the market. That’s a 32.2%—or 53-day—difference from the 164 days homes spent on the market in October 2023.
Average sales prices are up.
When it comes to the average sales prices, waterfront properties sold for an average of $1,087,267 in October 2023. Whereas in October 2024, the average sold price for residential properties was $1,704,066, a 56.7% increase from the previous year.
Summary
Overall, if you’ve been waiting for the right time to invest in your dream lake home, now is a good time to act! This overview of Lake Martin’s October 2024 Residential Report tells us that there are plenty of housing options, and Ryan Roberts can get it done for you. Connect with Ryan to start your waterfront property search today.
And in the meantime, continue reading our blogs for more real estate news, stats and more.