I'm always interested in following real estate trends in areas of interest. Yesterday I found that the median housing prices have exceeded the national average in Florida for the past several months. I couldn't help but wonder what that meant for the housing market here, so I started looking for Lake County Florida real estate trends.
Redfin states that the median selling price for a home in Lake County Florida in May 2024 was nearly $385,000, up 3.1% from the previous year. Breaking that down and looking at May 2024 vs. May 2023:
Single Family Homes have a median sales price of $389,640, an increase of 3.4%
Townhouses have a median sales price of $344,480, an increase of 7.3%
Condos/Co-ops have a median sales price of $229,500, an increase of 20.8%
Next, I looked at how many houses were sold in Lake County. 763 homes sold in May 2024, and that was down 8.1% year over year. Breaking that down and comparing May 2024 to May 2023:
721 Single Family Homes sold in May 2024, a decrease of 8.8% from May 2023
32 Townhouses sold, an increase of 28% year over year
6 Condos/Co-ops sold, a decrease of 50% from May 2023
Homes appear to be selling rather quickly, with the median number of days a home remains on the market at 37, up just 1 from the previous year. Let's see which type is selling the fastest in May 2024 and how it compares to a year ago in the same month:
A Single Family Home is on the market for 37 days, slightly more than the 35 days in May 2023
Townhouses sell in 23 days, slightly better than 25 in May 2023
Condos/Coops remain on the market for 42 days, 8 days longer than in May 2023
Next, I checked with Realtor.com for additional information on the housing market and home values. As of the date of this article, there were over 4,900 homes for sale in Lake County, with more than 3,100 being single-family homes, over 120 being townhouses, and over 70 condos. Just in the past week, 762 homes were newly listed. When I hide pending homes, the number of available homes drops to nearly 3,800. According to their numbers, the median listing price for a home is $419,000 with the median per square foot price at $219. On average, according to their data, homes are selling for 3.06% below the asking price in May 2024.
Make informed decisions about the best time to buy or sell a home. Analyze the market trends, and realize that different websites present different information. Your strategy may change based on what is currently happening in the market.
Many of my articles have dealt specifically with Lake County, Florida, and the surrounding area. I'm hoping you'll want to follow along. There are two ways: one way is to save this link and visit my blog regularly for updates. Another way is to download the Newsbreak app, create a User Account, and follow me at Lake County Florida - Here's What's Happening! If you enjoyed this post and you think others may enjoy it as well, please share it with them. Thanks!
Comments