Lake County is a rising star in real estate investments, mainly due to its suburban setting and hidden gems, including its landscape, lakes, and serenity. Despite the increasing home prices and lower sales, these factors make it ideal for many.

Still, it is hard to decide whether investing in homes in the county is wise if you don’t know a few facts. Therefore, read through these simplified facts about Lake County home sales in 2024 to get an idea.

2024 Lake County Statistics on Home Sales

How Do 2024 Home Sales Look for Lake CountyAccording to a Lake County Association of Realtors report, people are more interested in single-family homes than condos. Still, that is not all there is to it. Here is a breakdown of home sales in January 2024 compared to the same month in 2023:

  • More single-family homes were sold in January last year (52) than this year (51). The same is true for mobile homes.
  • However, looking at it generally, there are considerable listings in the market, with most homes staying 10-50+ days before sale. On average, they spend 56 days on the market. 
  • The median listing prices have gone up compared to previous years. Compared to last year, the prices are up by over 3.5%, at over $410,000 as of March 2024. Still, this depends on the city you live in.
  • Also, the median listing prices per square foot have increased significantly, with different statistics approximating a 4% change compared to last year.
  • An important point to note is that Lake County’s supply and demand for homes seem balanced. 
  • Lastly, most homes sell at a lower price than the listing prices. The median sold price is approximately $375,000.

What to Consider Before Investing in Lake County Real Estate

It is understandable if you want to invest in Lake County’s homes and other real estate. However, take into account these factors that can affect supply, demand, and profitability before deciding:

  • How fast is the population growing? According to statistics, Lake County’s population has been on a fast track, overtaking the country’s percentage growth. 
  • What schools and other social amenities surround the real estate you want to invest in? The nearer you are to hospitals, schools, malls, etc., the more lucrative the property will be.
  • Natural calamities are another factor to investigate. Florida is prone to strong winds, floods, and wildfires. How can this affect your property? Also, can you seek preventative measures to reduce damages?
  • A trustworthy real estate agent can help you understand money factors like price-to-rent ratio, property taxes, property appreciation, and income levels. 
  • If you want to buy an old home, will the renovation costs be higher than purchasing a new house? This factor would also be good to consider if you want to flip the home later. 

Consulting Bridlewood Real Estate

Instead of stressing about all the whatnots surrounding Lake County home sales and real estate markets, you can lean on someone experienced for help. Bridlewood Real Estate holds its clients in high esteem, focusing on your needs individually. Therefore, if you have more questions about real estate investments or you are looking to sell your home or condo in Lake County, reach us today at 352-404-6484.