Housing Market Update: Lake County, Florida

Housing Market Update Lake County
Table of Contents

A Hearty Hometown: Welcome to Lake County

Lake County has a long and illustrious history that can still be felt in each of its towns.

Two of the most prominent historic sites in the area are Leesburg’s brick roads and Mount Dora’s lovely features. One of the county’s main attractions is the allure of the past and a charm that is unique to this location.

Because of the relics of its ancient history, the county is known for having a hospitable environment of a ‘hometown.’

The inviting communities offer a revitalizing style of living while also providing all of today’s modern comforts, all while being surrounded by mature Florida wildlife and a serene setting. 

Lake County combines the finest of both worlds and has an unrivaled personality!

Housing Market Updates: Statistics about Real Estate Investment in Lake County 

According to statistics, properties in Lake County are in high demand. In November, single-family house sales increased 16.7% year over year to 685. The county’s housing supply is being depleted, with inventories down 30% year over year in November to 674 current listings.

Let’s take a deeper look at how it fared:

The median sales price has risen to $337,500 as sales have increased and supply has decreased. That’s a 28 percent increase since November 2020. 

The real estate market in Lake County is a seller’s market, which implies that prices are higher and properties are selling faster. Lake County has been a Seller’s Market since last year. 

With a median market value of $309,623, homes in Lake County have gone for 19.1% more than they did a year ago. Prices have also risen for various homes, ranging from one-bedroom cottages to five-bedroom mansions, with an average growth of 20%. 

In comparison to surrounding counties, Lake County, FL, experienced one of the largest price increases in January 2022 when compared to the same month the previous year.

The number of houses up for sale has also dropped since December of last year by 12.4%, indicating that investors are readily seeking out the lucrative market. In conjunction with this, the number of houses sold has also dropped by 30% in the last month. Current estimates suggest that 477 homes were up for sale in January 2022. 

Last month, 41.5% of properties in Lake County sold for less than the asking amount. Approximately 200 properties were sold for less than the asking amount.

The great news is that the average sale time of a Lake County property has reduced by 52%, to become 22 days per house in January 2022. This figure was around 46 days, the same time last year. 

Local Real Estate Experts

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