Market Update: 1.2% Decline in Lake County Home Prices Last Month
The Lake County real estate market experienced a minor adjustment in December, with median home prices falling by 1.2% to $410,000 from $414,950 the previous month.
This analysis focuses on data supplied by Realtor.com to present a picture of the shifting trends in the local housing sector.
Size and Price per Square Foot
The median home in Lake County was 1,929 square feet and was valued at $218 per square foot.
Notably, the price per square foot increased by 4.3% from December 2022 to reflect ongoing pricing fluctuations.
Local Real Estate Trends
Lake County homes remained on the market an average of 59 days, slightly less than the national average of 61 days in December.
This shows that the local market is resilient in the face of bigger economic influences. Furthermore, new listings fell by 0.8% in December, with 516 houses entering the market compared to 520 in the same month in 2022.
Florida’s Home Prices Show Modest Decline
In the Orlando-Kissimmee-Sanford metro area, median home prices fell to $438,990, with a median size of 1,850 square feet and a list price of $238 per square foot.
Florida’s typical home price fell slightly to $459,900, with the median home listing at 1,661 square feet and $278 per square foot.
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Nationwide Perspective
The median home price in the United States reached $410,000, a slight decline over the previous month. The average American home for sale has 1,838 square feet and a list price of $220 per square foot.
Analysis and Considerations
It’s crucial to note that the figures reported by Realtor.com specifically focus on single-family homes, condos, or townhomes, excluding new constructions, pending sales, and contingent transactions.
The median, as opposed to the average, provides a more accurate representation of market trends, minimizing the impact of outlier prices.
As the housing landscape continues to evolve, these insights aim to offer a nuanced understanding of the prevailing conditions in Lake County’s real estate market.
