Yet another year has flown by here at our favorite place, Tims Ford Lake. So how was the real estate market in 2023? In many respects, similar to 2022. The dreaded inflation (please just go away!) higher interest rates, and general concerns about where the economy is headed, all continued to create strong headwinds. While buyers and sellers continue to adjust to these new market conditions, the numbers remained pretty steady. So let’s take a look at how it all shook out!
- A total of 42 lakefront homes were sold in 2023, down from 49 a year ago
- The average sales price was $1,269,785 – up from $1,088,956 in 2022
- The average days on market was 49, up considerably from 21 days in 2022
- 10 lakefront lots sold, down from 14 the previous year
- The average sales price for lots was $386,340 – a little lower than last year’s average of $434,500
- The number of lakefront homes currently for sale (as of this writing in January) is 17, slightly less than the 19 last year at this time. The average list price of those currently on the market is 1,423,506.
- The number of lakefront lots for sale is 4, a year ago it was 3. The average list price for those currently for sale is $314,700.
So, if you take all of those numbers and mix it with some local market expertise, what does it spell for 2024? As usual, we wish we had a crystal ball! But the market does seem to be stabilizing some, and honestly we are kind of seeing a return to normal – buyer’s being able to negotiate some, average days on market around 45 days, and sellers actually having to price their homes strategically to compete and get them sold.
For buyers, understand that inventory is still very low, so prices aren’t likely to slip much, if any. When the right one comes along, be prepared! Make sure you have a Realtor that is familiar with the area and the lake in particular (Pick us! Pick us! ) – it does make a difference.
For sellers, remember, patience is a virtue. Understand that the crazy demand that existed just a few short years ago has subsided quite a bit. Yes, your home is worth significantly more than it was five years ago, but the market has shifted. Again, make sure you work with a Realtor that truly knows this market – even if it isn’t us, find one. Your brother’s uncle’s girlfriend that is a Realtor in an area three hours from here and has no knowledge of the lake may be sweet as pie and be a top producer wherever she is from, but typically isn’t the best option when it comes to lake homes!
And we would be foolish not to consider one more variable: It is an election year! So who knows what will happen! Hopefully inflation continues to retreat, rates continue to cool down some, and the economy can regain some strength.
We can promise you two things:
- We love living the lake life here!
- We are always happy to answer any questions you have about Tims Ford. Just call, text, or email us.
Here’s to a fantastic 2024!
Thinking about moving to Tims Ford Lake?
We would love to help! We live and work on Tims Ford Lake – it’s our happy place and we would love to help you make it yours! Use the searches below to start your home search or contact us directly for a personal tour of the lake (on our boat!) or just to chat about your home buying needs. You should also check out our previous blog post, Buying a Home on Tims Ford Lake-4 Things to Consider!
Below are trending searches for real estate on Tims Ford Lake. Click the links to see available active listings.