June Lakes real estate - Property Values

Over the last decade, the June Lakes real estate market has shown steady growth in property values, despite fluctuations in the number of properties sold and the time they spend on the market. Here’s a snapshot of the market from 2014 through 2024, with a special focus on 2024 year-to-date data (through October 18).

Key Trends (2014-2024):

Median Sales Price:

The median price of properties in June Lakes has steadily increased over the years. Starting at $345,000 in 2014, the median price peaked at $737,500 in 2022. Through October 18, 2024, the median price sits at $697,500, slightly lower than 2022, but still reflective of the upward trend in the area’s property values.

Number of Properties Sold:

Sales activity peaked in 2017 with 27 properties sold but has slowed in recent years. In 2023, 14 properties were sold, and through October 18 2024, the number of sales is 12. This slowdown mirrors broader trends in real estate markets across the country, driven by higher interest rates and fluctuating buyer demand.

Days on Market:

The time properties spend on the market has fluctuated throughout the years. In 2022, homes sold quickly, with a median of just 70 days on the market. By 2024, the median days on market increased to 94, a notable rise from last year, suggesting a cooling market or more cautious buyers.

2024 vs. 2023: A Comparison

Price Stability: While the median price so far in 2024 ($697,500) is slightly higher than in 2023 ($659,500), it still demonstrates price stability, especially considering the market challenges the last 2 years. This suggests the market is holding strong and offers potential value to both buyers and sellers.

Sales Activity: The number of sales in 2024 is on pace to end about the same as last year (12 properties sold so far in 2024 compared to 14 in 2023). This can be attributed to factors like higher interest rates and fewer active buyers, but it also indicates that inventory remains tight.

Longer Time on Market: Homes are spending a bit more time on the market this year. The 2024 median days on market have increased to 94 from 73 in 2023, reflecting a slower pace in buyer decision-making.

What Does This Mean for Buyers and Sellers?

Sellers: With property values holding strong, this could be an opportune time to sell. While homes may take slightly longer to sell compared to previous years, the demand remains steady and inventory remains low.

Buyers: The slight increase in days on market means buyers may have more negotiating power in 2024 compared to the highly competitive environment of recent years. The price stability also ensures that buyers are investing in an appreciating market.

The June Lakes real estate market remains a desirable destination for both buyers and sellers, with steady value growth and opportunities on the horizon. Let me know if you'd like to explore any specific properties or trends further!