2024 Waterfront Real Estate Sales Report for Lake Martin Alabama

I’m John Coley, a full-time real estate agent here at Lake Martin. In this blog, I will be sharing my 2024 Waterfront Real Estate Sales Report for Lake Martin Alabama.

I’m going to review home prices that happened in 2024, lot prices, and what happened with condos. I’ll also tell you the top home sale (just as a teaser it was over $5 million) and which neighborhood sold over $80 million worth of waterfront homes.

Whether you’re buying, selling, or just love staying up to date on lake life, I’ve broken down everything you need to know about last year’s market in this 2024 Real Estate Sales Report!

2024 Market on Lake Martin

In 2024, out of about 400 agents here, we sold 263 homes on the entire lake. That actually was an 8% increase year-over-year to 2023 which I was a little bit surprised. I thought we were going to tie the year.

If we compare it to our 5-year average we’re actually 25% below yearly sales. We’re still down about 19% off of our 5-year average if you ignore that anomaly of the COVID year of 2020.

Inventory Increase

The bigger market effect for 2024 was the increase in inventory. We averaged about 50% more homes for sale in the entire year and month to month.

Every single month I looked at homes for sale from year to year and compared it. It was an average of about 49% higher than 2023. Therefore, home sales were up 8%, but the 49% on the inventory affected supply and demand much more.

Pricing and Sales for Homes and Condos in 2024

Let’s talk about pricing in 2024. There were no sales under $250,000 during that year. There were no big jumps from 2023 to 2024 in pricing. The total of waterfront homes sales in 2024 was about $319 million on the entire lake.

The top neighborhood was “None” at $80 million. This just means a geographic area instead of a specific neighborhood. The second top neighborhood with waterfront sales was The Ridge at $44 million with about 16 sales. StillWaters was third with 35 sales for $24 million.

All of The Willows had 9 sales for $24 million. I was honored to have two of those sales. The Heritage had 6 six sales at $21 million and will likely move up with more homes being added to this neighborhood. Wind neighborhoods such as Windermere had 9 sales at $15 million. The Village had 7 sales at $8.5 million. This brings the total to over $319 million in sales.

Blue Creek had 41% of waterfront homes and condos sold in 2024. 38% was North Lake, which is a huge geographic area. West of Kowaliga Bridge had 15% of sales. Kowaliga Bay in the center or east of Kowaliga Bridge had only 6% of sales with 16 home sales.

Overall Stats

Out of 263 sales 20% were new homes., and cash sales made up a third of sales. One trend I’m seeing is semi-cash closings. As far as condos sales, they made up 17% of all sales.

The average home sale price was $1.216 million which is up a little from 2023. The top home sale was in The Ridge for $5.86 million dollars. The lowest sale at $324,000 was a one bedroom condo in the Sunset Pointe Condos inside StillWaters.

Lot Prices and Sales in 2024

In 2024, all agents and brokers sold about 83 lots on Lake Martin. Compared to 91 sales in 2023, we are down about 20%. When inventory was compared month to month, it had increased about 10-15% almost every single month.

How did that affect prices? I think prices went up in 2024 because of the big shifts in the upper price range. The Heritage lots dominated the sales.

The North Lake had 72% of all lot sales. Blue Creek had 18% of lots that were sold, Kowaliga Bay had only one lot sale. Everything west only sold about 4.8% of all lots sold in 2024.

As far as prices, the highest lot sold was $2.705 million in The Heritage, and the lowest was $90,000 in Holiday Shores.

Things You Should Know

If you are a lot buyer, then you need to be aware of the ARC. They tell you what you can design and give you parameters. Out of all the lots sold, 62 were in ARC neighborhoods, and only 14 were in areas with either no or light ARC regulations.

When you are trying to price a lot or house, you need to ask these questions: What’s my view like? What’s my privacy like? What’s my location like? Those questions drive prices not the size.

Let’s Talk 

Whether you’re thinking about buying a place on the lake, selling your current home, or just want to talk about what’s happening out here, I’m always happy to help.

If you are a lot seller or lot owner and are wondering what the changes in this market has made to your lot price, then just give me a call. I’ll give you a thorough breakdown of what your lot is worth no strings attached.

If you are looking to buy, then you need to know your parameters and that prices did go up a little last year. However, there’s still many great lots out there.

We still have only 30% of the shoreline developed, so there are miles and miles of shoreline that are undeveloped. Lake Martin is still the place to be. Obviously I’m from here, and I sell real estate here so what do you expect me to say. But, it’s a beautiful market, and I love to help people find there dream lake homes.

Reach me through my Contact Page, give me a call, or send me an email. Also, make sure to subscribe to my YouTube channel. That is where I find most of my clients, and also that way you can stay up to date on all things happening on Lake Martin.

For more blogs on sales reports, visit the links listed below:

Election Impact on Lake Martin Real Estate

A Seasonal Market on Lake Martin

Property Taxes in Lake Martin Alabama