Exploring Round Lake Real Estate Trends: 2024 in Review

Over the past year, the Round Lake area has seen dynamic real estate activity, with notable trends in listings, contracts, and neighborhood preferences. Whether you're a buyer or seller, understanding these patterns can help you make informed decisions. Let’s dive into the details.

Key Highlights of the Round Lake Real Estate Market

1. High Sales Volume:

   • 314 properties closed successfully, reflecting strong demand in the market.
   • 98 listings canceled, indicating that proper pricing and marketing are essential for sellers.

2. Fast Turnaround Times:

   • Properties moved from listing to contract in an average of 15 days, highlighting a competitive and fast-moving market.

3. Pricing Competitiveness:

   • Homes sold for 95.2% of their original list price, showing that buyers are willing to pay close to asking prices when properties are well-positioned.

Seasonal and Monthly Trends

Listings:
The busiest months for new listings were:

• April (57 listings), August (51 listings), and September (50 listings).
  The slowest month was December, with only 6 listings, reflecting seasonal trends.

Contracts:
Properties went under contract most frequently in:

• March and April (41 contracts each), as spring brought heightened activity to the market.
  December had the fewest contracts (7 properties), consistent with reduced winter activity.

Neighborhood Insights

Some neighborhoods stood out for their activity levels:

• Valley Lakes led with 24 properties listed, followed by Country Walk (22 properties) and Madrona Village (18 properties).
• Other active neighborhoods include Silver Oaks and Lakewood Grove, which consistently attract buyers due to their desirable locations and amenities.

Property Features in Demand

1. Bedroom Preferences:

   • 3-bedroom homes were the most sought-after, with 248 properties listed, catering to families and mid-sized households.
   • 4-bedroom homes accounted for 148 listings, indicating strong interest in larger properties as well.

2. Home Styles:

   • Ranch, Cape Cod, and Bungalow-style homes were prominent, appealing to a variety of buyer preferences.

Visualizing Market Trends

1. Properties Listed vs. Under Contract:
   A comparison of properties listed and those going under contract each month shows the market's balance, with peaks in spring and late summer.

2. Top 10 Neighborhoods by Listings:
   Neighborhoods like Valley Lakes and Country Walk saw the highest activity, reflecting their popularity among buyers.

3. Net Listings:
   A bar chart showing net listings (listings minus contracts) reveals the monthly supply-demand dynamics, with some months experiencing higher buyer absorption rates.

What This Means for Buyers and Sellers

1. For Buyers:

   • Act quickly, as homes spend an average of just 15 days on the market.
   • Focus on popular neighborhoods like Valley Lakes, where demand remains high.

2. For Sellers:

   • Consider listing your property in spring or late summer to maximize visibility and competition among buyers.
   • Price competitively, as homes are selling near their original list prices.

Conclusion

The Round Lake area continues to be a vibrant real estate market with opportunities for buyers and sellers alike. Whether you're looking for a new home or considering selling, understanding these trends can make all the difference.

For expert guidance and personalized service, contact The Dick Barr Group today. Our team specializes in navigating the Round Lake market, ensuring your real estate journey is seamless and successful.