Lake Geneva Real Estate Market Update: August 2024 – Luxury Trends & Key Insights

Lake Geneva Real Estate Market Update – August 2024 

Hey Lake Geneva agents and home enthusiasts! The August 2024 real estate market in Lake Geneva, WI 53147 is showing some exciting trends, and it’s time to stay ahead of the game. If you’re a buyer or seller in the Lake Geneva luxury market, here's what you need to know!

Market Snapshot 

The market has shifted compared to last year, and we're seeing key trends that could impact your next move:

• Absorption Rate: We're up 34.18% from last year, sitting at 5.26 months of inventory. This is telling us that homes are staying on the market a bit longer, but it's still a balanced market.
• Average List Price: Listings are averaging $1.23M, down from last year, but don’t be fooled! The median list price is up 12.64%, signaling that mid-tier homes are seeing strong demand. Buyers are still investing heavily in the Lake Geneva neighborhood.
• Average Sale Price: This is where it gets interesting – the average sale price skyrocketed by 57.93% to $1.36M. The luxury market here in Lake Geneva, Wisconsin, is HOT!
• Median Sale Price: Up 6.66% at $484,239 – another sign of a strong seller’s market in certain price ranges.
• Days on Market: Homes are taking longer to sell, with the average time on market up by 104.17% to 98 days. Patience is key, but sellers are still seeing excellent results.

What’s Moving in Lake Geneva? 

In August, we saw 30 homes sold (up 30.4% from last year). The biggest movers were in the $300,000 - $649,999 price range, where sales jumped by as much as 150% in certain segments! Whether you're buying or selling, the mid-market is thriving.

Pending Listings & Active Inventory 

Pending listings are down 31.6%, but don’t let that discourage you. Active listings are up 39.1%, which means there’s more inventory on the market than ever, especially in the luxury range above $1.5M, where we saw a 75% spike.

Why Lake Geneva, Wisconsin, is the Place to Be 

Lake Geneva, WI, isn’t just a market – it’s a lifestyle. Known for its breathtaking lakefront views, historic estates, and thriving downtown community, Lake Geneva offers something for everyone. Whether you’re drawn to the luxury estates along Geneva Lake or the charming homes in Maple Park and Cedar Point Park, this area has consistently proven to be one of Wisconsin’s top destinations for homebuyers and investors.

As a vibrant community offering access to boating, hiking, and some of the best restaurants and boutique shops in Wisconsin, it’s no wonder more people are looking to call Lake Geneva home. For those eyeing luxury real estate, this is a prime time to make your move.

Final Thoughts 

Sellers, it’s a fantastic time to leverage the demand in the Lake Geneva real estate market. Buyers, the inventory is there – whether you're looking for a cozy lakeside cottage or a million-dollar estate, now is your time to act!

Stay tuned to this space for more updates, and as always, don’t hesitate to reach out if you need expert advice on navigating the Lake Geneva real estate market!