Is Lake Wales, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Lake Wales was a Seller's Market.
Key Takeaway
Lake Wales is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Lake Wales, FL
How much do homes in Lake Wales, FL cost?
Median Sold Price
$254,506
$173/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake Wales have sold for 4% less than they did a year ago.
Summary: The median home sold price in Lake Wales was $254,506 in May 2024, down 4% from last year, and the median price per square foot was $173.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $85K | $98K | +15.3% |
| 2 Bedrooms | $195K | $169K | -13.3% |
| 3 Bedrooms | $280K | $270K | -3.6% |
| 4 Bedrooms | $325K | $320K | -1.5% |
| 5+ Bedrooms | $325K | $350K | +7.7% |
Summary: Lake Wales housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.3%, 2 bedroom homes decreased by 13.3%, 3 bedroom homes decreased by 3.6%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes increased by 7.7%.
Median Sold Price Compared To Nearby Cities
| Winter Haven | $307.6K | $299.9K | -2.5% |
| Dundee | $300K | $290K | -3.3% |
| Lake Wales | $265K | $254.5K | -4.0% |
Housing Supply in Lake Wales, FL
How many homes are available in Lake Wales, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 329 | 324 | -1.5% |
Summary: The Lake Wales real estate market had 324 homes for sale in May 2024, a 1.5% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 84 | 82 | -2.4% |
| 3 Bedrooms | 178 | 170 | -4.5% |
| 4 Bedrooms | 56 | 58 | +3.6% |
| 5+ Bedrooms | 7 | 8 | +14.3% |
Summary: The Lake Wales housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 2.4%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 59 | 47 | -20.3% |
Asking Price vs. Sold Price
29 Homes Were Sold
Under Asking
14 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Wales, you may be able to get a good deal. 61.7% of homes here sold below asking price last month.
Summary: A total of 47 homes were sold or pending in Lake Wales in May 2024, down by 20.3% month-over-month. Of the 47 sold homes, 62% were sold under asking, 30% were sold at asking, and 9% were sold over asking.
Days on Market for Lake Wales, FL
How long does it take to sell a home in Lake Wales, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 44 Days | 57 Days | +28.3% |
Summary: Homes in Lake Wales had an average of 57 days on market in May 2024, up by 28.3% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
14 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Wales are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 47 homes were sold in Lake Wales; 49% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 30% of homes were sold over 90 days.
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Copyright © 2024 Multiple Listing Service of South Brevard, Inc. and Space Coast Association of REALTORS, Inc. All rights reserved. The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity™ Program of Space Coast Multiple Listing Service. IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable But Not Guaranteed. Real estate listings held by brokerage firms other this broker are marked with the Broker Reciprocity™ logo or the Broker Reciprocity™ thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Some properties which appear for sale on this web site may subsequently have sold and may no longer be available.