Lake George boasts a serene natural landscape with impressive homes thoughtfully placed throughout to protect the surrounding views of the Adirondack mountains. The lake is the focal point of the town, perfect for swimming in one of the cleanest lakes in the country and relaxing on the glorious beaches that encompass Lake George.
With many residents flocking to the area from large cities like New York and Boston, residents appreciate the abundance of outdoor activities that are available to them. Whether you are looking for a summer home or a new primary residence, Lake George has an illustrious history. Let's dive into the Lake George real estate market, so you can make a real estate decision.
Home values increasing moving into summer
Each year, residents looking to escape the chaos of the city are heading to the mountains and are willing to pay the price for gorgeous lake-side living. During the winter, when demand is lower and inventory is sitting on the market longer, the prices are, on average, lower than those sold during the summer months.
If you are selling, early summer and moving into the middle of the year will be the ideal time to maximize your sale, and with prices picking back up soon, you should find an agent and act quickly.
Rising interest rates challenging the market
While interest rates have steadily risen since late last year, we can expect this to taper off here in the coming months. We may not see the interest rates we saw last summer, but we should breathe a collective sigh of relief when the rates stop their upward climb. This summer will bring back the fervor for country living, with Lake George real estate promising just that.
Investing factors favor landlords
For those who are looking to purchase an investment property, this may be the perfect time. Making a purchase now can help you put more time and money into upgrading the home and improving its level of appeal for 2024. On the flip side, if you purchase a turnkey property now, you will be ready for the influx of visitors this summer.
Positive shifts in population migration
From parasailing and amusement parks to museums and wineries, Lake George has numerous activities that tourists and residents want to explore. The area has been known as a hub for activity and family fun for decades. Lake George combines the amenities of a city with wide open spaces, which has been the driving factor for those moving to the area. Lake George is a town with historical significance and entertainment, creating an unforgettable atmosphere for summer spent in the country. Families of all sizes are making a move to Lake George real estate for the abundance of fun that creates lifelong memories.
Warren County Housing Market Trends 2023
Within Warren County, the median sales price has risen from April 2022 to 2023, up by 21.2%, according to the New York State Association of Realtors. The rising prices continue to reflect the appeal of the area. As we move further into 2023, Warren County should see a consistent increase in sales prices.
We have seen this trend repeated over the years, as many buyers are looking for a summer home while others can work remotely year-round from this mountainous paradise. With this shift in the workplace environment, some are able to stay in their vacation home longer and become reticent to move. As summer continues, we will also see prices pick back up, which is all the more reason to buy now before the July and August craze.
When the winter starts in Lake George, those who are already there generally stay put until the snow begins to thaw. Contrary to other summer vacation spots, where the economy grinds to a halt during the winter, Lake George has always adapted to every season. With endless activities ranging from skiing and ice skating to attractions like ice castles and the annual Winter Carnival, you can stay entertained through every season.
How COVID-19 affected the Lake George real estate market
The COVID-19 pandemic put family and the important things in life at the forefront of everyone's mind over the past couple of years. With bigger cities losing some of their allure, towns tucked away from civilization yet teeming with activities and adventure are beginning to see population growth and seasonal visitors becoming permanent residents.
In recent months, inflation and increasing interest rates have led some buyers to hesitate to purchase. Closed sales are down in many areas of the country, including Warren County. Closed sales have dropped by 15.9% from April 2022 to 2023. In addition, new listings are down by 12.3%, and the inventory of properties available has decreased by 15.9% as well.
Lake George median home prices 2023
Compared to late 2022, the average sales price in Lake George real estate has increased in 2023, which is encouraging for people interested in investing in the area. For those who are hoping to sell their Lake George property, the sale prices in the area tend to be higher when the summer comes around. Now’s your chance to achieve a winning sale!
The Lake George housing market: should you invest?
Lake George has a long-standing history, once a military stronghold and now known as a top-tier vacation destination. The area has been used for a variety of purposes over the years, and buying your stunning waterfront property will prove to be a wise investment. Ultimately, since the town has maintained its notoriety through the highs and lows of the housing market, you can be confident that your home’s value will be on the rise consistently.
Work with an exceptional Lake George agent
Those hoping to find a property in Lake George, NY, should work with a confident agent who has insightful knowledge of the area. If you’re looking into Lake George real estate, the top brokers at Sherwood Group, LLC will ensure that you are ready with the information and advice you need to make wise investment decisions. Call them today to get started searching for your dream home.
*Header photo courtesy of Shutterstock