The continued inventory shortage experienced by most regions of the country was clearly evident in Lake of the Woods again in 2024. This inventory shortage, rising interest rates, and inflation concerns beginning in the second half of 2022 definitely continued to define the 2024 real estate market. Closed sales decreased approximately 10.5% from 220 to 197. As a matter of fact, the number of closed sales has steadily declined since 2022. New construction accounted for 19 of 197 sales, and the median sold price increased 4.1% year over year from $401,500 to $418,000 in 2024
Now let’s look at the past five years:
in 2020, we realized a 4% gain in home sales over 2019, with a total of 313 sales. 2021 showed a gain in sales at 358, and the median sold price increased almost 16% to $337,500, up from $291,250 in 2020. Then came the mixed bag 2022 market: closed sales fell by more than 24%, while the median sold price rose by 11.39%. 2023 also showed an almost 19% decline in closed sales at 220, yet the median sold price continued to rise, ending the year at $401,500, a 6.8% increase over 2022. In 2024, the decline in closed sales continued with a 10.45% drop from 220 in 2023 to 197, while the increase in median sold price continued, showing a gain of 4.11% from $401,500 to $418,000.
Average days on the market ( DOM ), the number of days it takes from the time a property is listed until it goes under contract had decreased from 37 in 2020 to 16 in 2021…yet in 2022, it rose to 23, showing more evidence of changing market. 2023 showed another rise to 32, where it remained in 2024.
It’s also telling to note that a significant number of lots have sold in the past five years. From January 1, 2020, through December 31, 2023, a total of 140 lots were sold, 49 in 2020, 24 in 2021, and only 13 in both 2022 and 2023, while 2024 showed 22 lots selling. There simply are very few lots left in LOW.
Of the MLS sales reported in 2020-2024, new construction numbers have varied. 2020 realized 41 sales, 2021 ended at 37, and 2022 saw new construction sales dip to only 13, rising to 37 in 2023, and ending 2024 dropping to 19. There aren’t many lots left in LOW, which of course will impact new construction sales in the future.
Another notable statistic is the rise in the average sold price to original list price ratio from 2020-2021. 2022 showed a slight decrease to 100.3%, followed by another decrease in 2023 to 98% and finally a 1.15% increase to 99.1% in 2024
Whether you’re looking for homes for sale in Lake of the Woods VA or property in Virginia, we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “What is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, one of our expert advisors will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata. To view available Lake of the Woods properties, please visit our site. To view available properties in Northern and Central Virginia, visit our website at licatagroup.com.