The market for lakefront homes in Lake Geneva is solid. Lake Geneva is in Barron’s top 20 second home investment markets in the U.S. due to the proximity to Chicago and its suburbs.
In 2017 there were 32 home sales on the lake, with the average price being $2.5 million and a high of $7.4 million. Currently there are 22 properties on the lake for sale, and the average price is $3.655 million.
Lakefront homes are being sold and the pricing is not going down, but increasing with less inventory. That is the national real estate story also. If a buyer thinks they are going to wait for a ‘correction,’ that is not going to happen. There is only so much water frontage and so many homes
For a seller, now is the time to get listed and on the market as the buying season is 24/7. Additionally, if one can purchase a property not directly on the water for under $1.5 million to $2 million with private lake rights, a pier and/or boat slip, it has tremendous value as the market trends upward.
Listing and pending sales price is trending up as we move into the new year. The bulk of single family sales off the lake is moving into the $500,000-$750,000 range with less homes on the market. Whether full-time or part-time, this area has a steady real estate market.
To view available Lake Geneva properties please click on this link.