Is Lake Wales, FL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Wales is a neutral's market

Buyer's
Market

Difference Since March 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

$248,000

$169/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$27,000(-9.8%)

Key Takeaway

Homes in Lake Wales have sold for 9.8% less than they did a year ago.

Summary: The median home sold price in Lake Wales was $248,000 in March 2024, down 9.8% from last year, and the median price per square foot was $169.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $85K$98K
+15.3%
2 $217.5K$165K
-24.1%
3 $290K$267K
-7.9%
4 $320K$320K
0.0%
5+ $345K$350K
+1.4%

Summary: Lake Wales housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.3%, 2 bedroom homes decreased by 24.1%, 3 bedroom homes decreased by 7.9%, 4 bedroom homes did not change, and 5+ bedroom homes increased by 1.4%.

Median Sold Price Compared To Nearby Cities

Winter Haven
-2.1%
Dundee
-3.5%
Lake Wales
-9.8%

Housing Supply in Lake Wales, FL

How many homes are available in Lake Wales, FL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
346357+3.2%

Summary: The Lake Wales real estate market had 357 homes for sale in March 2024, a 3.2% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 87
-12.5%
2 108120
+11.1%
3 179171
-4.5%
4 4654
+17.4%
5+ 55
0.0%

Summary: The Lake Wales housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.5%, 2 bedroom homes increased by 11.1%, 3 bedroom homes decreased by 4.5%, 4 bedroom homes increased by 17.4%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
5955-6.8%

Asking Price vs. Sold Price

30 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Wales, you may be able to get a good deal. 54.5% of homes here sold below asking price last month.

Summary: A total of 55 homes were sold or pending in Lake Wales in March 2024, down by 6.8% month-over-month. Of the 55 sold homes, 55% were sold under asking, 22% were sold at asking, and 24% 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

Mar 2023Mar 2024CHANGE
57 Days57 Days-0.2%

Summary: Homes in Lake Wales had an average of 57 days on market in Mar 2024, down by 0.2% compared to last year.

Breakdown of Home Sale Times

24 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

16 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lake Wales are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 55 homes were sold in Lake Wales; 44% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 20 Days Ago

Newest Listings in Lake Wales, FL

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