Is Lakes, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Lakes has remained a Seller's Market.
Key Takeaway
Lakes is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lakes, VA
How much do homes in Lakes, VA cost?
Median Sold Price
$380,000
$225/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Lakes have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in Lakes was $380,000 in March 2024, up 8.6% from last year, and the median price per square foot was $225.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $138K | $143.7K | +4.2% |
| 2 Bedrooms | $347.4K | $368.7K | +6.1% |
| 3 Bedrooms | $317K | $369.5K | +16.6% |
| 4 Bedrooms | $689K | $779K | +13.1% |
| 5+ Bedrooms | $1.0M | $1.0M | +3.5% |
Summary: Lakes housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.2%, 2 bedroom homes increased by 6.1%, 3 bedroom homes increased by 16.6%, 4 bedroom homes increased by 13.1%, and 5+ bedroom homes increased by 3.5%.
Median Sold Price Compared To Nearby Cities
| Lynch Station | $250K | $289K | +15.6% |
| Center | $305K | $340K | +11.5% |
| Lakes | $349.9K | $380K | +8.6% |
| Huddleston | $367K | $389.9K | +6.2% |
| Moneta | $517.9K | $467K | -9.8% |
Housing Supply in Lakes, VA
How many homes are available in Lakes, VA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 115 | 159 | +38.3% |
Summary: The Lakes real estate market had 159 homes for sale in March 2024, a 38.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 6 | 0.0% |
| 2 Bedrooms | 19 | 21 | +10.5% |
| 3 Bedrooms | 55 | 94 | +70.9% |
| 4 Bedrooms | 24 | 25 | +4.2% |
| 5+ Bedrooms | 11 | 13 | +18.2% |
Summary: The Lakes housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 70.9%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 24 | 28 | +16.7% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lakes, you may be able to get a good deal. 53.6% of homes here sold below asking price last month.
Summary: A total of 28 homes were sold or pending in Lakes in March 2024, up by 16.7% month-over-month. Of the 28 sold homes, 54% were sold under asking, 36% were sold at asking, and 11% were sold over asking.
Days on Market for Lakes, VA
How long does it take to sell a home in Lakes, VA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 53 Days | 47 Days | -11.6% |
Summary: Homes in Lakes had an average of 47 days on market in Mar 2024, down by 11.6% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lakes are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 28 homes were sold in Lakes; 25% of homes were sold within 30 days, 7% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this web site does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed regularly, but its accuracy is subject to market changes. 
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.