March 2024 Lake of the Ozarks Housing Market Update

As the days grow longer, the Lake of the Ozarks real estate market is buzzing more with activity!☀️

It's that time of the month again for us to give you a TRUE and CLEAR picture of how our local market is doing.

Here are the stats you should look out for if you're considering to buy or sell a home this Spring...

🔷 Average Sales Price

The average sales price has increased almost 7% year-over-year, standing at approximately $380,000.

🔷 New Listings

This indicates how many new houses are coming onto the market in any given month.

Comparing this month to the same period last year, there's been a significant uptick of 25% more new listings.

🔷 Homes for Sales

Differing from new listings, the number of homes for sale gives us a pulse on how many houses are actively on the market, including both new listings and those carried over from previous months.

This number is up about 18% year-over-year!

🔷 Closed Sales

Compared to last year at the same time, the number of closed sales is down 22%.

🔷 Average Days on the Market

This stat indicates, on average, how long a house stays on the market before going under contract.

It remains unchanged from last year, at 53 days.

🔷 Month Supply

Months supply provides a pulse of the overall market. A balanced real estate market is considered to have a 6-month supply.

Currently, we've seen a significant 38% increase in month supply year-over-year, sitting at 5.1 months.

This means that if no more homes come on the market and sales continue at the current pace, we have 5.1 months of inventory before it completely sells out.

While this may seem like a substantial increase, it still positions us under the balanced market threshold, making it a very good time to buy or sell in today's market.

With spring around the corner, the market is heating up, and we're seeing more activity from buyers and more homes coming onto the market.

If you've been on the sidelines, this might be your cue to reach out to your real estate professional and get in the game.

We're here to help and would love to be your resource and earn your business.

Get started HERE

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