The real estate market in Lake Geneva, Wisconsin, is a dynamic and diverse landscape, offering a range of properties from modest homes to luxurious lakefront estates. As of September 2024, the median home sold price was $437,583, showing a 9.4% increase from the previous year. The market features various property types, including single-family homes, historic estates, and lakefront properties, catering to different buyer preferences and investment opportunities.
What Are the Current Average Property Prices in Lake Geneva?
The Lake Geneva real estate market has shown significant price fluctuations across different property types:
- Median home sold price: $437,583 (September 2024)
- Average home value: $368,832 (July 2024, Zillow)
- Median sale price: $310,000 (October 2024, Redfin)
Price breakdown by property size:
– 1-bedroom homes: $146,500
– 2-bedroom homes: $285,000
– 3-bedroom homes: $440,000
– 4-bedroom homes: $640,000
– 5+ bedroom homes: $1.0 million (down from $1.4 million)
How Has the Market Trended Year-Over-Year?
The Lake Geneva real estate market has shown varied trends across different segments:
- Overall median home price: 9.4% increase
- 1-bedroom homes: 2.8% increase
- 2-bedroom homes: 6.5% increase
- 3-bedroom homes: 0.3% decrease
- 4-bedroom homes: 6.7% increase
- 5+ bedroom homes: 27.5% decrease
Zillow reports a more modest 2.3% year-over-year increase in average home values.
What Are the Current Inventory Levels?
The inventory situation in Lake Geneva is as follows:
- Total homes for sale: 194 (3.0% decrease from August to September 2024)
- 1-bedroom homes: 12.5% decrease
- 2-bedroom homes: 17.5% decrease
- 3-bedroom and 4-bedroom homes: Slight increases
- Luxury range (above $1.5 million): 75% spike in active listings
Who Are the Primary Buyers in Lake Geneva?
The buyer demographics in Lake Geneva are characterized by:
- 71% local buyers searching within the Lake Geneva metropolitan area
- External interest primarily from Chicago, followed by Omaha and Wichita
- Attraction to lifestyle amenities such as boating, hiking, and community features
What Types of Properties Are Available in Lake Geneva?
Lake Geneva offers a diverse range of property types:
- Luxury Lakefront Properties
- Features: Lake views, large lot sizes, private docks, swimming pools
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Price range: $1 million to several million dollars
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Historic Estates
- Features: Unique architectural elements, large square footage, significant lot sizes
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Value: High, due to historical significance and charm
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Mid-Market Homes
- Price range: $300,000 to $649,999
- Features: 3-4 bedrooms, 2-3 bathrooms, modern kitchens, attached garages
What Investment Opportunities Exist in Lake Geneva?
Investment potential in Lake Geneva includes:
- Strong demand in the $300,000 to $649,999 range, suggesting good rental yield potential
- Higher appreciation rates for unique properties like lakefront and historic homes
- Luxury market segment showing increased activity and inventory
How Do Seasonal Factors Affect the Lake Geneva Market?
While specific seasonal data isn’t provided, Lake Geneva’s status as a resort town suggests:
- Potential for higher demand during summer months
- Opportunity for vacation rental investments
- Possible slower market activity during winter months
What Are the Future Prospects for the Lake Geneva Real Estate Market?
Based on current trends:
- Continued strong demand in the mid-market segment
- Potential for growth in the luxury market, given increased inventory
- Steady appreciation in unique and waterfront properties
How Does Lake Geneva Compare to Nearby Real Estate Markets?
While direct comparisons aren’t provided, Lake Geneva’s market appears robust:
- Attractive to both local and out-of-state buyers
- Diverse property offerings from affordable to luxury
- Strong appreciation in certain segments despite some price fluctuations
The Lake Geneva real estate market offers a diverse range of opportunities for buyers and investors. With its mix of affordable homes, luxury properties, and unique estates, the market caters to various preferences and budgets. The strong local buyer base, combined with interest from out-of-state buyers, suggests a stable market with potential for growth, particularly in the mid-range and luxury segments.