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Real Estate Trends in Lake Havasu City: 2023-2026 Forecast

Lake Havasu City, a thriving community in Arizona, has experienced significant growth in its real estate market over the past decade. With a median home price of $301,768, recent trends indicate that this growth is expected to continue in the coming years. Property values in the city have appreciated by an average annual rate of 10.43% over the past 10 years, putting Lake Havasu City among the top performers in the nation for real estate appreciation.

As the housing market in Lake Havasu City evolves, potential homebuyers and investors alike are keen to understand the future prospects and trends that will shape the local real estate market over the next three years. To better navigate these trends and make informed decisions, insights into factors such as inventory levels, days on market, and price per square foot can reveal valuable information about the market dynamics.

By understanding the current state of Lake Havasu City’s real estate market and examining the projected trends for the coming years, buyers and sellers can position themselves for success and capitalize on the growing opportunities in the area. The market’s steady appreciation and promising outlook make Lake Havasu City an attractive destination for both residential and investment real estate purchases.

Real Estate Market Overview

Lake Havasu City, located in Arizona, has seen significant fluctuations in its real estate market over the last few years. As of April 2023, the median listing home price in the city was $514.9K, indicating a downtrend of 6.4% year-over-year1. The median listing home price per square foot stood at $3202.

In terms of sale price, Lake Havasu City’s housing market showed a median sale price of $301 per square foot, a decrease of 6.1% compared to the previous year3. Nonetheless, the city’s median sale price remained 19% higher than the national average3. This demonstrates the overall appeal and desirability of properties within this region.

As for the number of homes sold, a total of 158 properties were recorded, and houses typically remained on the market for an average of 19.5 days3. The down payment on Lake Havasu City homes was recorded at 0.0%3, further highlighting the accessibility of the local real estate market to potential buyers.

Looking at future predictions, the 1-year forecast for Lake Havasu City’s median home price is projected to reach approximately $309,0964. In the 5-year forecast, the median home price is anticipated to rise further to around $335,9474.

In conclusion, while the Lake Havasu City real estate market experienced a decline in median listing and sale prices in 2023, the market remains relatively healthy, with higher median sale prices compared to the national average. The next few years are expected to see an increase in property values, indicating potential growth and sustained demand in the local housing market.

Footnotes

  1. https://www.realtor.com/realestateandhomes-search/Lake-Havasu-City_AZ/overview
  2. https://www.redfin.com/city/10002/AZ/Lake-Havasu-City/housing-market
  3. https://www.zillow.com/home-values/46105/Lake-Havasu-City-AZ/
  4. https://walletinvestor.com/real-estate-forecast/az/mohave/lake-havasu-housing-market

Recent Market Trends

Last 12 Months

Lake Havasu City’s real estate market has experienced notable changes in the last 12 months. Home prices have experienced a decrease of -4.3% since last year, with a current average sale price of $500,0001. Moreover, the average sale price per square foot has decreased by -6.1% since the previous year, currently standing at $3011.

In the past year, a total of 624 single-family homes were sold in Lake Havasu City, marking a 24% increase in sales compared to the previous period2. Along with this surge in sales, the average number of days homes spent on the market has decreased. Homes now spend an average of 19.5 days on the market before being sold1.

Regarding the real estate market trends, homes in the area have been selling at an average of 2.2% under the asking price1. Additionally, there has been a significant uptrend in home appreciation rates over the last 10 years, with Lake Havasu City experiencing an average annual home appreciation rate of 10.43%3. This impressive growth has placed the city among the top 10% nationally for real estate appreciation3.

The market trends in Lake Havasu City over the last 12 months can be broken down into the following key points:

  • The average sale price of a home is $500,0001.
  • The average sale price per square foot is $3011.
  • The total number of single-family homes sold is 6242.
  • The average number of days homes spend on the market is 19.51.
  • The average home sells for 2.2% less than the asking price1.

As the real estate market continues to evolve, it will be essential to monitor these trends closely to make informed decisions about buying or selling homes in Lake Havasu City.

Footnotes

  1. Redfin
  2. Lake Havasu Association of Realtors
  3. NeighborhoodScout

Housing Market Forecast

Demand

As the real estate market in Lake Havasu City continues to evolve, it’s worth looking at the factors driving demand. The city has become an attractive destination for many due to its pleasant climate and recreational opportunities. Over the next three years, this rising popularity and the general population growth might contribute to an increased demand for housing.

Furthermore, as more people work remotely, more individuals may choose to relocate to Lake Havasu City and enjoy a higher quality of life, leading to a continuous influx of new residents. This migration could result in more competition for available homes and upward pressure on prices.

Supply

The supply side of the Lake Havasu City housing market can be expected to fluctuate as well, as developers work to accommodate the growing population. New construction projects may increase the number of available homes on the market, however, this growth may not keep up with demand, leading to potential housing shortages.

It’s important to consider the diverse range of housing available within Lake Havasu City, ranging from single-family homes to townhouses and apartments. Markets trends such as the current median home value of $477,327.751 are likely to be influenced by this variety of housing types, as well as the overall balance of supply and demand.

Taking into account both the demand and supply factors at play over the next three years, it’s not unreasonable to anticipate a moderate growth2, with Lake Havasu City’s real estate market possibly experiencing a slight increase in median home prices, shorter time on the market for listed properties, and seasonal fluctuations playing a role in overall market trends.

Footnotes

  1. RealtyTrac – Lake Havasu City Home Values
  2. Lake Havasu Real Estate Forecast

Property Types

Homes for Sale

Lake Havasu City offers a variety of homes for sale, catering to different needs and budgets. The home styles range from single-story family houses to elaborate, custom-built properties. The median list price of homes in Lake Havasu City was $672,450 in March 2022, reflecting a significant increase from $399,000 in 2021. Buyers can expect to find homes with varying sizes and distinct layouts in the area.

Popular features among the homes in Lake Havasu City include swimming pools, ample outdoor space, and RV garages. Many properties also enjoy picturesque views of the lake or mountains, making them ideal for those who appreciate nature and tranquility.

Condos for Sale

In addition to single-family homes, Lake Havasu City has a selection of condos for sale that cater to a more low-maintenance lifestyle. Condos typically offer amenities such as shared swimming pools, gyms, and walking paths, providing convenience and a sense of community.

Condo prices in Lake Havasu City tend to be more affordable compared to single-family homes, making them an attractive option for first-time buyers or those seeking a vacation property. It’s important to note that condos often have homeowners association (HOA) fees, which should be taken into account when budgeting for your purchase.

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