Stay, Play, B.L.A. - a blog

Has the real estate market in the B.L.A. turned for the better or worse?

WOODS TO WATER AGENT BRANDON HEDLUND GIVES US A MARKET UPDATE.  

Let's dive into the numbers that have been making waves. Year over year, prices in the Brainerd Lakes Area have seen significant growth (14% YoY), surpassing initial projections. This growth reflects the growing demand for our remarkable slice of paradise. We have witnessed an impressive increase in sales prices across the board, particularly in single-family off-water homes. Similarly, appropriately priced waterfront properties have been flying off the market (19% rise YoY), generating plenty of excitement among sellers. Just recently, one of my clients secured a lakefront home amidst nine competing offers, a clear indication of the soaring demand!

But it's not just the traditional real estate categories that are getting attention. High-acreage homes have emerged as hot commodities in the market. The price per acre is reaching new heights, reflecting the desirability and scarcity of these unique properties. Buyers are eagerly searching for expansive lands, craving the endless possibilities that acreage life offers. Homesteading has become a strong trend, as buyers seek personal gardens, hobby farms, and sustainable living to combat high inflation.

In this era of remote work becoming the new reality, the demand for single-family homes equipped with home offices or bonus spaces has skyrocketed. Professionals and families alike are seeking environments that promote work-life balance. Multiple offers have become the norm once again, following a brief lull in the market while buyers adjusted to the new rates. However, it's crucial not to overlook the homes that may slip through the cracks amidst the rush. If you're a buyer feeling discouraged, ask your realtor to provide a list of homes that have been on the market for over 20 days. It might lead you to your hidden gem, provided you're willing to put in the effort.

With higher interest rates than many are accustomed to, buyers are seeking creative solutions in the market. So, has the B.L.A. market turned for the better or worse? If you're a seller, you'll be feeling quite pleased unless you’re trying to buy at the same time. In fact, buyers can also be incredibly happy when they receive proper guidance on navigating today's challenges. However, I must admit, over the past six years, there hasn't been a single buyer I've assisted who didn't face some sort of challenge to overcome. Long story short, supply is down, and demand is up. So, whether you choose to work with me or any of our other incredible agents, rest assured that you have the best local brokerage supporting you every step of the way. See you around in the beautiful Brainerd Lakes Area that we are so blessed to call home!

Interested in buying or selling in the Brainerd Lakes Area? Contact us to begin your property search today.