Lake Vernon Real Estate Market | Fall 2022
Lake Vernon Real Estate
One of Huntsville's most popular lakes, Vernon continues to command strong listing prices although not as robust as the height of the market last year. The current inventory, like almost all of Muskoka's lakes, is relatively low although the fall selling season tends to trend that way. The supply / demand pressures that intensified from 2019 through early 2022 seem to be leveling off as interest rates rise and the stock market gyrates. Huntsville's main lakes, Peninsula, Vernon, Mary and Fairy tend to move in lockstep with both pricing and demand and this year is no exception.
According to a recent statement by the Lakelands Real Estate Board;
“Supply levels are still at historical lows, which means that if we see a continued moderation in sales activity there is ample room for the market to absorb a welcome increase in available listings. Prices are still trending near all-time highs but have begun to show signs of topping out.”
Historical Lake Vernon Sales Numbers
(Lakelands Real Estate Board)
2019 Cottage & Land Sales
There were 14 freehold transaction in 2019 on the Lakelands Real Estate Board that ranged in price from $95,000.00 to $1,525,000.00. These are generally the number of sales you would typically see on the lake on any given year. The Median price came in at $725,000.00 if you include vacant lots and cottages.
2020 Cottage & Land Sales
Both prices and sales numbers began increasing in 2020 with 17 waterfront properties sold. Selling prices ranged from between $216,814.00 and $3,395,000.00, more than double the previous year. The median selling price was about $835,000.00. Of note, there were 7 properties that sold over $1,000,000.00.
2021 Cottage & Land Sales
There were 10 transactions between $160,000.00 and $2,289,000.00. Median price was about $1,200,000.00 with strong demand throughout the season with 5 cottages going north of $1,000,000.00.
2022 Cottage & Land Sales
So far this year (Mid October), 7 waterfront properties have closed between $277,500.00 for a lot on Big Island and $2,725,000.00 with the median prices coming in at $1,211,207.00.
Looking to buy or sell a cottage on Vernon? We offer local knowledge, great marketing and have a focus on Muskoka waterfront real estate. Just give us a call or drop us a line and we can start a conversation.