TALLAPOOSA COUNTY, Ala. (WSFA) - The real estate market on Lake Martin is hot, with the average median price of a waterfront home rising close to 30 percent in just one year.
“The cost of land escalated so rapidly on Lake Martin," said Lake Martin resident Andrew McGreer.
The cost is one of the reasons McGreer decided to build on the northeastern part of the lake. McGreer’s home is 4,000 square feet, with five bedrooms and a view out back.
“I mean honest to God we are spoiled," he said.
If he were to sell one day, McGreer hopes to walk away with more than the $1.2 million he has in it.
So what’s behind the median price increase?
“It went up so much because the demands were so great that people wanted to own waterfront property," said Steve Arnberg, Vice President of Sales for Russell Lands On Lake Martin.
Many of the homes are second homes, with the largest group of buyers coming from the Birmingham area, followed by Montgomery, and then Georgia.
Eric McKinely says 70 percent of his mortgage business comes from Lake Martin. As of now, there are 289 homes up for grabs on the shoreline.
“There is a lot of confidence in the market right now. People are believing and are out spending money and not afraid to invest again. We’re seeing a lot of volume," said McKinley.
These are good times for homeowners on Lake Martin, a far cry from what they were just 11 years ago during the Great Recession.
“We’re not recovering yet back to where we were in 2005 or ’06 numbers but we’re on the way back up,” said veteran realtor Amy Clark of Selling Lake Martin Realty.
Home prices may not quite be where they were before the Great Recession, but McGreer is just fine with where the market stands now: steady with no headwinds.
The Lake Martin Area Realtors Association says the average price for those 289 homes on the market now is around $500,000.