Nestled in the heart of Oklahoma lies the majestic Lake Eufaula, the state’s largest lake, covering a vast expanse of 105,500 surface acres with a shoreline stretching over 800 miles1. Its waters extend across several counties including McIntosh, Pittsburg, Haskell, and Okmulgee, making it a significant geographical landmark in the region. The lake, also known as the “Gentle Giant”, not only spans across the Green Country and Kiamichi Country tourism regions of Oklahoma but also holds the title of being one of the top twenty largest lakes in the United States by area, boasting a size of 169 square miles34.
The tranquil waters of Lake Eufaula are fed by the Canadian, North Fork Canadian, and Deep Fork rivers, creating a robust ecosystem that beckons both residents and visitors alike for various recreational activities and serene living by its shores. The lake’s vastness provides ample space for boating, fishing, and other water-related activities, making it a bustling hub of outdoor adventures.
As we delve into the burgeoning real estate landscape around Lake Eufaula, we uncover the rising tide of land values that encapsulate the promising prospects this area holds for investors and homeowners alike. The unfolding chapters of this blog will take you through the key trends and factors contributing to the real estate growth in this region, underscoring the potential that Lake Eufaula holds as a prime location for real estate investment.
Recent Trends in Land Values:
General Increase in Prices: The median sold price for homes in Eufaula was reported to be $235,000 in September 2023, marking a 31.3% increase from the previous year. Additionally, there was a notable rise in the price per square foot, which stood at $155
Price Ranges: The land prices in Eufaula, OK and surrounded areas around the lake varied significantly depending on the type and location of the properties. For instance, some land prices ranged from as low $49,999, and went up to $1,000,000 and above.
Average Listing Prices: The average listing price for lakefront properties near Eufaula was reported to be $144,417, with the price per acre averaging at $23,992
Housing Inventory: The housing inventory by bedroom type also showed a mixed trend where the inventory of 1 to 3 bedroom homes increased significantly, while 4 bedroom homes saw a slight decrease
Contributing Factors:
Agricultural Land Value Increase: The broader trend of rising agricultural land values in Oklahoma, with a 13.4% increase reported in cropland values, likely influences the land values around Lake Eufaula as well.
Fishing Tournaments: Events like the Phoenix Bass Fishing League tournament held at Lake Eufaula could potentially boost local economic activity, and in turn, influence land and property values.
Real Estate Developments: New real estate developments like the luxurious Edge Water Estates offer waterfront, lake view, and water access lots, potentially attracting more buyers and investors to the area, thus driving up land values.
Various Types of Lands Available: The availability of a variety of land types including undeveloped land, residential lots, farm land, and commercial lots also plays a role in the increasing land values. The variety caters to a broader spectrum of buyers, from those looking for residential properties to investors eyeing commercial or agricultural ventures.
Other Observations:
Farmland Prices: In Oklahoma, the rise in farmland prices has also been observed, though not as sharply as home values. For instance, farmland prices in the third quarter of the previous year were up by 10% on average compared to 2020.
Foreclosures and Bank-Owned Properties: The presence of foreclosed and bank-owned properties in the market may provide more affordable options for buyers, though this could also be reflective of previous economic distress.
The amalgam of these factors along with the intrinsic appeal of lakefront property, contributes to the escalating land values around Lake Eufaula, creating a dynamic real estate market. Whether for investment or personal use, the area around Lake Eufaula in Oklahoma continues to draw attention in the real estate realm.
For those looking to capitalize on the burgeoning land values around Lake Eufaula, the Eufaula Lake Private Estates developed by Landfix.com presents an enticing opportunity. Nestled on a 600-acre peninsula on Lake Eufaula, this development is an invitation to partake in the appreciation of this picturesque area. With prime lakeside land available for sale at the development stage, prices per acre range from an accessible $12,000 to $20,000 currently. This pricing is quite competitive given the data and trends manifesting in the local real estate market. The Eufaula Lake Private Estates not only offer a serene retreat but also a sound investment, embodying the promising prospects of land appreciation in the region. Your lakeside haven or investment parcel awaits at the Eufaula Lake Private Estates, where the charm of Lake Eufaula meets prudent investment. To view all the remaining land parcels within Eufaula Lake Privates Estates, click here
