MEDINA LAKE, Texas – What’s left of the Medina Lake Reservoir looks anything but familiar.
“When you look out across this of what is Medina Lake, how does it make you feel?” KSAT reporter Avery Everett asked broker Mike Mallory.
“I say it’s like a dysfunctional beauty, and she is pretty, but you got to put up with their ups and downs,” Mallory said.
Medina Lake is drying out. Water Data for Texas reported Monday that the man-made reservoir was only 2.4% full.
Realtors, like Mallory, said the low water levels are impacting property values and the real estate market, and they’re not sure how soon it will bounce back.
“It’s a very slow market,” Mallory said. “I get phone calls on it from time to time, but more often, it’s sellers instead of buyers.”
Mallory owns Medina Lake Realty. He said some sellers are waiting to put their homes on the market until the water levels are back up. And he’s not the only one seeing changes.
“When the lake was full, homes were selling like crazy out there,” Levi Rodgers, the owner of Levi Rodgers Real Estate Group, said.
Rodgers said resale value is the biggest concern for his buyers looking at the Medina Lake area right now.
“If there’s less people that are attracted to the area, the values are going to go down,” Rodgers said. “It’s always tied to the water levels of the lake.”
Historically, the lake’s water levels have bounced back from dry conditions, but there’s no timeline for when that will happen.
To read more about the reservoir’s levels, click here.
