If you thought the lake home market would bounce back in 2024, you’re not alone. So did everyone else. But according to Glenn S. Phillips, CEO of Lake Homes Realty, “real estate hasn’t behaved the way any of us expected.”
Real estate sales nationwide have stalled this year, and Lake Homes Realty—the nation’s leader in lake real estate—is here to break it down.
With exclusive data from thousands of lake real estate markets nationwide and millions of visitors engaging on LakeHomes.com, Lake Homes Realty has its finger on the pulse of “discretionary estate,” including lake homes and land.
This summer’s market presents a refined selection of lake properties. According to the Summer 2025 Lake Real Estate Market Report by Lake Homes Realty, there are 112,530 lake home and lot listings, an increase of 17,226 from summer 2024.
With an increase in listings, the total market value has increased to $65.60 billion, up from $53.38 billion last year.
Tariff Confusion Fuels Fear, Uncertainty, Doubt
According to Phillips, tariffs are playing a much larger role in the market freeze than many realize. “These ongoing, unpredictable tariff decisions are jolting the stock market—and our buyers are watching that closely.”
Lake homes are discretionary purchases, and more than 50% of all transactions are cash. Some blame stalled deals on mortgage interest rates, but that’s a “lazy answer,” said Phillips. While rates may affect a few buyers, most have adjusted to 6–7% as the new normal. In lake real estate, especially, interest rates rarely play a major role in market activity.
When affluent buyers see volatility in their investment portfolios or hear mixed messages about trade and inflation, they pause. “A confused buyer doesn’t pull the trigger,” Phillips said. “They wait. That’s the heart of FUD—Fear, Uncertainty, Doubt—and it’s paralyzing demand.”
The uncertainty isn’t just economic—it’s emotional. “People aren’t buying second homes when they’re unsure about their financial future,” he added.
Top Lake Real Estate Markets Nationwide
This summer, Puget Sound, WA leads with the most extensive selection of properties, boasting a total value of $1.526 billion in lakefront, lake view, and lake access properties, according to Lake Homes Realty’s Summer 2025 Lake Real Estate Market Report.
Following Puget Sound, homebuyers seeking lakefront living have numerous options across the country. Other top contenders for the largest lake real estate markets include:
- Lake Norman, North Carolina
- Puget Sound, Washington
- Lake Tahoe, Nevada
- Lewisville Lake, Texas
- Lake Michigan, Illinois
According to the quarterly report, nineteen states serviced by Lake Homes Realty had over one billion dollars in lake home and lot real estate listings.
Texas continues to set the standard with a massive $12 billion in lake property listings, followed by Florida at $7 billion, and Washington at $4.9 billion. States that surpass the $1 billion mark include:
- Texas – $12,398,695,015
- Florida – $7,022,867,162
- Washington – $4,971,346,843
- North Carolina – $3,744,919,904
- Tennessee – $3,403,810,205
- Georgia – $3,392,966,888
- Minnesota – $3,064,690,166
- Michigan – $2,572,334,758
- South Carolina – $2,145,326,386
- Alabama – $2,116,665,809
- Missouri – $2,014,702,286
- Arkansas – $1,798,964,616
- Nevada – $1,637,590,849
- California – $1,662,204,964
- Illinois – $1,417,698,990
- Idaho – $1,333,855,045
- New York – $1,130,528,692
- Virginia – $1,128,418,445
- Oklahoma – $1,054,336,468
When it comes to volume, Texas leads the way with 21,341 lake home and lot listings. Florida follows closely with 13,113 listings, and Tennessee holds third place with 7,404. The states with the most listings are:
- Texas – 21,341
- Florida – 13,113
- Tennessee – 7,404
- North Carolina – 5,600
- Georgia – 5,440
- Arkansas – 5,396
- Missouri – 5,081
As for the most luxurious lakes, California, Florida, and Massachusetts land on top. Lake Sherwood in California tops the chart with an average price of $5.712 million, followed by Lake Vedra in Florida at $5.306 million.
High-end lakes include:
- Lake Sherwood, CA – Avg. of $5,712,106
- Lake Vedra, FL – Avg. of $5,306,706
- Brookline Reservoir, MA – Avg. of $4,927,627
- Lake Tahoe, NV – Avg. of $4,330,435
- Lake Butler, FL – Avg. of $3,896,692
- Lake Washington, WA – Avg. of $3,519,349
- Heron Lagoon, FL – Avg. of 3,346,165
- Lake Toxaway, NC – Avg. of 3,286,961
Across all lake properties listed on LakeHomes.com, the average price is a more accessible $582,986.
Top 10 States for Lake Property Listings
1. Texas – 21,341
2. Florida – 13,113
3. Tennessee – 7,404
4. North Carolina – 5,600
5. Georgia – 5,440
6. Arkansas – 5,396
7. Missouri – 5,081
8. Minnesota – 4,861
9. Washington – 4,532
10. Georgia – 4,402
Top 5 Most Expensive Lakes for Home Listings (Average Price)
1. Lake Sherwood, CA – Avg. of $5,712,106
2. Lake Vedra, FL – Avg. of $5,306,706
3. Brookline Reservoir, MA – Avg. of $4,927,627
4. Lake Tahoe, NV – Avg. of $4,330,435
5. Lake Butler, FL – Avg. of $3,896,692
Top 5 Lakes for Number of Home and Lot Listings
1. Lake of The Ozarks, MO – 1,920
2. Lewisville Lake, TX – 1,723
3. Lake Travis, TX – 1,560
4. Puget Sound, WA – 1,518
5. Lake Norman, NC – 1,408
The Summer 2025 Lake Real Estate Market Report shares a summary of data collected from 168 Multiple Listing Services (MLS) areas in the 38 states served by Lake Homes Realty and is, to its knowledge, not available from any other source. Thirty-five of these states are covered in this report. States that are not included in this report have data that has not yet been evaluated.