After two of the toughest years in recent history, the U.S. lake real estate market is showing signs of life and that means new opportunities for buyers.
According to Lake Homes Realty’s free Fall 2025 Lake Real Estate Market Report, transactions are finally on the rise after a prolonged stall. Lake Homes Realty is the nation’s largest lake-focused brokerage, operating in 39 states and serving millions of visitors each year at LakeHomes.com. “2024 was the worst year for residential real estate in 29 years, and 2025 started off even worse,” said Glenn S. Phillips, CEO of Lake Homes Realty. “But over the past three months, we’ve seen deals start moving again. We’re not calling it a boom, but the market is thawing.”
What Stalled the Market
Unlike most residential markets, more than half of lake home purchases are paid in cash. That meant high mortgage rates weren’t the culprit. Instead, fear, and inflated pandemic-era pricing froze activity.
“Overpriced homes just sit,” Phillips explained. “If it’s priced right for the current market, it sells. If it’s not, buyers won’t even show up for a viewing.”
What’s Changing Now
Stabilizing tariffs, easing inflation concerns, and a steadier stock market have started to restore buyer confidence. At the same time, sellers are starting to reset their price expectations. “Some sellers are finally listening to what the market has been telling them since last year,” said Phillips. “That’s the shift we needed to see.”
Looking Ahead
Lake Homes Realty expects the final months of 2025 to bring steady, measured improvement after a record-breaking stall, creating a window of opportunity for buyers who have been waiting on the sidelines.
Highlights from the Fall 2025 Lake Real Estate Market Report
TOP LAKE REAL ESTATE MARKETS NATIONWIDE
This summer, Puget Sound, WA leads with the most extensive selection of properties, boasting a total value of $2.120 billion in lakefront, lake view, and lake access properties, according to Lake Homes Realty’s Fall 2025 Lake Real Estate Market Report.
Following Puget Sound, homebuyers seeking lakefront living have numerous options across the country. Other top contenders for largest lake real estate markets include:
- Puget Sound, Washington
- Lake Washington, WA
- Lake Tahoe, Nevada
- Lake Norman, North Carolina
- Lake Travis, TX
According to the quarterly report, twenty-one 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 $13.1 billion in lake property listings, followed by Florida at $6.8 billion, and Washington at $6.4 billion. States that surpass the $1 billion mark include:
- Texas – 13,117,383,135
- Florida – 6,843,458,911
- Washington – 6,495,273,833
- Vermont – 4,896,387,253
- North Carolina – 4,148,755,162
- Minnesota – 3,883,782,766
- Tennessee – 3,762,071,064
- Michigan – 3,636,662,656
- Georgia – 3,561,959,969
- California – 2,392,165,678
- South Carolina – 2,299,515,818
- Alabama – 2,200,472,993
- Missouri – 2,192,135,398
- Arkansas – 2,035,096,462
- Nevada – 2,028,852,121
- New York – 1,737,880,687
- Idaho – 1,724,336,165
- Illinois – 1,474,223,184
- New Hampshire – 1,395,392,368
- Oklahoma – 1,135,565,323
- Virginia – 1,134,567,762
As for the most luxurious lakes, Michigan, California, Florida, and Massachusetts land on top. Walloon Lake in Michigan tops the chart with an average price of $6.444 million, followed by Lake Sherwood in California at $6.153 million.
High-end lakes include:
- Walloon Lake, MI – Avg. of 6,444,923
- Lake Sherwood, CA – Avg. of $6,153,145
- Lake Vedra, FL – Avg. of $5,835,500
- Brookline Reservoir, MA – Avg. of $4,332,538
- Lake Butler, FL – Avg. of $3,935,200
- Lake Tahoe, NV – Avg. of $3,828,001
- Lake Washington, WA – Avg. of $3,695,662
- Lake Sheen, FL – Avg. of $3,638,923
- Heron Lagoon, FL – Avg. of 3,625,415
- Lake Thonotosassa, FL – Avg. of 3,413,921
Across all lake properties listed on LakeHomes.com, the average price is a more accessible $497,739.
Top 10 States for Lake Property Listings
1. Texas – 22,962
2. Florida – 12,695
3. Tennessee – 8,091
4. North Carolina – 6,022
5. Minnesota – 5,996
6. Arkansas – 5,892
7. Washington – 5,863
8. Georgia – 5,814
9. Missouri – 5,543
10. Michigan – 5,312
Top 5 Most Expensive Lakes for Home Listings (Average Price)
1. Walloon Lake, MI – Avg. of 6,444,923
2. Lake Sherwood, CA – Avg. of $6,153,145
3. Lake Vedra, FL – Avg. of $5,835,500
4. Brookline Reservoir, MA – Avg. of $4,332,538
5. Lake Butler, FL – Avg. of $3,935,200
Top 5 Lakes for Number of Home and Lot Listings
1. Lake of The Ozarks, MO – 2,136
2. Puget Sound, WA – 1,976
3. Lewisville Lake, TX – 1,849
4. Lake Travis, TX – 1,648
5. Lake Norman, NC – 1,502
The Fall 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.
Copies of the Fall 2025 Lake Real Estate Market Report are now available to download for free at www.lakehomes.com/report.