Tag: lake real estate market

Lake Home and Lot Listings Surge by $6.4 Billion Amid 19% Inventory Boost

Posted on Linda Thach

April 2, 2024 – Hoover, Ala. – Great news for potential lake home or lot buyers! This spring offers a wider selection of properties. According to the Spring 2024 Lake Real Estate Market Report by Lake Homes Realty, there are currently 83,467 lake home and lot listings available. This represents an increase of 13,366 from the 70,101 listings seen in Spring 2023. 

That’s not all – the total market value of these listings sits at $44,111,017,837, demonstrating an improving market with investment potential. This is a positive shift compared to the $33.74 billion and $26.13 billion reported in Spring 2023 and 2022 respectively. With more options and a growing market, this spring presents an excellent opportunity to find your dream lakefront property.

Top Lake Real Estate Markets Nationwide

Boasting the most extensive selection of properties this spring is Lake Michigan. This lake has a total value of $1.46 billion across lakefront, lake view, and lake access properties in Illinois and Michigan, according to the Spring 2024 Lake Real Estate Market Report by Lake Homes Realty. 

Following Lake Michigan, homebuyers seeking lakefront living have a variety of options across the country. Here are some of the other top contenders:

Twelve states serviced by Lake Homes Realty had more than one billion dollars in lake home and lot real estate listings, according to the quarterly report. 

Leading the pack is Texas with a total of $8.139 billion, followed by Florida in second place with $5.287 billion, and Washington state securing the third spot with $2.762 billion. The other $1 billion+ states in order include: North Carolina ($2.432), Tennessee ($2.376), Georgia ($2.134), Minnesota ($1.909), Michigan ($1.783), Alabama ($1.390), South Carolina ($1.274), Missouri ($1.206), and Illinois ($1.181).

For the total number of listings, Texas had the most lake home and lot listings (15,393), followed by Florida (9,648), Tennessee (5,880), North Carolina (4,354), Georgia (4,174), Missouri (3,677), and Alabama (3,629).

For the most expensive lake home averages, Florida, Washington, and Montana were the top areas featured. The average for lake homes on Lake Butler, Florida was $4.634 million each. Lake homes on Lake Washington, Washington averaged $4.094 million and Whitefish Lake, Montana homes were $3.894 million. Among all of the homes and lots featured on LakeHomes.com, the average price was $528,484. 

Don’t Be Fooled By Headlines

“Sellers and buyers should not be fooled by headlines that tout significant increases in home inventory,” urged Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes Realty. “Home Listing Inventory Doubles!” is not very meaningful when the base number you are doubling is very small. For instance, going from 200 to 400 homes is meaningful, but going from 15 to 30 is still sparse although both are ‘doubling’,” Phillips explained. “Any market with historic lows can improve and still be very limited.”  

Phillips continued, emphasizing Lake Homes Realty is in a “soft” seller’s market, “Any market with historic lows can improve and still be very limited.” “Unfortunately, many sellers falsely believe they are in a ‘hard’ seller’s market and foolishly demand higher-than-market prices,” Phillips said. “These sellers are overpricing themselves right out of the market.”

He added, “This does boost inventory numbers (since these homes don’t sell very often) but that is a false flag about the market.”

Lake Home Buyers: Savvy and Selective

Lake home buyers are entering a new era of informed decision-making, according to Phillips. He emphasizes the heightened awareness of today’s buyers, stating, “They know the market, the trends, the transactions, and the lousy and overpriced listings.”

This knowledge translates into behavior, as Phillips explains, “Lake home buyers recognize homes online that have been on the market for over a month. These buyers consider these homes grossly overpriced and have no interest in wasting time asking about these properties, much less touring them.”

In short, Phillips concludes, “Lake home buyers are eager but not foolish.” They are prepared to act quickly on properties that meet their needs and price expectations.

Lake Market Myths Debunked: Inventory Up, Prices Stable

“No bust coming. There is nothing on the horizon that will create a large surge of lake properties for sale,” assures Phillips.

Phillips offers reassurance to those concerned about a market downturn, explaining, “We are seeing an increase in inventory over this time last year and anticipate more homes and lots will come on the market as the weather warms and lake season hits high gear.”

To further support his point, Phillips provides historical data: “Over the past five quarters, our Lake Real Estate Market Reports show listings from our 34 states to range from as few as 70,101 and as high as 89,542. In the quarterly snapshots of the lake real estate market, total inventory list prices over the same five seasons collectively ranged from $44 billion to nearly $50 billion,” he said. He concludes by highlighting price stability, stating, “The average of all our inventory, both lake homes and lots, ranged from $528,484 to $556,758.”

Total number of listings graph
Total listings in dollars graph
Average listing prices graph

Top 10 States for Lake Property Listings

  1. Texas – 15,393
  2. Florida – 9,648
  3. Tennessee – 5,880
  4. North Carolina – 4,354
  5. Georgia – 4,174
  6. Missouri – 3,677
  7. Alabama – 3,629
  8. Minnesota – 3,353
  9. Michigan – 2,945
  10. Arkansas – 2,888

    Top 5 Most Expensive Lakes for Home Listings (Average Price)

    1. Lake Butler, FL – Avg. of $4,634,656
    2. Lake Washington, WA – Avg. of $4,094,885
    3. Whitefish Lake, MT – Avg. of $3,894,179
    4. Heron Lagoon, FL – Avg. of $3,853,197
    5. Flathead Lake, MT – Avg. of $3,541,252

    Top 5 Lakes for Number of Home and Lot Listings

    1. Lake Of The Ozarks, MO – 1,235
    2. Table Rock Lake, AR/MO – 1,207
    3. Lewisville Lake, TX – 1,035
    4. Canyon Lake, TX – 1,014
    5. Cedar Creek Lake, TX – 1,013

    The Spring 2024 Lake Real Estate Market Report shares a summary of data collected from 146 Multiple Listing Services (MLS) areas in the 34 states served by Lake Homes Realty and is, to its knowledge, not available from any other source. Copies of the Spring 2024 Lake Real Estate Market Report are now available to download for free at www.lakehomes.com/report.

    Lake Homes Realty Adds Heather Leslie to Dale Hollow Lake and Cordell Hull Lake Areas in TN

    Posted on Linda Thach

    A recent lake real estate report from the country’s largest lake-focused brokerage show listing prices in Tennessee are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Tennessee’s total market at $2.32 billion, up from $1.85 billion in the summer of 2022,” said Heather Leslie, an agent with Lake Homes Realty, who focuses on Dale Hollow Lake, Cordell Hull Lake and the surrounding lakes in Tennessee.  Lake Homes Realty operates in 34 states across the country.

    “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties.” As of May 31, 2023, Dale Hollow Lake has 128 lake area properties listed, ranging from a $20,000 lot to a $ 14-million lake home. “Four of the properties were listed for over $1 million,” said Leslie.

    The average home price for listings around Dale Hollow Lake is $893,235, according to the Lake Market Real Estate Report. The average lot price is $103,762 for the 100 lake area lots currently listed. 

    “With 12,000 acres of water, boating is extremely popular on Cordell Hull Lake, as are its related activities, waterskiing, tubing, and wakeboarding,” said Leslie.  “Being a short trip away from the state’s capital Nashville, Cordell Hull Lake appeals to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots in Tennessee in May 2023, the top Metro area looking on LakeHomes.com was Chicago, followed by Atlanta and Washington D.C.,” said Leslie.  “ The national reach offered by LakeHomes.com works really well with my local expertise along Cordell Hull Lake and the surrounding area,” said Leslie.  One in 37 American adults look at LakeHomes.com each year.

    “We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for  Lake Homes “Heather offers outstanding customer service in the Dale Hollow Lake, Cordell Hull Lake and surrounding areas and is truly a specialist in that area,” he said.

    About Heather Leslie

    Heather Leslie‘s lake life journey began when she relocated to Sparta, Tennessee at the age of 13, and ever since, she has been devoted to enjoying the serene waters of Dale Hollow Lake, Old Hickory Lake, and Watauga Lake. Now, Heather has passed down her profound affection for the lakes to her children, and together, they relish in memorable lake days as a family.

    Heather’s commitment as a lake expert extends beyond her personal enjoyment of the lakes. She has dedicated herself to becoming a valuable member of the local community. Exploring the neighboring areas of the lakes, attending local events, and frequently visiting downtown Murfreesboro, Tennessee, are all integral parts of her connection with the region. Nevertheless, if Heather is not engaged in these activities, you can bet she’ll be found by the water’s edge, whether it’s spending a day fishing with her children or showcasing breathtaking lake properties.

    Her exceptional expertise in the real estate field has been acknowledged by her consistent success. Heather has been honored with the Aqua award at Lake Homes Realty, a testament to her exceptional sales performance. Additionally, prior to her venture into real estate, she gained invaluable experience in customer service. This background has instilled in her an unwavering dedication to prioritizing the customer’s needs and ensuring a seamless transaction for each client she serves.

    Tyler Whitten Joins Lake Homes Realty Team on Lake Martin, AL

    Posted on Linda Thach

    A new lake real estate report from the country’s largest lake-focused brokerage show listing prices in Alabama are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Alabama’s total market at $1.46 billion, up from $1.20 billion in the summer of 2022,” said Tyler Whitten, a new agent with Lake Homes Realty, who focuses on Lake Martin in Alabama.  Lake Homes Realty operates in 34 states across the country.

    “The new quarterly lake real estate report from Lakehomes.com shows Lake Martin to be the second largest market in the state of Alabama,” said Whitten. “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties.” As of June 16, 2023, Lake Martin has 297 lake area properties listed, ranging from a $6,000 lot to an $8.5 million lake home. “Sixty-six of the properties were listed for over $1 million,” said Whitten.

    The average home price for listings around Lake Martin is $1.09 million, according to the Lake Market Real Estate Report. The average lot price is $293,246 for the 144 lake area lots currently listed. 

    “Boating is extremely popular on Lake Martin, as are its related activities, waterskiing, tubing, and in recent years, its fishing tournaments,” said Whitten.  “With 44,000 acres of pristine water and 700 miles of shoreline, Lake Martin can be found between Birmingham, Montgomery, Columbus, and Atlanta,” said Whitten. Lake Martin appeals to lake home searchers from across the country as it remains at the Top-5 of Lake Home Realty’s Annual ‘Hot Lakes’ list. Among the hundreds of people searching the lake homes and lots on Lake Martin in May 2023, the top Metro area looking on LakeHomes.com was Atlanta, Georgia, followed by Chicago and Dallas, Texas.  “ The national reach offered by LakeHomes.com works really well with my local expertise along Lake Martin and the surrounding area,” said Whitten.  One in 37 American adults look at LakeHomes.com each year.

    “We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for  Lake Homes “Tyler offers outstanding customer service in the Lake Martin areas and is truly a specialist in that area,” he said.

    About Tyler Whitten

    Tyler cherishes her fondest childhood memories of visiting her grandmother on Lake Logan Martin. Now, she creates new memories with her own family on Lake Martin, where they have owned a home for the past 15 years. Witnessing the remarkable growth of the surrounding community over the years, Tyler is delighted to find that Lake Martin offers something for everyone.

    “Whether your interests are boating, fishing, hiking, golf, watersports, or even just being in nature, you will find it all on Lake Martin,” she exclaims. Among the things she adores are the breathtaking sunsets and the tranquil mornings on the lake.

    Born and raised in Birmingham, Alabama, Tyler boasts over 20 years of experience in the real estate industry. Her genuine passion for her work inspires her to transform her clients’ dreams into tangible addresses.

    “Purchasing or building a home is usually the largest investment an individual or family will ever make, so I feel that being able to guide my clients in making knowledgeable, sound decisions during an often emotional and complicated process is one of my greatest accomplishments,” Tyler says.

    Lake Homes Realty Adds Diana Warrington to Lake Wallenpaupack, PA Area

    Posted on Linda Thach

    A recent lake real estate report from the country’s largest lake-focused brokerage show listing prices in Pennsylvania are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Pennsylvania’s total market at $564 million, up from $501 million in the summer of 2022,” said Diana Warrington, a new agent with Lake Homes Realty, who focuses on Lake Wallenpaupack and the surrounding areas in Pennsylvania.  Lake Homes Realty operates in 34 states across the country.

    “The new quarterly lake real estate report from Lakehomes.com shows Lake Wallenpaupack to be the top largest market in the state of Pennsylvania,” said Warrington. “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties.” As of May 31, 2023, Lake Wallenpaupack has 176 lake area properties listed, ranging from a $3,000 lot to a $5.49 million lake home. “Ten of the properties were listed for over $1 million,” said Warrington.

    The average home price for listings around Lake Wallenpaupack is $628,081, according to the Lake Market Real Estate Report. The average lot price is $48,084 for the 81 lake area lots currently listed. 

    “Lake Wallenpaupack is one of the largest lakes in Pennsylvania,” said Warrington.  “With 5,700 acres of pristine water and proximity to Scranton, Pennsylvania, Lake Wallenpaupack appeals to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots in Pennsylvania in May 2023, the top Metro area looking on LakeHomes.com was New York City, followed by Washington D.C., and Boston, Massachusetts,” said Warrington.  “The national reach offered by LakeHomes.com works really well with my local expertise along Lake Wallenpaupack and the surrounding area,” said Warrington.  One in 37 American adults look at LakeHomes.com each year.

    “We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for  Lake Homes “Diana offers outstanding customer service in the Lake Wallenpaupack areas and is truly a specialist in that area,” he said.

    About Diana Warrington

    Diana Warrington is a familiar face in the Lake Wallenpaupack community, having established herself as a dedicated realtor for over 14 years. She has actively participated in community affairs, fostering strong connections with the local residents. Diana initially relocated to Pennsylvania when her children were young, delighting in the opportunity to be a full-time mother. However, her passion for real estate soon took hold.

    Engaging in every facet of the real estate process brings Diana immense joy. Whether assisting first-time buyers or individuals searching for their dream retirement home, she thrives on meeting her clients exactly where they are in their journey. Diana approaches her role in their transactions with utmost dedication and professionalism, recognizing the significance of her contribution. “I take my role in their transaction very seriously. I love helping my clients find exactly what they’re looking for,” Diana says.

    Kayce Jones Joins Lake Homes Realty on Alabama’s Warrior River and Surrounding Areas

    Posted on Linda Thach
    Image by Chanh Nguyen from Pixabay

    MILLION DOLLAR LAKES, Al. (June 20, 2023) –A new lake real estate report from the country’s largest lake-focused brokerage show listing prices in Alabama are up over summer 2022. “The new Lake Real Estate Market Report from Lake Homes Realty shows Alabama’s total market at $1.46 billion, up from $1.2 billion in the summer of 2022,” said Kayce Jones, a new agent with Lake Homes Realty, who focuses on and around Warrior River in Alabama.  Lake Homes Realty operates in 34 states across the country.

    “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties,” said Jones. “Million Dollar Lakes is a collection of nine lakes in the north Tuscaloosa, Alabama area. The lakes appeal to lake home searchers from across the country. Among the hundreds of people searching the lake homes and lots in Alabama in May 2023, the top Metro area looking on LakeHomes.com was Atlanta, Georgia, followed by Chicago, Illinois and Dallas, Texas,” said Jones.  “The national reach offered by LakeHomes.com works really well with my local expertise along Warrior River and the surrounding area,” said Jones.  One in 37 American adults look at LakeHomes.com each year.

    “We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for  Lake Homes “Kayce offers outstanding customer service in the Warrior River areas and is truly a specialist in that area,” he said.

    About Kayce Jones

    Kayce Jones is undeniably an expert when it comes to the lake, and she attributes her deep understanding to her family’s rich history spanning five generations on the Black Warrior River. The river has been an integral part of Kayce’s life, with her and her family residing on its banks for decades. She considers it a slice of paradise, a cherished place she holds dear to her heart.

    Among Kayce’s treasured memories, the sight of barges traversing the Black Warrior River stands out the most. She recalls watching these vessels and even riding on them during the river’s celebrated Christmas on the River festivities.

    In addition to her connection to the area, Kayce also owns and operates a hair salon. However, she felt a natural inclination towards becoming a realtor due to her family’s legacy in development and her profound understanding of the importance of property ownership. Being part of her clients’ most significant milestones brings Kayce immense joy and fulfillment in her role as a realtor.

    Lake Real Estate Market Report Shows More Than $76.5 Million in Lake Area Homes & Lots Listed Around Lake Marion, SC

    Posted on Linda Thach

    LAKE MARION, SC. (May 30, 2023) –A new lake real estate report from the country’s largest lake-focused brokerage shows South Carolina’s total lake market comes in at $1.2 billion. “The new Lake Real Estate Market Report from Lake Homes Realty shows Lake Marion’s total market to be $76.5 million and Lake Moultrie’s total market to be $22.3 million,” said Ronni Drake, a new agent with Lake Homes Realty, who focuses on Lake Marion and Lake Moultrie in South Carolina.  Lake Homes Realty operates in 34 states across the country.

    “The new quarterly lake real estate report from Lakehomes.com shows Lake Marion to be the fifth largest market in the state of South Carolina,” said Drake. “The specialized website just showcases properties that are lakefront, have a lake view or lake access so we can help clients from across the country search for dream lake properties.” As of May 22, 2023, Lake Marion has 286 lake area properties listed, ranging from a $7,000 lot to a $1.12 million lake home. “Eight of the properties were listed for over $1 million,” said Drake.

    The average home price for listings around Lake Marion is $342,580, according to the Lake Market Real Estate Report. The average lot price is $172,083 for the 128 lake area lots currently listed. 

    “Lake Marion, also referred to as South Carolina’s Inland Sea, covers 110,00 acres offering lots of recreational opportunities,” said Drake. “Lake Marion is popular for fishing, and it is most known for its big fish. The state record of a 16.2 largemouth bass was set at Lake Marion, so anglers will love fishing on Lake Marion.” Among the hundreds of people searching the lake homes and lots on Lake Marion in March 2023, the top Metro area looking on LakeHomes.com was Atlanta, Georgia, followed by Greenville, South Carolina, and Charlotte, North Carolina,” said Drake.  “ The national reach offered by LakeHomes.com works really well with my local expertise along Lake Marion, Lake Moultrie, and the surrounding areas,” said Drake.  One in 37 American adults look at LakeHomes.com each year.

    “We believe our agents’ intimate knowledge about their lake real estate markets, nuances of the lakes themselves, and their involvement in local lake life is paramount to our continued growth,” said Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes “Ronni offers outstanding customer service in the Lake Marion and Lake Moultrie areas and is truly a specialist in that area,” he said.

    About Ronni Drake

    The allure of the lake has always held a special place in Ronni’s heart. Her father, a retired pilot who served in the U.S. Air Force, was stationed in Charleston, South Carolina, and Ronni spent a significant portion of her childhood there. Some of her most cherished memories revolve around fishing and camping with her family on both Lake Marion and Lake Moultrie.
    With nearly 25 years of experience in the real estate industry, Ronni has established herself as a seasoned professional. She holds a Bachelor of Arts degree from Wright State University in Dayton, Ohio, and has also attended Capital University School of Law in Columbus, Ohio. After spending many years residing in the Columbus area, Ronni and her husband seized the opportunity to relocate to Lake Marion once her husband retired.
    Ronni lives by the motto, “It’s not going to be easy, but it’s going to be worth it.” This belief has proven true in her life, as evidenced by her two-year search culminating in the current endeavor of building their lakefront home.

    Whiteboard Topics: 5 Keys to the Fall Lake Home Market

    Posted on Linda Thach
    The incoming fall season inspires change to the current lake homes market. Lake Homes Realty’s CEO, Glenn Phillips, gives five keys to follow in order to keep up with this fall lake homes real estate market!
    1. Price Growth Peaking: The acceleration in price growth is finally coming to a plateau now that the summer rush is over.
    2. Mortgage Rates MIGHT Matter: Mortgage rates could be a hedge against inflation. Paying off a mortgage with a lower interest rate than inflation rate may be an option.
    3. Inventory to Remain Low: Inventory will most likely remain in low supply, meaning there still won’t be many homes coming to the market.
    4. “Less” Competition: The competitive edge of today’s market will begin to subside, especially because people are losing the extra time they gained in the midst of Covid.
    5. Long Distance Buyers Remain: These buyers should be taken into account when selling, and it’s important to have an agent who can tap into this pool of buyers.
    The change in season doesn’t stop the lake homes real estate market, but it does have an effect on it! It’s crucial to stay on top of this shifting market, whether you’re buying or selling a lake home. 

    Whiteboard Topics: 4 Signs a Lake Home is Grossly Overpriced

    Posted on Linda Thach
    Buying a lake home can be stressful, especially in this seller’s market, but it’s important to know you’re getting your dream lake home at a reasonable price. Lake Homes Realty’s CEO, Glenn Phillips gives four signs a lake home is grossly overpriced.
    1. Days-on-Market: Lake homes don’t spend too much time on the market, and when they do, it’s an indicator of being unreasonably priced.
    2. Big Appraisal Gap: If the listing price and appraisal have a large gap between them, it’s a clear sign the lake home is overpriced. 
    3. Back on Market: Sometimes, a lake home is back on the market after being listed as pending. This could be due to a buyer attempting to work with the exaggerated price, but realizing it would be a bad investment.
    4. Massive Price Increase: When reviewing the price history of a lake home, take note if there was an alarming increase and whether any renovation has been done to the home to validate said increase.
    Never spend more than you have to on your dream lake home. You never have to settle for overpriced properties when you know all the signs to watch out for!

    4 Reasons Lake Home Sellers Should Focus on “Seller Net”

    Posted on Linda Thach

    Do you know what the term “seller net” means? “Seller net” is the amount of money a seller makes from a real estate transaction after all costs and fees are accounted for. When selling a lake home, there are many factors that could distract you from the overall “seller net” equation. In this video, Lake Homes Realty’s CEO, Glenn S. Phillips explains four reasons lake home sellers should focus on the “seller net.”

    1. Cost of Selling. A common mistake most lake home sellers make is being fixated on the small details of home selling costs such as commission fees.
    2. Time Matters. The time your house stays on the market affects your bottom line. Things home sellers often overlook are mortgage payments, insurance, and home maintenance costs that cost you more over time.
    3. Brokerage Commission. If you pay a lower commission rate and get a lower price for your house, that could affect your “seller net.” In other words, you get what you pay for.
    4. Service Level of Agents. When selling a home, it’s important to look for an agent that can provide you with exceptional service. This includes someone that is knowledgeable about your lake property and location and is capable of properly pricing your home for the best return on investment.

    Whether you’re buying or selling your lake home or property, our agents at Lake Homes Realty can help provide insight into today’s lake real estate market and guide you in your home journey.