The summer heat isn't the only thing rising! The Summer 2024 Lake Real Estate Market Report by Lake Homes Realty reveals a refreshing wave for potential buyers. Lake home or lot property hunters are in luck with a significant increase in available listings. Boasting 95,304 homes and lots, that's a jump of 21,379 compared to last summer!
The good news continues with the total market value reaching a staggering $53,382,887,044, indicating a market ripe for investment. This is a significant upswing from the $39.78 billion and $35.23 billion reported in 2023 and 2022 respectively. With more options and a booming market, summer 2024 offers the perfect opportunity to secure your dream lakefront property.
TOP LAKE REAL ESTATE MARKETS NATIONWIDE
The Summer 2024 Lake Real Estate Market Report by Lake Homes Realty paints a bright picture for prospective lakefront buyers. Puget Sound in Washington state, emerges as the frontrunner, offering the most extensive selection of properties. With a combined value of $1.38 billion encompassing lake homes, and lots, this region presents a prime location for turning your lake home dream into reality.
Puget Sound offers a bounty of options, but why stop there? For those seeking a wider net of possibilities, here are some of the nation's top contenders for lakefront living:
- Lake Washington, Washington
- Lake Michigan, Illinois
- Lake Norman, North Carolina
- Lake Travis, Texas
The latest quarterly report from Lake Homes Realty brings exciting news for those seeking a life by the water. A remarkable 15 states within their service area have reached a new high relative to summer 2023 their combined value for home and lot listings near bodies of water has now surpassed a staggering $1 billion per state! This impressive growth is further bolstered by the arrival of three exciting new contenders: Idaho, Arkansas, and New York. These expanding markets offer even more options for potential buyers searching for their dream aquatic escape.
Leading the pack is Texas with a total of $10.688 billion, followed by Florida in second place with $5.897 billion, and Washington state securing the third spot with $4.518 billion. The other $1 billion+ states in order include: North Carolina ($3.097), Minnesota ($2.925), Tennessee ($2.871), Georgia ($2.780), Michigan ($2.514), Alabama ($1.869), South Carolina ($1.717), Illinois (1.578) Missouri ($1.531), Idaho ($1.289), Arkansas (1.170) and New York (1.132).
For the total number of listings, Texas had the most lake home and lot listings (18,615), followed by Florida (10,640), Tennessee (6,752), North Carolina (5,091), Georgia (4,855), Minnesota (4,844), and Missouri (4,227).
The allure of waterfront living isn't limited to affordable options.LakeHomes.comcaters to a variety of lifestyles, including those seeking luxury escapes. The national average price sits at $560,132, but some waterfront properties reach significantly higher figures. Florida holds the crown for the most expensive listings, with homes on Lake Vedra averaging $4.4 million! Following closely behind are Lake Butler and Lake Sheen in Florida, where properties average a remarkable $4.3 million and $4.2 million respectively.
LAKE HOME BUYERS: EAGER BUT NOT FOOLISH
"Demand remains very strong," says Glenn S. Phillips, CEO and Chief Economic Analyst for Lake Homes Realty, painting a positive picture for the summer lake real estate market. Projections indicate a significant jump in demand, with the number of lake properties (homes and lots) sold in 2024 expected to "exceed 2023 by 14% to 18%." However, a note of caution emerges: "The number of properties for sale is still relatively limited in comparison to pre-Covid," Phillips explains. "More inventory is necessary for more sales."
"Lakefront Frenzy! Demand Soars for Waterfront Property" may be the headlines, but don't be fooled by them all, Phillips advises caution. "Don't be fooled by headlines that tout significant increases in home inventory," he warns. "These are statistical games to create a dramatic impression." A small rise in listings from a historically low base doesn't represent a major market shift.
Mortgage rates have minimal impact on lakefront purchases, as Phillips observes: "A lake home is a discretionary purchase. Buyers often pay cash (particularly for second homes). And buyers who can afford these properties can often get the best rates if a mortgage is desired." That said, today's buyers are more patient and discerning. "Lake home buyers have buying power," Phillips acknowledges, "but they have changed since 2020 and 2021 and now are overly patient and highly selective. They want a dream home but without a Covid-driven urgency. Buyers can (and do) wait for months and years for price and selection to match their expectations."
The key to success for sellers lies in realistic pricing. Phillips underscores, "Sellers who are market aware and realistic on pricing are selling quickly at a good price." Overpricing backfires, leading to stagnant listings. "These sellers are overpricing themselves right out of the market," Phillips emphasizes. Embrace expert guidance and avoid this pitfall.
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