Lake Real Estate Listings Increase Nationally by 11,674 - $6.7 Billion Over Last Quarter
Tuesday, September 19th, 2023
As Summer winds down, searchers for lake homes and lots are in luck. The new 2023 Fall Lake Real Estate Market Report shows more listings are on the market – 11,674 more. The quarterly survey takes a snapshot of the lake real estate market and found that 25 of the 31 states covered in the lake real estate report had increased inventory over the previous quarter. Texas had more than 1,000 additional listings than the previous quarter, soaring to 15,682 properties with a combined listing price of $8.896 billion – an increase of $620.5 million.
The top ten states for the most lake home and lot listings included Texas (15,682), Florida (8,572), Tennessee (6,074), Minnesota (5,214), North Carolina (4,764), Georgia (4,255), Washington (4,038), Michigan (4,021), Alabama (3,913), and Missouri (3,357). The six states with less inventory over the last quarter were Arkansas, Florida, Maryland, Massachusetts, South Carolina, and Virginia.
The 31 states included in the report had 85,599 lake home and lot listings, up from 73,925 in summer to 70,805 in spring. The total for the Fall 2022 report was 88,344. In the fall 2023 report, listings totaled $46.497 billion, up $6.716 billion from the summer report ($39.781 billion).
The new Fall 2023 Lake Real Estate Market Report revealed lake home and lot listings were $46.497 billion as of August 15 within the 31 states covered in the report. Lake Homes Realty operates in 34 states. This inventory total increased by $6.176 billion since the summer report in May. The average listing price for homes and lots combined increased to $543.201 each – up from $538,131 in the summer. The quarterly report is generated by Lake Homes Realty, the nation’s largest lake-focused brokerage, and pulls data from 126 MLS areas. For a complete listing of available homes and lots across 6,767 lakes, visit www.LakeHomes.com.
Glenn S. Phillips, CEO and Chief Economic Analyst at Lake Homes Realty, sees multiple reasons for increases in inventory and listing prices. “The number of lake homes for sale continues to increase this year after reaching historic lows in 2021 and 2022 across virtually every lake market,” said Phillips. “While improved, the selection of ‘appropriately priced’ lake homes remains limited - that is, homes priced to get realistic and viable offers,” he said. ”A market recovering from historic lows can improve and still be low.”
While softened compared to the last three years, it remains something of a seller’s market for lake real estate. “Unfortunately, many sellers are overpricing themselves out of the market, and their homes sit and sit, helping inventory numbers grow,” said Phillips. “As a result, there is a growing trend of offers from buyers coming in below list price at many lakes across the country,” he said.
A lake home is a discretionary home purchase. “This market is highly insulated from higher mortgage interest rates,” said Phillips. Lake home buyers often pay cash, particularly for second homes,” said Phillips. “Mortgage availability and rates have little-to-no impact, and those who can afford these properties can often get the best rates if desired,” he said. “Lake home buyers have purchasing power and capacity even during unclear economic times. They are also patient and selective,” he added. “This is a dream home and they will wait for reality to match their dream.” Phillips added, “Lake homeowners rarely are in a must sell situation and they can be overly patient on not only price but even delaying selling for years beyond their use of the property.”
Phillips strongly recommends sellers of lake homes and land think geographically broader than local real estate and market comps. “From the buyers across the country visiting LakeHomes.com, we know many buyers are looking for a lake home on multiple lakes, often in different states.
13 Billion Dollar States
Thirteen states have more than $1 billion in lake home and lot listings, according to the 2023 Fall Lake Real Estate Market Report. New York and Idaho are new billion-dollar states. The states ranked by listing total include: Texas - $8.896 billion (up from $8.27 billion); Florida - $4.712 billion (down from $4.74 billion); Washington - $4.422 billion (up from $3.63 billion); Minnesota - $2.870 billion (up from $2.299 billion; North Carolina - $2.569 billion (up from $2.462 billion); Michigan – $2.545 billion (up from $2.19 billion); Tennessee - $2.427 billion (up from $2.32 billion); Georgia - $2.227 billion (up from $2.13 billion); Illinois - $1.575 billion (up from $1.18); Alabama - $1.502 billion (up from $1.46 billion); Idaho $1.438 billion (up from $964 million), South Carolina - $1.38 billion (down from $1.4 billion), and New York - $1.099 billion (up from $798 million).
Top 5 Most Expensive Lakes for Home Listings (Average Price)
- Heron Lake, FL – Avg. of $5,240,753
- Lake Butler, FL – Avg. of $4,452,809
- Lake Washington, WA – Avg. of $4,197,144
- Whitefish Lake, MT – Avg. of $4,194,195
- Squam Lake, NH – Avg. of $3,522,290
Top 5 Lakes for Number of Home and Lot Listings
- Puget Sound, WA – 1,396
- Lake Michigan, IL – 1,234
- Table Rock Lake AR/MO – 1,206
- Cedar Creek Lake, TX – 1,126
- Lake Norman, NC – 1,046
Copies of the Fall 2023 Lake Real Estate Market Report are now available to the media for free at www.lakehomes.com/report. Direct link for media below. Additional insights, national states, and industry trends from CEO Glenn S. Phillips are included in the report.