$32.8 Billion in Lake Homes & Lots Currently For Sale Nationally
BIRMINGHAM, AL / ACCESSWIRE / December 2, 2021 / More than $4.44 billion in lake homes and lots are currently on the market in Texas with top shoppers from outside of the state coming from Los Angeles. Lake Homes Realty has released the Winter 2021 Lake Real Estate Market Report detailing the current lake real estate trends nationally and by state. Washington follows Texas with more than $3 billion in lake home and lot listings. North Carolina is third with $2.51 billion.
"Buying or selling a lake home or land is not like selling other real estate," said Glenn Phillips, CEO of Lake Homes Realty. "These properties are discretionary, leading to a very different mindset and buy/sell patterns. This mindset makes understanding the lake real estate market even more important and why Lake Homes Realty spends considerable time to create the quarterly Lake Real Estate Market Report," he said. "We have tremendous amounts of market data and our real estate agents across the country supplement that data with information on local lake real estate trends."
Collectively, the lake real estate market within the 33 states covered by Lake Homes Realty is $31.8 billion for the Winter Quarter, down $2.4 billion from the same period last year. The report shares a summary of this information collected from 131 MLS areas from the 33 states we serve and is, to our knowledge, not available from any other source. Copies of the Winter 2021 Lake Real Estate Market Report are now available to download for free at www.lakehomes.com/report.
QUARTERLY SNAPSHOT OF LAKE HOME & LOT TOTAL LISTINGS
According to statistics from the quarterly report, lake home and lot listings peak in the summer and fall months with winter and early spring being a bit slower. Here is a snapshot of the last five quarters and the timeframe information was collected for each report.
- Winter 2021 - $32,814,549,844 (Aug. 16 to Nov. 15, 2021)
- Fall 2021 - $38,401,524,755 (May 16 to Aug. 15, 2021)
- Summer 2021 - $35,518,151,955 (Feb. 16 to May 15, 2021)
- Spring 2021 - $28,805,375,303 (Nov. 16, 2020 to Feb. 15, 2021)
- Winter 2020 - $35,245,655,591 (Aug. 16 to Nov. 15, 2020)
BILLION-DOLLAR STATES FOR LAKE HOME LISTINGS
While Texas leads the way, 11 states have more than $1 billion in current listings for lake homes and lots. Here are the top lake real estate states. Additionally, the top metro areas outside of the state (based on the number of web searches on lakehomes.com) is also listed.
- Texas - $4.44 billion - Top metro area looking at Texas lakes is Los Angeles
- Washington - $3.07 billion- Top metro area looking at Washington lakes is Portland, Oregon.
- North Carolina - $2.51 billion - Top metro area looking is Atlanta
- Michigan - $2.11 billion - Top metro area looking is Chicago
- Florida - $2.04 billion - Top metro area looking is New York
- Illinois - $1.82 billion - Top metro area looking is St. Louis
- Tennessee - $1.81 billion - Top metro area looking is Chicago
- Georgia - $1.79 billion - Top metro areas looking are Orlando/Daytona Beach/Melbourne
- Minnesota - $1.39 billion - The top metro area looking is Chicago
- South Carolina - $1.36 billion - The top metro area looking is Charlotte
- Alabama - $1.04 billion - Top metro area looking is Atlanta
These 11 states collectively have $23,453,121,191 in lake home and lot listings on the market, as of Nov. 15, 2021. The Winter Lake Real Estate Market Report has specific details on 33 states individually and collectively.
More than $4.4 billion in lake homes and lots are listed in Texas, including properties on Lake Austin
LOOKING AT 2022 & BEYOND
Phillips anticipates the lake real estate market activity during 2022 will slightly exceed 2021, provided there are enough appropriately priced homes for buyers to purchase. The shortage of real estate listings is a serious problem inhibiting any boom.
"Barring any black swan events, the 2022 real estate market, including lake real estate, could be up 10% to 20%, but still similar to the strong market volume of 2020 and 2021," said Phillips. "After 2022 is a gray area with too many variables to make any prudent prediction. However, some suggest a strong economy will offset our fast-growing public debt."
Phillips counters that with simple math. "The infusion of trillions of dollars of cash into any economy will heat that economy in the short term," he said. "Still, I cannot see how inflation is not inevitable due to the massive size of that cash infusion. Inflation and "skimpflation" (spending the same amount but on lesser quality items) have already begun in many markets, including real estate. It will continue, even if it does not become runaway inflation."
Skimpflation is a new trend in many lake real estate markets. "As a group, lake home buyers have become less aggressive about making higher-and-higher competing offers," said Phillips. "Instead, some buyers are now willing to settle for a lesser property than they originally intended to offer/spend."
Two factors primarily drive this trend, according to Phillips. First is an acceptance of long-term inventory limitations. Second, lake home buyers can buy a "lesser" property within their budget, or they won't buy at all. "These factors are more prevalent at the lake because lake property is a discretionary purchase," said Phillips.
Phillips believes the second factor is a tapering of the mob of desperation bidders and a slow return to financial and investment prudence driven by inflation and other U.S. economic concerns. "This new trend is critical to keep in mind when pricing the property if you're selling a lake home," said Phillips.
Lake Homes Realty CEO Glenn S. Phillips and COO Doris Phillips
MOST AFFORDABLE LAKE HOME MARKETS
Head to Carter Lake, Nebraska if you are looking for an affordable lake home. Lake homes in the area average $125,941. The second most affordable lake home market is Kiwanis Lake, Pennsylvania with an average of $130,500 per home. The remainder of the top five most affordable lake markets include Pymatuning Lake, Pennsylvania ($135,867), Lake Victory, Illinois ($142,210), and Four Lakes, Illinois ($143,854).
MOST EXPENSIVE LAKE HOME MARKETS
Here are the top five most expensive lake home markets nationally by average home price per lake: Lake Sammamish, WA - $3.27 million; Coeur d'Alene Lake, ID - $3.04 million; Lake Woodlands, TX - $2.96 million; Hayden Lake, ID - $2.82 million; Lake Washington, WA - $2.71 million.
For more details on Lake Homes Realty, lake home/lot listings across the country, and the Winter 2021 Lake Real Estate Market Report, visit www.lakehomes.com.
MEDIA CONTACT:
Bill Lang, Public Relations Director
[email protected]
205.218.3561
Interviews available with CEO Glenn S. Phillips, plus lake real estate agents and customers from across the country.
SOURCE: Lake Homes Realty