Inventory Numbers For Lake Properties Hold Heading Into The Winter Months
Thursday, December 14th, 2023
The new Winter 2023 Lake Real Estate Market Report is finally ready, and you can directly download it HERE or visit https://www.lakehomes.com/info/lake-real-estate-market-reports.
You may have read or heard about the significant changes in the latest Google Analytics 4 release. As with many companies that use the platform, the change has wreaked havoc on our automated reporting. That forced us to calculate the data by hand, putting us a little behind on this release. The report is ready and has some interesting information.
Welcome to our annual slower period. Historically, the winter months have shown fewer listings and sales. However, since this past summer, listings in our 34 states have only fallen by 1% overall versus a 10% drop during the same period last year.
With some relief from price pressure, we are primed to see a sizeable upward trend. Pricing is the major roadblock this niche is currently experiencing. However, even without lower prices, we feel the increased available inventory will be the catalyst to drive a 10% to 15% increase in properties sold.
Here are the states with more than $1 billion in lake home and lot listings: Texas - $8.59 billion (up from $8.27); Florida - $4.96 billion (up from $4.74); Washington - $3.56 billion (down from $3.63); North Carolina - $2.51 billion (up from $2.46); Tennessee - $2.5 billion (up from $2.32); Minnesota - $2.36 billion (up from $2.29); Michigan – $2.18 billion (up from $2.19); Georgia - $2.21 billion (up from $2.13); Illinois - $1.43 billion (down from $1.54); Alabama - $1.55 billion (up from $1.46 million); and South Carolina - $1.4 billion (No Change) Idaho $1.2 billion (Down from$1.4) Missouri $1.29 billion (up from $997 MM).
Top 10 States for Lake Property Listings
- Texas – 16,028
- Florida – 9,028
- Tennessee – 6,208
- North Carolina – 4,553
- Georgia – 4,184
- Minnesota – 4,338
- Alabama – 3,959
- Michigan – 3,445
- Washington – 3,308
- Missouri – 4,018
Top 5 Most Expensive Lakes for Home Listings (Average Price)
- Walloon Lake, MI - Avg. $7,755,000
- Lake Sheen, FL – Avg. $6,522800
- Lake Chase-Orange, FL – Avg. $5,673,750
- Lake Pointe Verde - Avg. $5,092,500
- Heron Lagoon, FL - Avg. $5,073,890
Top 5 Lakes for Number of Home Listings
- Lake Michigan, IL – 1,091
- Lewisville Lake, TX – 955
- Puget Sound, WA – 830
- Lake of the Ozarks, MO - 772
- Lake Norman, NC – 744
Glenn S. Phillips, CEO and lead economic analyst at Lake Homes Realty and Beach Homes Realty, is available for Zoom interviews to discuss the lake real estate market overall and for your specific state. Let us know if you are interested in setting up an interview. Lake Homes Realty is the largest lake-focused real estate brokerage in the country.
We look forward to hearing from you.
