Warfare, Gas Prices, & 2022 Predictions for Lake Real Estate
BIRMINGHAM, AL / ACCESSWIRE / March 10, 2022 / The search for an ideal lake home or lot continues to get more competitive as the number of listings for these properties continue to decline. According to the Spring 2022 Lake Real Estate Market Report from Lake Homes Realty, $26.134 billion in lake homes and lots are currently on the market in the brokerage's 33 state coverage area. This is down $6.68 billion from the last report in December 2021 and down more than $12 billion since September 2021. Additionally, Spring 2022 listings are down $2.66 billion from this time in Spring 2021.
"With the uncertainty about the warfare in Ukraine and rising gas prices, things can change fast," said Phillips. However, Phillips remains hopeful the 2022 real estate market, including lake real estate, will be better (up 10% to 20%) than the strong market volume of 2020 and 2021.
"Buying or selling a lake home or land is not like selling other real estate," said Glenn Phillips, CEO of Lake Homes Realty. "We have seen listings decline for lake homes and lots, and our new report is an eye-opener to the lake real estate market and the overall industry," said Phillips. Of the 33 states covered by Lake Homes Realty, only Connecticut and Mississippi saw an increase in listings over the past quarter.
"These properties are discretionary, leading to a very different mindset and buy/sell patterns. As potential owners seek escapes with security and serenity, interest in lake real estate may increase even more in the coming months," said Phillips. "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 while also launching an enhanced website at LakeHomes.com," 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."
Historically, lake home and lot listings rise through the spring, summer, and fall as the weather improves, according to Phillips. "For lake homeowners who may not use their lake homes very often, 2022 may be an ideal time to sell since the listings are tighter," said Phillips. "For individuals looking for a place to gather with family and friends, as well as a long-term investment, lake homes continue to be a strong option." According to the new Lake Real Estate Market Report, the most affordable lake homes are along Chaplin Lake in Louisiana and have an average price of $167,700. The most expensive lake homes are on Whitefish Lake in Montana, with an average of $4.7 million per home. For a complete listing of available homes and lots, visit www.lakehomes.com.
The Spring 2022 Lake Real Estate Market Report shares a summary of data collected from more than 130 MLS areas from the 33 states served by Lake Homes Realty and is, to its knowledge, not available from any other source. Copies of the Spring 2022 Lake Real Estate Market Report are now available to the media to download for free at www.lakehomes.com/report. We just ask to be cited by the media and provide a link.
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. As a result, Phillips believes mortgage rates and mortgage availability will have no meaningful impact on the lake real estate market in 2022 other than the influence of overall real estate market perception. Here is a snapshot of the last six quarters, and the timeframe information was collected for each report.
- Spring 2022 - $26,134,521,090 (Nov. 16, 2021 to Feb. 12, 2022)
- 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, nine 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 the state (based on the number of web searches on LakeHomes.com) are also listed.
- Texas - $3.97 billion - Top metro area looking at Texas lakes in Los Angeles.
- Washington - $2.23 billion- Top metro area looking at Washington lakes is Portland, Oregon.
- North Carolina - $1.96 billion - Top metro area looking is Atlanta.
- Florida - $1.85 billion - Top metro area looking is New York.
- Georgia - $1.55 billion - Top metro area looking is Orlando.
- Illinois - $1.52 billion - Top metro area looking is St. Louis.
- Michigan - $1.46 billion - Top metro area looking is Chicago.
- Tennessee - $1.46 billion - Top metro area looking is Chicago.
- South Carolina - $1.19 billion - The top metro area looking is Charlotte
Copies of the Spring 2022 Lake Real Estate Market Report are now available to the media to download for free at www.lakehomes.com/report. Additional insights, national states, and industry trends from CEO Glenn S. Phillips are also included in the report.
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MEDIA CONTACT: Bill Lang, Public Relations Director - [email protected]; 205.218.3561. Interviews are available with CEO Glenn S. Phillips, plus lake real estate agents and customers from across the country.
SOURCE: Lake Homes Realty