HOOVER, AL / ACCESSWIRE / September 6, 2022 / With Labor Day behind us and fall just a few weeks away, lake homes and lot listings continue to soar across the country. Lake real estate listings of property for sale have increased by $7.3 billion since May and $17.7 billion since February. In addition, Lake real estate listings in Texas and Minnesota surged by more than $1.5 billion since May, according to a new report issued today by Lake Homes Realty.
The new Fall 2022 Lake Real Estate Market Report revealed lake home, and lot listings were $43.86 billion. This amount was determined by data collected on August 15 from 31 states covered by Lake Homes Realty. The quarterly report is generated by Lake Homes Realty, the nation's largest lake-focused real estate brokerage, and pulls data from more than 140 MLS areas. For a complete listing of available homes and lots, visit www.lakehomes.com.
"If you own lake property, I always encourage you to view your property with an investment mindset," said Glenn S. Phillips, CEO and Chief Economic Analyst at Lake Homes Realty. "If you anticipate holding this home/investment for more than five to ten years, then relax and enjoy the lake," said Phillips. "If you are an owner considering downsizing, eliminating a second home, or moving back toward family away from the lake, the remainder of 2022 may be the best opportunity to get the maximum return on your financial investment in your lake home," he said. "Unfortunately, this window of best opportunity appears to be shrinking but should last through the rest of 2022," said Phillips.
Of the 31 states analyzed in the new Fall Lake Real Estate Market Report, 29 showed increased listings over the past quarter. Texas, Minnesota, Washington, Florida, and Michigan lake real estate listings each rose by more than $500 million. Wisconsin and Illinois real estate listings decreased by more than $100 million. However, the Illinois lake market remains high at $1.6 billion.
Billion Dollar States
Thirteen states have more than $1 billion in lake home and lot listings, according to the 2022 Fall Lake Real Estate Market Report. Over the last quarter, New York and Missouri surpassed the billion-dollar listing designation with lake properties for sale. Remarkably, lake real estate listings in Minnesota doubled over the past three months.
For lake real estate inventory, the billion dollar states include: Texas - $7.29 billion (up from $5.62); Florida - $4.82 billion (up from $3.98); Washington - $4.47 billion (up from $3.6); Minnesota - $2.9 billion (up from $1.34) North Carolina - $2.72 billion (up from $2.38); Michigan - $2.66 billion (up from $2 billion); Georgia - $2.17 billion (up from $1.94); Tennessee - $2.16 billion (up from $1.85); Illinois - $1.66 billion (down from $1.78); South Carolina - $1.58 billion (up from $1.39); Alabama - $1.36 billion (up from $1.2); New York - $1.16 billion (up from $809 million); and Missouri - $1.1 billion (up from $964 million).
Lake Michigan, Puget Sound, and Lake Washington Lead the Way
While Texas is the largest lake real estate market of any state, Lake Michigan has the largest market for lake properties overall, by lake homes and lake lots for sale. Lake Michigan has $2.08 billion in lake home and lot listings between Illinois and Michigan. Washington's Puget Sound and Lake Washington have $2.01 billion in lake property listings combined. The other largest lake markets include Lake Norman in North Carolina ($794 million), Lake Travis in Texas ($596 million), Lake Lanier in Georgia ($573 million), Lewisville Lake in Texas ($496 million), Lake Wylie in North Carolina/South Carolina ($426 million), and Lake Oconee in Georgia ($409 million).
For lake home luxury, head to Whitefish Lake in Montana, where the average lake home price is $6.02 million, the highest in the country. The remaining top five most expensive lake home markets by average include Lake Washington ($3.9 million), Lake Vedra in Florida ($3.84 million), Heron Lagoon in Florida ($3.7 million), and Flathead Lake in Montana ($3.4 million). For those looking to build a luxury lake home, lots on Lake Washington under 10 acres average $6.11 million each, the country's most expensive.
Copies of the Fall 2022 Lake Real Estate Market Report are now available to download free at www.lakehomes.com/report. Lake real estate statistics nationally and by state, industry trends, and insights from CEO Glenn S. Phillips also are included in the report.
MEDIA CONTACT: Bill Lang, Public Relations Director - [email protected]; 205.218.3561. Interviews are available with Glenn S. Phillips, CEO and Lead Economic Analyst, and lake real estate agents and customers. A spreadsheet for Fall and Summer 2022 comparisons is attached. Images and B-Roll are available. Direct links to the current and past two reports are below.
DIRECT LINKS FOR MEDIA TO FALL, SUMMER, AND SPRING REPORTS
Fall 2022 Report Link
Summer 2022 Report Link
Spring 2022 Report Link
SOURCE: Lake Homes Realty