State cracks billion dollar listing list
Upper Cumberland – Tennessee is third in the country in lake property listings according to recent market report released by Lake Homes Realty (LHR).
The state is one of 11 “billion dollar” states sitting at $2.32 billion in sales which is up from $1.9 billion. All 34 states covered by LHR showed increases except three: Massachusetts and Montana showed a slight decrease and Florida was virtually unchanged.
Eleven states have more than $1 billion in lake home and lot listings, according to the 2023 Summer Lake Real Estate Market Report. They include:
- Texas – $8.27 billion (up from $6.62)
- Florida – $4.74 billion (up from $4.49)
- Washington – $3.63 billion (up from $2.54)
- North Carolina – $2.46 billion (up from $2.06)
- Tennessee – $2.32 billion (up from $1.9)
- Minnesota – $2.29 billion (up from $1.46)
- Michigan – $2.19 billion (up from $1.62)
- Georgia – $2.13 billion (up from $1.81)
- Illinois – $1.54 billion (up from $1.18)
- Alabama – $1.46 billion (up from $1.22 million)
- South Carolina – $1.4 billion (up from $1.16).
The Total number of listings in TN was 5,906. That is up from 5,250 in spring.
- Largest Home Market – Old Hickory Lake
- Largest Land Market – Old Hickory Lake
- Most expensive homes – Fort Loudoun Lake – $1,341,995 average
- Old Hickory Lake has 109 listings over $1 million.
Overall, Tennessee has 344.
The summer 2023 Lake Real Estate Market Report shows 73,925 lake properties are on the market, up from 70,805 in spring. The summer 2023 report revealed lake home and lot listings were $39.781 billion, as of May 15, within the 34 states covered by LHR.
“This inventory total increased by $5.9 billion since the spring report in February,” reads the report. “The average listing price for homes and lots combined increased to $538,131 each – up from $479,586 in spring.”
Glenn S. Phillips, CEO and Chief economic analyst at LHR sees multiple reasons for increases in inventory and listing prices.
“We are rebounding from historic lows of available lake homes for sale in 2021 and 2022 across virtually every lake market,” said Phillips. “While better, the selection of appropriately priced lake homes still needs to be improved,” he said. “While softened compared to the last three years, it remains a seller’s market for lake real estate.”
Phillips says this year’s sales can exceed last year.
“I still expect the 2023 transaction count to exceed 2022 by 10 to 15%,” said Phillips. “Increasing inventories of lake properties for sale across the country make this possible. However, below-normal inventories will prevent an explosion in the number of lake homes sold in 2023 or 2024,” said Phillips.
Changes in interest rates may not be a significant issue for lake real estate in 2022.
“Lake homebuyers often pay cash, particularly if it is a second home, so mortgage availability has little impact,” said Phillips. “I encourage lake homeowners to view their property with an investment mindset. The peak market will not last forever, and we will only see the peak after we have passed it.”
Top 10 States for Lake Property Listings
- Texas – 14,669
- Florida – 8,745
- Tennessee – 5,906
- North Carolina – 4,653
- Georgia – 4,166
For a complete listing of available homes and lots across 6,767 lakes, visit www.LakeHomes.com.
Image by wirestock on Freepik.