As the summer temperatures climb, so do prices on lake home and lot listings – surging $9 billion since February, according to a report released exclusively to Candy’s Dirt by national Alabama-based Lake Homes Realty.
The good news, however, is that more options are available for those seeking waterfront property. The Summer 2022 Lake Market Report shows home and lot inventory in 34 states totals $35.23 billion.
Glenn S. Phillips, CEO and chief economic analyst at Lake Homes Realty said this quarter’s data is showing for the first time in recent history an increase in inventory and listing prices.
“During the pandemic, many sellers retreated from the market,” he said. “The seller retreat was driven by health and economic concerns, and the remote work/home lifestyle available at most lakes. The lake home seller retreat will be a slow shift as more overly optimistic sellers ask prices that may not attract any buyers. This shift will adjust to more reasonable pricing as the market adjusts to reality.”
Local Lakeside Listings
Lewisville Lake, with an average home price of $471,000, is considered a top-20 market for lake homes and lots in Texas. It’s one of the largest lakes in the Lone Star State, with a 233-mile shoreline.
Stunning homes surround the water in the metroplex, including a $4.3 million Mediterranean at 2059 Lilac Lane, Frisco, and a six-bedroom palace at 209 Crystal Court, Heath, listed for $4.2 million. The average list price on Lake Ray Hubbard is $885,500.
It’s hard to find something for less than $1 million on White Rock Lake, where homes like the pink-door gem at 7259 Brennans Drive, Dallas, are priced at $2.4 million.
“In Texas, we have a lot of out-of-state buyers come in,” said Lake Homes Realty Agent Melisa Bouchard. “Everything is prettier in the summer, and that’s when people have more flexibility to move their kids between schools. The market here in the Dallas area has been insane. Businesses are moving here; huge companies are putting their offices here. You have lakes that are close enough to live on and drive into downtown Dallas to go to work.”
Lake Life
Bouchard, who lives on Lake Ray Hubbard, said the COVID pandemic forced people to work from home – but many have found that they don’t want to go back to the office. One of her friends, she said, hops in a pontoon boat, anchors down in a good spot, and works on her laptop on good-weather mornings.
‘You can live here and work here,” Bouchard said. “People want out of California – I have a lot of clients from California – and they want to be near the water. No one really wants to move to Galveston. If you can live on a lake and have access [to the city], it makes life better. You get to live in a normal neighborhood, but if you have a lake to get out on, it drives your property value up.”
And with the $1 billion Sapphire Bay mixed-use development under construction near Lake Ray Hubbard, even more people will be flocking to the area, the Realtor added.
Quality of Life Investment
Lest we forget those diamond-encrusted price tags on lakefront property, the Lake Homes Realty report emphasizes those in the market for a water retreat are going to pay a pretty penny.
In fact, the report points out that on Lake Washington, the average lake lot listing is $6 million – and that doesn’t even include a home. That’s equivalent to about 2 million Starbucks tall cafe lattes for $2.95 each. In Texas, where everything is bigger, the price tags may be, too.
Texas currently has $4.3 billion in lake home and lot listings, up from $3.9 billion in the last quarter, according to the Lake Homes Realty report.
