A new report published by Lake Homes Realty stated demand for lakefront property has surged this year, and at least one CSRA realtor told ABD she’s not surprised.
The report is quoted as saying that lake lot listings have gone up by nearly $6 billion since February.
“Lake home buyers know the market, trends and transactions, plus they detest inappropriately overpriced listings,” said Glenn S. Phillips, CEO and Chief Economic Analyst at Lake Homes Realty. “I still expect the 2023 transaction count to exceed 2022 by 10% to 15%. 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.”
According to the report, Georgia’s lake listings have already hit nearly $2.13 billion this year, putting it in the top 5 nationally.
Some other key data points:
• Georgia has a total number of 4,116 lakefront property listings.
• The largest lake home and land market is on Lake Lanier north of Atlanta.
• The most expensive lake homes are found at Lake Burton at an average of $2.2 million per home.
The report mentioned South Carolina, home to Thurmond Lake (also known as Clarks Hill Lake), has seen a $250 million increase in listings since the spring.
Some other key data points:
• Thurmond Lake experienced nearly 4 percent growth in listings this year.
• The largest lake home and land market is on Lake Wylie.
• The most expensive lake homes are found at Lake Keowee at nearly $1.5 million per home.
“Waterfront and Lake property in general for this area have been popular purchases really since the lake’s existence,” said Nancy Powell of Powell & Associates Realty. “With the significant growth in home and property values across the board, it does not surprise me that the sales and prices have both increased over the last year. I am sure that the lower interest rates along with a new generation coming into the market and an older generation exiting the market for a second home have significantly affected these numbers.”
Powell told Augusta Business Daily that lakefront property in the CRSA has followed state and national trends, with the average home selling for between $350,000 and $500,000.
“In my experience over the years, there are no real hotspots per se because people want different things when purchasing a home or property at the lake, and several specific factors of a lake property go into the listing price/value,” she said. “When I am listing a property at the lake, there are a few things that I look at to determine the listing price – location, water depth, if it has a dock or at least a dock permit and how close the property line is to the water.”
Powell believes lakefront property can be a great investment.
“I think when you are looking at second home purchases at the lake, it will always be a good investment strictly going by supply and demand. If you look at our lake, for example, the number of available waterfront lots or homes is very small.” she said. “If you couple that with the generational shift and lower interest rates guarantee, it is a great investment for both the short- and long-term buyer.”
Powell said if you’re looking to take the plunge, it’s important to work with a realtor who’s familiar with the lake landscape.
“There are certain things that a buyer needs to know and consider when buying lake property and some of those items are specific to the area that they are buying in, so someone that has experience and knowledge of lake property in that area is going to be key to a successful purchase,” she said.
