From our winter QTR 1 report into QTR 2 spring and summer, lake home prices has significantly increased and average days on the market have decreased. Then from QTR 2 report into QTR 3 some lakes are increasing up to 10% value and others decreasing while overall days on the market is up 9.4% for lakefront homes. The housing market is changing from the peak frenzy it saw over the past two years. That means you probably have questions about what your best move is if you’re thinking of buying or selling your lake home fall.
Higher days on the market seems to confirm suspicions that the market is a little tepid because of rising interest rates hovering just above 7%. However, there are still lots of people looking for East Tennessee lake homes, both for primary and for seasonal homes. Experts are starting to make their 2023 home price forecasts. If you’re a lake home seller asking yourself: what’s ahead for the price of my home, know that experts and data are now answering this question, and it’s welcome news for homeowners who may have been led by the media to believe their home would lose value.
While the national housing market is shifting, our lake home market typically tends to be focused towards retirees, vacation homes, and investment properties so we don’t typically get affected quite the same as larger city markets. When conditions change, following the trends and staying on top of new information is crucial when you are buying or selling your East Tennessee lake home. Don’t let national headlines spook you this fall, talk to our Lake Team about what they’re seeing in the local market! More importantly, they’ll know what this data means for you, and as the market shifts, they’ll be able to help you navigate it and make your best decision.
Free to the public, the market report can help lake home buyers and sellers better understand their local market and how it relates to other similar competing markets. Finding an affordable lake home can be a challenge in the ever change real estate market. Our report helps buyers understand:
How do lake markets compare statewide and regionally by price?
Which lake markets have the most affordable homes or land?
Which lake markets have the most homes in your target price range?
Our report will help sellers understand:
How does your lake market compare to OTHER similar lake markets around you?
How many homes are in the same price range as your home or lot (a key when pricing your property)?
LAKES WITH YEAR ROUND WATER – (4-6 FT. WATER LEVEL DROP IN WINTER MONTHS)
Tellico Lake offers beautiful Smoky Mountain Views and fabulous award winning communities. TVA also restricts future development on the lake which ultimately keeps price point for lakefront stronger.
CLICK HERE to view all active properties for sale on Tellico Lake.
This lake is nearby double the size of Tellico, Watts Bar Lake offers both a variety of lake communities and lake homes with few to no restrictions.
CLICK HERE to view all active properties for sale on Watts Bar Lake.
Ft. Loudoun Lake is a popular choice for folks wanting all the conveniences of living close to Knoxville and an active lake.
CLICK HERE to view all active properties for sale on Ft. Loudoun Lake.
LAKES WITH SEASONAL WATER – (20-50 FT. WATER LEVEL DROP IN WINTER MONTHS)
Douglas Lake offers private and seclusion while also being close to popular destinations such as Sevierville, Pigeon Forge and the Great Smoky Mountains National Park.
CLICK HERE to view all active properties for sale on Douglas Lake.
Norris Lake has the largest reservoir on a tributary of the Tennessee River and is a popular lake for all your favorite summer water activities and offers a variety of seasonal lakefront marinas and restaurants.
CLICK HERE to view all active properties for sale on Norris Lake
As a multi-state, full-service brokerage, Lakefront Living Realty has not only data on the different East Tennessee lake areas, we have local knowledge and specialize in the major lake communities such as Rarity Bay and Tellico Village. This quarterly report contains real estate information from the Knoxville MLS on the 5 major lakes where lake homes are sold.
Reposted by Karen Millikan, Lakefront Living, On The Lake Realty, TN