As we enter 2023, the East Tennessee lake home market is still experiencing a strong demand among buyers. With its beautiful scenery and ample recreational opportunities, the region has always been a popular destination for those seeking a vacation home or a permanent residence. In recent years, the market has been buoyed by an influx of out-of-state buyers looking for a change of scenery and a slower pace of life. Additionally, low interest rates in 2020-2022 and a strong economy made it easier for buyers to finance their purchases. As a result, properties were selling quickly and prices rose rapidly, but how does the 2023 market compare?
As of quarter 1 of 2023, the East Tennessee Lake home market is showing signs of stability and moderate growth. While the market did not experience the same level of frenzied activity as it did during 2022, there is still a strong demand for lakefront properties among both local and out-of-state buyers since inventory remains at record lows. This has created a competitive environment in which multiple buyers are often vying for the same property, driving up prices and making it challenging for some buyers to find their ideal lakefront home. Prices have remained relatively steady, with only slight fluctuations depending on location and property condition. Overall, the East Tennessee Lake home market is showing signs of a healthy and sustainable growth trajectory.
The total number of sold listings in East Tennessee was down which is normal for winter months since the lake home market is known to be seasonal, with demand varying throughout the year. Typically, the market experiences a surge in activity during the warmer months, from late spring through early fall, when the water is at full pool and the weather is ideal for outdoor activities and lakefront living. During this time, buyers are eager to snap up properties to enjoy the water, boating, fishing, and other recreational opportunities. In contrast, during the winter months, the market tends to slow down, with fewer buyers actively searching for properties. However, even during the off-season this year, there were still buyers looking for opportunities to purchase lake homes while the market activity was slower and there was less competition and sellers who are motivated took advantage of low inventory and are still getting top dollar!
While the national housing market is shifting, our lake home market typically tends to be focused toward retirees, vacation homes, and investment properties so we don’t typically get affected quite the same as larger city markets. National headlines about the market don’t always reflect the local and niche markets, the best way to keep a pulse is look at the data in the local market and talk with our Lake Team.
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