How Alabama compares in national lake home real estate listings
The lake home market inventory is growing as summer comes to a close.
A Fall Lake Home Market Report produced by Lake Homes Realty shows lot and home listings nationwide has increased by 11,674.
The quarterly survey takes a snapshot of the lake real estate market and found that 25 of the 31 states covered in the lake real estate report had increased inventory over the previous quarter. In fact, Texas had more than 1,000 additional listings than the previous quarter, soaring to 15,682 properties with a combined listing price of $8.896 billion – an increase of $620.5 million.
The top 10 states for the most lake home and lot listings included Texas (15,682), Florida (8,572), Tennessee (6,074), Minnesota (5,214), North Carolina (4,764), Georgia (4,255), Washington (4,038), Michigan (4,021), Alabama (3,913) and Missouri (3,357).
The six states with less inventory over the last quarter were Arkansas, Florida, Maryland, Massachusetts, South Carolina and Virginia.
According to the report, the 31 states with lake homes listings had a total of 85,599 lake home and lot listings, up from 73,925 in summer to 70,805 in spring. The total for the fall 2022 report was 88,344. In the fall 2023 report, listings totaled $46.497 billion, up $6.716 billion from the summer report ($39.781 billion).
“The number of lake homes for sale continues to increase this year after reaching historic lows in 2021 and 2022 across virtually every lake market,” said Lake Homes Realty CEO Glenn S. Phillips. “While improved, the selection of ‘appropriately priced’ lake homes remains limited — that is, homes priced to get realistic and viable offers,” he said. ”A market recovering from historic lows can improve and still be low.”
It’s also still a seller’s market for lake real estate.
“Unfortunately, many sellers are overpricing themselves out of the market, and their homes sit and sit, helping inventory numbers grow,” Phillips said. “As a result, there is a growing trend of offers from buyers coming in below list price at many lakes across the country.”
The five most expensive lakes for home listings and the top five lakes for numbers of homes and lots for sale are not in Alabama. However, Alabama is one of $13 billion states. They include:
- Texas – $8.896 billion (up from $8.27 billion)
- Florida – $4.712 billion (down from $4.74 billion)
- Washington – $4.422 billion (up from $3.63 billion)
- Minnesota – $2.870 billion (up from $2.299 billion)
- North Carolina – $2.569 billion (up from $2.462 billion)
- Michigan – $2.545 billion (up from $2.19 billion)
- Tennessee – $2.427 billion (up from $2.32 billion)
- Georgia – $2.227 billion (up from $2.13 billion)
- Illinois – $1.575 billion (up from $1.18)
- Alabama – $1.502 billion (up from $1.46 billion)
- Idaho $1.438 billion (up from $964 million)
- South Carolina – $1.38 billion (down from $1.4 billion)
- New York – $1.099 billion (up from $798 million).
