South Carolina is among the 10 states with the largest increase in lakeside home listings in recent months, a new report shows.
the Lake Homes Real Estate The report shows real estate listings for sale on the lake in South Carolina are at $1.58 billion, an increase of more than $193.5 million since the start of the summer. The jump is part of a national trend of more lake homeowners trying to sell before the housing market cools, some industry experts say.
According to the report, US lake property listings have increased by $7.3 billion since May and $17.7 billion since February.
Total home and lot listings on the lake for the fall is $43.86 billion, according to the report. This amount was determined by data collected on August 15 from 31 states covered by Lake Home Realty, which describes itself as the largest lake-focused real estate agency in the country.
South Carolina ranked 10th for most lake home listings by price for the fall. Texas ranked first with more than $7.2 billion in listings.
But why has there been an increase in listings?
Well, housing in the US in general has been all the rage for the last few years, with home prices rising steadily, making it a seller’s market. However, there have been signs in recent months of a market slowdown.
“The US housing market has continued to cool as rising mortgage rates and record sales prices have stifled affordability, weakening demand and leaving a multitude of buyers out of price,” a report states. from the National Association of Realtors.
So if homeowners on the lake are interested in selling soon, they probably won’t have to wait much longer, said Glenn S. Phillips, CEO and chief economic analyst at Lake Homes Realty.
“If you are a homeowner considering downsizing, eliminating a second home, or moving your family away from the lake, the rest of 2022 may be your best opportunity to get the most out of your financial investment in your lake home.” Phillips said. . “Unfortunately, this window of best opportunity appears to be shrinking, but it should last through the rest of 2022.”
Phillips noted that lake home owners should view their properties with an investment mindset.
“If you anticipate having this home/investment for more than five to 10 years, then sit back and enjoy the lake,” said Phillips.
Here are the 10 states with the most lake home listings by price for the fall, according to Lake Homes Realty.
- Texas: $7,292,223,417
- Florida: $4,825,682,864
- Washington: $4,475,293,735
- Minnesota: $2,908,634,784
- North Carolina: $2,724,727,258
- Michigan: $2,666,188,997
- Georgia: $2,173,556,783
- Tennessee: $2,164,559,870
- Illinois: $1,663,305,983
- South Carolina: $1,583,839,248