Lake Real Estate Market Report A Multi-State, Lake-Focused Real Estate Market Report Winter 2020 Produced By LakeHomes.com Lake Real Estate Market Report – Winter 2020 Table of Contents CEO’s Market Insights ................................................................................................................................. 3 Report Methodology ..................................................................................................................................... 7 Overall Top 10s ............................................................................................................................................ 8 Top-Ranked By State .................................................................................................................................. 10 Alabama ...................................................................................................................................................... 14 Arkansas ..................................................................................................................................................... 20 Connecticut ................................................................................................................................................. 26 Florida ......................................................................................................................................................... 31 Florida - Central ..................................................................................................................................... 37 Florida - NE ........................................................................................................................................... 41 Georgia ....................................................................................................................................................... 45 Idaho ........................................................................................................................................................... 51 Illinois ......................................................................................................................................................... 56 Indiana ........................................................................................................................................................ 61 Iowa ............................................................................................................................................................ 66 Kentucky ..................................................................................................................................................... 71 Louisiana ..................................................................................................................................................... 76 Maine .......................................................................................................................................................... 82 Maryland ..................................................................................................................................................... 88 Massachusetts ............................................................................................................................................. 93 Michigan ..................................................................................................................................................... 98 Minnesota ................................................................................................................................................. 104 Mississippi ................................................................................................................................................ 109 Missouri .................................................................................................................................................... 113 Nebraska ................................................................................................................................................... 117 New Hampshire ........................................................................................................................................ 121 New York .................................................................................................................................................. 127 North Carolina .......................................................................................................................................... 133 Oklahoma .................................................................................................................................................. 139 Pennsylvania ............................................................................................................................................. 145 South Carolina .......................................................................................................................................... 151 www.LakeHomes.com Copyright © 2020 Lake Homes Realty, LLC 1 Lake Real Estate Market Report – Winter 2020 Tennessee .................................................................................................................................................. 157 Texas ......................................................................................................................................................... 163 Vermont .................................................................................................................................................... 169 Virginia ..................................................................................................................................................... 174 Washington ............................................................................................................................................... 180 Wisconsin ................................................................................................................................................. 186 Permissions for Use .................................................................................................................................. 191 www.LakeHomes.com Copyright © 2020 Lake Homes Realty, LLC 2 Lake Real Estate Market Report – Winter 2020 CEO’s MARKET INSIGHTS While we find ourselves in uncharted economic territory, the lake real estate market is robust and looks to remain strong through 2021. To be more specific, here are my observations and outlook based on our brokerage and market data, consumer trends on LakeHomes.com, and updates from Lake Homes Realty agents at lake markets across the country. Some (but not all) of these opinions apply to most residential real estate and not just lake homes and land. 1. Due to the expectations of available vaccines, many predict a real estate boom in 2021 as we come out of COVID restrictions and business picks up across the country. My opinion differs as I expect a strong market but no boom. The lake real estate market activity during the winter and spring of 2021 will slightly exceed winter and the spring of 2020 PROVIDED there are enough appropriately priced homes for buyers to purchase (which is a severe problem in most areas of the country). I believe the 2021 real estate markets, including lake real estate, will be similar (+/- 20%) to the strong market volume of 2020. One important caveat: When the Covid relief moratorium on foreclosures ends, there will be damage to homeowners and lenders in the real estate market. Consequently, the overall real estate market and the U.S. economy will have damage, although the degree of damage is hard to predict. Simultaneously, lake real estate markets will be insulated from foreclosures, other than peripheral influence. Even in the real estate bust of 2008 and 2009, there were few foreclosures on lake homes. Most owners paid cash or were otherwise wealthy enough to avoid foreclosure. In 2021, lake home buyers should not expect to find "great deals" at the lakes, even if other real estate segments struggle with foreclosures or short sales. 2. Other than closings on previously existing contracts, Mid-March through mid-April saw real estate activity almost freeze. However, in mid-April, lake home buyers returned and by May had STORMED past pre-COVID levels of activity, which has continued into the end of the year. Market tempo initially varied by state, as some brokerages were restricted by law from conducting real estate for a month or two. Now, most of the country is unusually active with increasingly assertive buyers. 3. The already limited pre-COVID inventory of "appropriately priced" lake homes has continued to shrink. At some lakes, the inventory of lake homes for sale is at all-time lows. www.LakeHomes.com Copyright © 2020 Lake Homes Realty, LLC 3 Lake Real Estate Market Report – Winter 2020 An increased appetite from buyers drives the inventory contraction while many sellers have retreated. The seller retreat is due to health and economic concerns and will last until homeowners feel physically and financially safer. “The already limited pre-COVID inventory of "appropriately priced" lake homes has continued to shrink. At some lakes, the inventory of lake homes for sale is at all-time lows.” - G 4. Are we headed to a real estate boom or bust? No, at least not right away. In the 2009 recession, mortgage