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If you’re waiting for a billionaire to show up and overpay for your lake home, it’s time for a reality check. The 2025 lake real estate market is shaping up to be the year sellers finally get serious, and Lake Homes Realty—the nation’s leader in lake real estate—is here to break it down.
With exclusive data from thousands of lake real estate markets nationwide and millions of visitors engaging on LakeHomes.com, Lake Homes Realty has its finger on the pulse of discretionary home buying.
For much of 2024, the market was caught in a stalemate. Buyers, hesitant in the face of rising interest rates and elevated list prices, held out for deals that seemed increasingly elusive. Sellers, emboldened by the booming market of previous years, clung to prices that no longer aligned with reality. The result? Transactions slowed, inventory stagnated, and dreams of lakefront living felt just out of reach.
But the tides are shifting.
Sellers Are Waking Up: The “Rich Idiot” Doesn’t Exist
Let’s be clear—2025 isn’t the year someone is going to come along and overpay for your lake home. Buyers are savvy, and they know what they’re willing to spend. The market is full of well-informed buyers with strong financial backing, many of whom are paying cash, so they’re not swayed by overpriced listings. They’re waiting for homes that are priced realistically, and they’re not going to waste time with homes that feel like a seller’s winning lottery ticket.
“To be blunt,” says Glenn S. Phillips, CEO of Lake Homes Realty, “sellers will begin to accept that a rich idiot is not coming to buy their lake homes at a price well above market value.”
Sellers who cling to inflated prices will find themselves stuck with phantom inventory—properties that are listed but simply aren’t sellable at the price they’re asking. The real opportunity is for sellers who get serious about their pricing and are ready to meet the market at a fair value.
We are expecting to see at least a 15% year-over-year rise in transactions compared to 2024 with several key factors driving this forecast.
With the election behind us, buyers and sellers are refocusing on financial goals, and lake home buyers are waiting for homes that match their expectations. If sellers keep holding out for sky-high prices, they’ll find that they’re wasting their time while damaging their equity.
Additionally, the “Ds”—death, debt, divorce, downsizing, and other lifestyle changes—will continue to play a pivotal role in motivating sellers. These factors, compounded over the years, are expected to drive new listings that better match buyer expectations.
No Rate Jitters, No Marketing Magic– Just Realistic Pricing
Mortgage interest rates are unlikely to shake up the lake home market in 2025. Many lake home buyers have the luxury of paying cash, and for those who don’t, lake properties often attract buyers with significant discretionary income who can still secure favorable mortgage terms. Because of this, mortgage rates have little to no impact on actual lake home sales.
While it’s too soon to predict the fallout from the NAR commission lawsuit settlement, lake home buyers aren’t likely to be heavily affected. They’re used to working with seasoned real estate professionals and value expert guidance in these discretionary purchases.
But no amount of marketing or high commissions will overcome the simple truth: overpricing is a deal killer. Sellers who cling to unrealistic price tags will find their properties languishing on the market, no matter how flashy the listing or how wide the exposure. Buyers know what’s reasonable, and they won’t waste their time on homes that aren’t priced right.
This spring’s market presents a refined selection of lake properties. According to the Spring 2025 Lake Real Estate Market Report by Lake Homes Realty, there are 89,600 lake home and lot listings, an increase of 6,133 from spring 2024.
With an increase in listings, the total market value has increased to $48.36 billion, up from $44.11 billion last year, signaling a strong and growing market. “Our data shows that appropriately priced lake properties sell quickly and close to the asking price, sometimes even above,” said Phillips. “2025 will be the year when more buyers and sellers meet in the middle, turning phantom inventory into real opportunity.”
TOP LAKE REAL ESTATE MARKETS NATIONWIDE
This spring, Lake Norman leads with the most extensive selection of properties, boasting a total value of $1.016 billion in lakefront, lake view, and lake access properties, according to Lake Homes Realty’s Spring 2025 Lake Real Estate Market Report.
Following Lake Norman, homebuyers seeking lakefront living have numerous options across the country. Other top contenders for largest lake real estate markets include:
- Lake Norman, North Carolina
- Puget Sound, Washington
- Lake Tahoe, Nevada
- Lewisville Lake, Texas
- Lake Michigan, Illinois
According to the quarterly report, thirteen states serviced by Lake Homes Realty had over one billion dollars in lake home and lot real estate listings.
Texas continues to set the standard with a massive $9 billion in lake property listings, followed by Florida at $5.8 billion, and Washington at $2.9 billion. States that surpass the $1 billion mark include:
- Texas ($9.098 billion)
- Florida ($5.890 billion)
- Washington ($2.929 billion)
- North Carolina ($2.687 billion)
- Tennessee ($2.529 billion)
- Georgia ($2.467 billion)
- Minnesota ($1.998 billion)
- Michigan ($1.960 billion)
- Alabama ($1.522 billion)
- Missouri ($1.496 billion)
- South Carolina ($1.493 billion)
- Arkansas ($1.461 billion)
- California ($1.370 billion)
When it comes to volume, Texas leads the way with 16,680 lake home and lot listings. Florida follows closely with 11,550 listings, and Tennessee holds third place with 6,032. The states with the most listings are:
- Texas (16,680)
- Florida (11,550)
- Tennessee (6,032)
- Georgia (4,402)
- Arkansas (4,314)
- North Carolina (4,339)
- Missouri (3,979)
As for the most luxurious lakes, two new additions to Lake Homes Realty, California and Nevada, as well as, North Carolina, and Florida dominate the scene. Lake Sherwood in California tops the chart with an average price of $7.197 million, followed by Lake Tahoe in Nevada at $3.675 million.
High-end lakes include:
- Lake Sherwood,CA – Avg. $7.197 million
- Lake Tahoe, NV – Avg. $4.225 million
- Lake Toxaway, NC – Avg. $3.935 million
- Lake Butler, FL – Avg. $3.675 million
- Whitefish Lake, Montana – Avg. $3.373 million
- Lake Washington, WA – Avg. $3.349 million
- Lake Austin, TX – Avg. $3.057 million
- Flathead Lake, MT – Avg. $2.898 million
- Lake Michigan – Petoskey Area, MI – Avg. $2.869 million
- Butler Chain Of Lakes, Fl – Avg. $2.808 million
Across all lake properties listed on LakeHomes.com, the average price is a more accessible $539,739.
Top 10 States for Lake Property Listings
- Texas – 16,680
- Florida – 11,550
- Tennessee – 6,032
- Georgia – 4,402
- Arkansas – 4,314
- North Carolina – 4,339
- Missouri – 3,979
- Alabama – 3,596
- Minnesota – 3,290
- South Carolina – 3,096
Top 5 Most Expensive Lakes for Home Listings (Average Price)
- Lake Sherwood, CA – Avg. of $7,197,500
- Lake Tahoe, NV – Avg. of $4,225,368
- Lake Toxaway, NC – Avg. of $3,935,000
- Lake Butler, FL – Avg. of $3,675,037
- Whitefish Lake, MT – Avg. of $3,373,146
Top 5 Lakes for Number of Home and Lot Listings
- Lake of The Ozarks, MO – 1,455
- Lewisville Lake, TX – 1,288
- Canyon Lake, TX – 1,131
- Table Rock Lake, AR/MO – 1,114
- Lake Norman, NC – 1,099
The Spring 2025 Lake Real Estate Market Report shares a summary of data collected from 168 Multiple Listing Services (MLS) areas in the 39 states served by Lake Homes Realty and is, to its knowledge, not available from any other source. Thirty-seven of these states are covered in this report. States that are not included in this report have data that has not yet been evaluated.
Copies of the Spring 2025 Lake Real Estate Market Report are now available to download for free at www.lakehomes.com/report.