Chart of market statistics for waterfront

How’s the lakefront market? A simple question, but the answer varies by price range and if you’re buying or selling.

Single-Family, Lakefront Market Summary

With a low inventory of lakefront homes, it’s a warm seller’s market where buyer competition causes prices to increase and listings to sell faster. Right now, buyers are competing the most in the $350-$400k price range, where 50% of the active listings have accepted offers.

Looking at recent sales, the $400-$550k price range has sold the fastest, with sellers accepting offers an average of 29 days after properties are listed. Once offers have been accepted, properties in the $750k-$2.M price range are taking the longest to close (41 days), which is typical as the most expensive properties usually take the most time to satisfy contingencies, appraise, and finance.

Buyers looking for the best deals will find them in the $550-$750k and $750k-$2.M price ranges where, on average, properties are selling for 93.6% and 94.3%, respectively, of their list prices. On the other hand, sellers in the $400-$550k and $0-$250k price ranges can expect to negotiate the least as properties are, on average, selling for 98% and 96.9%, respectively, of their list prices.

Get Our Full Lakefront Market Report

Our monthly lakefront market snapshots are great for keeping tabs on the market, but our full Lakefront Market Reports break the market down into more detail with the numbers behind the statistics. If you’re a seller, when you list your home with us, we’ll review the full report together and use it to help inform your pricing strategy. Schedule your free listing consultation.

Definitions

Active Listings is the number of properties currently listed for sale without accepted offers.

Pending Ratio is the number of listings with accepted offers divided by the number of active listings in a price range. While other market statistics are based on past sales, the pending ratio indicates how hot a price range is right now. The higher a price range’s pending ratio, the more buyers are currently competing to get their offers accepted.

Months Inventory is the number of active listings divided by the number sold per month over the prior year. Less than six months of inventory is considered a seller’s market where buyer competition causes prices to increase and listings to sell faster. More than six months of inventory is considered a buyer’s market where seller competition causes prices to decrease and listings to sell slower.

Sold-to-List Ratio (SLR) is the sold price divided by the original list price. A sold-to-list price greater than 100% means homes are selling for more than their list prices. The higher a price range’s SLR, the more buyers are competing with each other on price when making offers.

Days From List to Offer (DLO) is the average number of days it takes listings to accept offers in a price range. The lower the DLO, the faster homes are selling.

Days From Offer to Close (DOC) is the average number of days it takes listings with accepted offers to close in a price range. Knowing the DLO helps buyers and sellers set realistic timeframes.