South Carolina is among 10 states with the biggest surge in lakeside home listings in recent months, a new report shows.
The Lake Homes Realty report shows lake real estate listings for sale in South Carolina are at $1.58 billion - up by 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 hot housing market cools, some industry experts say.
According to the report, U.S. lake real estate listings of property for sale have increased by $7.3 billion since May and $17.7 billion since February.
Total lake home and lot listings for the fall are at $43.86 billion, the report states. This amount was determined by data collected on Aug. 15 from 31 states covered by Lake Home Realty, which describes itself as the nation's largest lake-focused real estate brokerage.
South Carolina came in at 10th for most lake home listings by pricing for the fall. Texas was ranked first with more than $7.2 billion in listings.
But why has there been an increase in listings?
Well, U.S. housing overall has been hot for the last couple of years, with home prices rising steadily, making it a sellers market. However, there have been signs in recent months of a market slowdown.
"The U.S. market housing market has continued to cool, as rising mortgage rates and record-high sales prices have stifled affordability, weakening demand and pricing out a multitude of buyers," a recent report from the National Association of Realtors states.
So if lake homeowners are interested in selling soon, they likely should not wait too much longer, said Glenn S. Phillips, CEO and chief economic analyst at Lake Homes Realty.
"If you are an owner considering downsizing, eliminating a second home, or moving back toward family away from the lake, the remainder of 2022 may be the best opportunity to get the maximum return on your financial investment in your lake home," Phillips said. "Unfortunately, this window of best opportunity appears to be shrinking but should last through the rest of 2022."
Phillips noted that lake home owners should view their properties with an investment mindset.
"If you anticipate holding this home/investment for more than five to 10 years, then relax and enjoy the lake," Phillips said.
These are the 10 states highest amount of lake home listings by pricing for the fall, according to Lake Homes Realty.
North Carolina: $2,724,727,258
South Carolina: $1,583,839,248