The Lake Anna real estate market is still on the move compared to last year’s sales. Statistics reveal the market is growing, and we have had more homes come on the market since May and expect more homes to become available soon.
This year so far, we have had 164 homes sold, and of those, 98 were lake access and 66 were waterfront homes. Compared to the same time last year, only 140 homes sold.
Of the lake access homes that sold, the prices ranged from low 200K up to $900,000, and the average sold price for access home since the first of the year is $505,761.
The waterfront homes sold that included a few fixer uppers and some that are not technically waterfront but included a waterfront out parcel close by, ranged from 350K to $2,275,000. The average sold price for waterfront homes is currently $1,231,751.
Land sales also increased with 104 lots sold so far, and of those 75 were access and 29 waterfront lots. The lake access lots varied from just under one acre up to a 20-acre lot suitable for horses, and those sold prices ranged from 35K up to $315,000.
The waterfront lots that sold ranged from 80K to $1,500,000. The $1.5 million waterfront lot sold this year was only .93 acres but had several acres of Dominion land giving this lot a total of three acres and 1,000 feet of beautiful panoramic waterfront footage located on the southern public side.
New home sales have spiked over the past several years and currently we have 16 new homes for sale. Seventeen new homes have sold along with 11 pending sales, making it a total of 28 new home sales so far this year.
I can also say that the number is much higher if you count the lot owners that decided to build, which will not show on our MLS system.
With the recent lower mortgage rates, it benefits both buyers and seller. A buyer can afford more of a home for the same monthly mortgage or buy it at a lower monthly payment. Sellers can feel confident that more buyers are coming to the market due to the lower rates. Rates are expected to continue to come down well into 2025. We are now under 6% in many circumstances, and I have seen it as low as 5.5% for FHA. Of course rates will vary depending on individual circumstances. It also pays to shop around and compare.
I am happy to report that Lake Anna still is proving to be a solid investment when it comes to real estate. After all there are only so many lake homes available and in consideration of the recent demand for second homes and along with investment potential, you can rest assured that the chances of the value increasing are very high.
So, if you are considering purchasing at Lake Anna it is important to know all the different locations available to you. Lake Anna is basically two lakes in one, and knowing each location is very important when selecting a property.
The best advice is that you get an experienced local lake agent to guide you through all the possibilities available to you. It is also worth noting that early October has been recently reported as the best time to buy in 2024. Historically and nationally speaking, this time of the year has shown to be the best balance of market conditions as inventory tends to be higher, prices sometimes are below peak levels and the pace of the market slows, giving a buyer more time and consideration.
If you are thinking about selling now is a great time to consider getting it on the market, many homes sell in the late fall and winter months. Along with the recent reduction in interest rates and generally less competition during this time of year it is a perfect time to sell. Keep in mind a well-priced and well-marketed home still sells quickly, so make sure you have a strong brokerage behind you. Comprehensive online marketing, digital advertising including seller reports and property websites can make all the difference in selling your property and it pays to compare.
There are many short-term vacation rentals to choose from here, so come to beautiful Lake Anna and do some exploring.
Contact author, Libby Sandridge of
Berkshire Hathaway Home Services PenFed Realty at 540-223-0350.
