The Lake Anna real estate market has experienced some increased challenges this year compared to last year’s sales, primarily because of the fluctuation in mortgage rates, escalating home prices and inventory. Lucky for buyers we have had an increase of available homes to choose from unlike the past several years. Having more on the market means more competition for sellers and we are starting to see some drop in prices in many cases. The average 30-year fixed mortgage rate is expected to remain in the 6’s for the remainder of the year.
At this time last year, 169 homes were sold at the lake, while 132 homes have been sold so far this year. Of those sold, 60 are waterfront and 69 lake access homes. The bright side is that we do have 39 home sales pending, bringing us closer to last year’s total if they all close.
Land sales have decreased simply due to availability. Last year during the same period 103 lots sold and this year so far only 67 lots have sold and there are only 13 pending sales. Lots sold from last year are also responsible for the 51 new homes that have sold so far this year and include the pending sales. Desirable lots to build on have become few and far between and, the reason for the inflated lot prices.
Home prices have reached some of the highest levels ever at the lake. The waterfront homes that have sold so far this year range from $525,000 to 4.4 million and the access homes sold prices range from $249,000 to 1.15 million! Yes, we have had a record-breaking year regarding sold prices.
The $1.15 M home broke the record for lake access home sales price. That home had year-round lake views with 5,800 total square feet of living space, an inground pool, hot tub, firepit area, covered dock with lift and a fully wired theater room! Lake Anna homes are becoming more extravagant, and the prices are reflecting it!
Currently at the lake we have 127 homes available, 61 are waterfront and 66 lake access. The waterfront homes range in price from $599,000 to $4,799,900. The access homes range in price from $399,000 to $1,399,000.
Luckily for buyers Inventory is up, creating a competitive market so now proves to be a good time to shop. Especially since house prices are expected to continue to rise but many are predicting at a slower rate than in the past several years.
So, for sellers and buyers alike it is smart to reach out for the guidance of an experienced local lake agent. The main mistake sellers make is overpricing and hiring an agent based on who gives you the highest sales price instead of based on the current market conditions and comparable sales.
Also, hiring the agent with the most listings can also be a mistake as a busy agent may not be as attentive or responsive to your needs. Being a buyer or seller, you deserve the best and an overly busy agent has never been a good choice.
I also hope you will find an agent who loves and supports the lake community in ways of volunteering, donating time and money to things that serve our community. An experienced agent that loves, lives and works at the lake is always your best choice. Also, keep in mind that a well-priced & marketed home will sell quicker so your agent really does matter!
You can reach out to the author for more information regarding Lake Anna Real Estate and you can also search my website at: https://www.homesatlakeanna.com/
