The Lake Anna real estate market is currently looking very optimistic, which is mostly attributed to the stabilizing mortgage rates, investors and along with rising inventory.
So far this year and in comparison, at the same time last year we are ahead in sales. Last year 25 homes were sold during the first two months and currently, including the pending sales, we are looking at 47 home sales so far this year.
Currently, we have 85 homes on the market and of those 33 are new homes. Builders are still building spec homes, and the buyers are taking advantage of spending a little extra and getting new verses a home needing updating.
New home sales have been a challenge to the resale home’s creating a pricing challenge. As a result, we are seeing a drop in prices on some of the resale homes encouraging sellers to negotiate unlike during the pandemic years.
Right now, there are 40 waterfront homes on the market with prices ranging from $3.9 million, and of those only seven of them are under a million. The 45 lake access homes currently on the market range in prices from $399K to $1,399,000. Yes, that’s right, access homes are now selling in the million-dollar price range!
New home sales have been on the rise in the past several years and builders are still buying up lots, which is creating a low inventory on lots at the lake. Currently we have only 43 lots on the market and of those 23 are waterfront and 20 are access. Lake lot prices are also up due to the inventory. The waterfront lots range in price from $199K to $849K and access lots range from $65K to $299K.
Mortgage rates are expected to end the year closer to 6% and home prices are still expected to increase but at a much slower rate. All in all, this is a good sign that the market is starting to stabilize. Keeping in mind that price increases will vary depending on the economic conditions and will vary from region to region. I feel confident in saying that Lake Anna real estate market is very encouraging, and now is a good time to buy and sell at the lake.
If you are thinking of buying a lake home, now is proving to be a good time to take the leap. Inventory is up, providing you more choices, interest rates have leveled off from their 8% peak in 2023 and a 30-year fix mortgage rate is around 6.5%. So, “Agent Up” with a local experience Realtor who can help you navigate the different communities. A full-time local agent will be able to give you a real “Lake Anna 101” education so you can select the right location and home that fits your families’ expectations and desires.
If you are thinking of selling, 2025 is still proving that it is a good time to sell, home prices are still slightly rising, and interest rates are stabilizing. I can’t emphasize enough that you need an experienced local realtor who can provide you with real-time current market conditions, along with a data-driven marketing plan that appeals to buyers specifically, seeking a home at Lake Anna. Keep in mind that a well-priced home and well-marketed home will sell quicker so your agent really does matter.
I look forward to seeing you around or on the lake!
You can contact author, Libby Sandridge of Berkshire Hathaway Home Services PenFed Realty at 540-223-0350 or https://www.homesatlakeanna.com/
