Real estate at Lake Anna is continuing to maintain a neutral market, meaning, a cross between a sellers and buyer’s market.
Interest rates are still controlling the supply side, keeping many possible sellers on the fence for now and many buyers holding out to see what 2025 has in store for us after the election.
In 2022 an international vacation rental management company deemed Lake Anna as one of the top places in the US to purchase an investment property and since then our values have soared. Another impact was COVID when many companies allowed employees to work from home and many chose to escape the cities. Also, along with that, many of our communities have been forced to address short term rentals and the impact it has on them especially the full-time residents. Many of our communities are deciding to put limits on the number of weeks allowed and even stopping them all together in some communities.
So, if you are purchasing for a family retreat, retirement home or strictly for investment these are very important questions to have your local agent address for you. Make sure you are in the know prior to purchasing as each community has their own unique covenants and restrictions.
So far this year there has been 83 homes sold at the lake and of those 33 are waterfront homes. The highest sold price was $2,275,000, the average selling price was 799K and the median selling price at 599K, our lowest selling price at the lake so far this year was $210,000. It is worth mentioning that 22 of these homes sold for over one million.
As you can see Lake Anna homes continue to sell for eye-popping prices. Now is definitely a good time to sell with the higher selling prices while they last. Typically, the selling season is May through July but in the past five years that has all changed and we are seeing sales continue all year long. Housing prices are still expected to rise due to the housing shortage. Mortgage rates still in control and are not expected to drop this year. Some are predicting that by the first quarter of 2025 the mortgage rates could possibly fall below 6% or even lower.
Land sales continue to be in demand at the lake. A whopping 281 lots sold in 2022 and 2023 and so far, this year 69 lots have sold with 25 currently under contract!
In 2023 there were 40 new builds sold and that did not count all those that were built by private lot owners. So far this year there have been 22 new spec homes sold and 29 are currently being built. Many buyers have decided to buy land and build now due to resale home prices. Builders are definitely enjoying the building boom of the last couple of years and it looks to continue for the duration of 2025 and into 2026
If you are considering retiring or purchasing a weekend getaway or full-time home at beautiful Lake Anna, please contact an experienced local agent to assist you.
Having someone who lives and works here full time is a huge advantage. Being a local full time resident, I love where I live and sharing my knowledge of all the communities that dot the shoreline of our beautiful lake.
Author Libby Sandridge is a long time Lake Anna Realtor that works at Berkshire Hathaway HomeServices – PenFed Realty. You can reach her at libbysandridge@comcast.net or 540-223-0350. See her homes at www.homesatlakeanna.com.
