Is Now The Time To Buy A North Texas Lake Home?

If you think lake homes are overpriced, it may be time to look again. Across much of North Texas and around the state, lake home prices are going down – meaning this may be the best time in recent memory to buy a place by the water.

Even as residential real estate prices have increased overall, prices for lake homes are mostly staying the same or declining, according to a lake market report compiled by a real estate company and reported on WFAA.com.

More Lake Homes Are Available Now

As is so often the case, supply and demand play a big role in the lower prices of lake homes in North Texas, according to details in the report culled from multiple listing services for lake view or lake access home and homes in lake-focused developments.

It’s simple: More lake homes are available, so prices have gone down. Plus, lake homes are often large and well-appointed, but many are choosing to go for smaller homes with fewer amenities in trends toward downsizing and simplicity, further decreasing demand.

Here are 2 examples: The average price of a home at Possum Kingdom Lake is down 10.2 percent to $584,000 since last summer. The decline in price at Cedar Creek Lake is just over 6 percent to around $400,000.

The state’s largest lake real estate markets are to our south – in or near Austin. Lake Travis, Lake Lyndon B. Johnson and Lake Austin are among the top 10 lake real estate markets in the nation. In the state, Cedar Creek Lake ranks at number 5 in terms of size of the lake market. Lake Ray Hubbard is at number 6, and Possum Kingdom Lake is at number 8. Lake Texoma sits at number 9 and Lewisville Lake is number 10.

A surprising 26 percent of potential Texas lake home buyers visiting one real estate website focused on these properties are from out of state. People from Los Angeles, New York City and Denver often shop Texas lake homes, the statistics indicate.

The Bottom Line Is Good News

So what’s the takeaway from these numbers and details? You may have heard that North Texas is becoming more of a buyers’ market than it has been the past few years. And that’s true. The trend is especially prevalent in North Texas lake homes, which are more readily available and therefore lower in price than you may be expecting.

To learn more about buying or building a home of your own in the Fort Worth area or elsewhere in North Texas – whether near a lake or not – please contact me. I work only with buyers, not sellers, so I can provide unbiased real-world info that will help you make smart real estate decisions.

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Marion Zygadlo is broker/owner of Buyer's Choice Realtors, an exclusive buyer’s agency. For over 22 years, Marion has specialized in representing ONLY homebuyers and protecting your best interests. There is no additional charge for his services since he receives his fee from the listing agent. If you want an agent on your side who also has architectural and construction experience, choose Buyer's Choice Realtors. Call 817-233-2737 or email mzygadlo2000@yahoo.com.
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