Waterfront homes have been growing in demand since the COVID-19 pandemic began in spring. Sales of lakefront homes have increased more than 40% year over year, Glenn S. Phillips, CEO and lead economic analyst at LakeHomes.com, told realtor.com®.
“People saw their friends and family go to the lake and realized that if you are social distancing and home schooling, the lake is a far better place than most primary residences,” Phillips told realtor.com®. “In addition, we have also seen some people realize that life is short, so don’t wait [to buy] that dream home."
But a lake home may be most obtainable in a few pockets across the country. Realtor.com®’s research team reviewed its listings database to identify lake areas with some of the most affordable median home prices. The researchers limited their list to one place per state to ensure geographic diversity.
While all the areas are above the national median home price, realtor.com® pinpointed these lake towns as the “most affordable” for buyers in 2020:
1. Chestertown, N.Y.
- Median lake home price: $493,900
2. Branson, Mo.
- Median lake home price: $444,900
3. Glen Arbor, Mich.
- Median lake home price: $390,000
4. Chelan, Wash.
- Median lake home price: $549,500
5. Gouldsboro, Pa.
- Median lake home price: $371,500
6. Vermilion, Ohio
- Median lake home price: $557,800
7. Wisconsin Dells, Wis.
- Median lake home price: $437,000
Source: “Take the Plunge Without Splashing Out: Top Affordable Lake Towns in the U.S., 2020 Edition,” realtor.com® (Aug. 31, 2020)