I suppose that depends on your definition of “affordable”. But let’s assume your definition of “affordable” is pre-COVID, when there were as many as 100+ waterfront homes, with waterfront homes still priced in the upper $400s up to $1,000,000+. With that inventory, by the time you picked a price point, and then private side or public side, there were still several to choose from in each category.  

Fast forward to COVID causing increased demand, and decreased supply at the same time… everyone wanted to escape wherever they were and be here instead, and people who already owned here wanted to hold their properties. By the end of the season in 2020, the entry point for waterfront homes had jumped from approximately $500k to $700k and by the end of 2021, we were approaching $1,000,000 as the entry price point for true waterfront homes. 2022 brought another flurry of demand and most $1,000,000 waterfront homes were some degree of a fixer-upper and $1,200,000 became the new $1,000,000, especially by the time almost every home had multiple offers and escalation clauses.  

So have those numbers leveled off or are they even dropping?! The answer is yes. But that’s a hard pill to swallow when your $800k home could have brought $1,200,000 and now may only bring $1,000,000. Not only are we not seeing multiple offers and bidding wars on nearly every home, but we are seeing price reductions after 30 or so days on the market, sometimes as dramatic as $200k or more. While this market correction may be disappointing to sellers initially, it should incentivize buyer excitement, and therefore ultimately keep the market steady, to offset the constraint of higher interest rates.

Also, driving the “affordability” factor are more water-access and water-view homes.  If waterfront isn’t your budget, then it’s great to know that you have some other nice options that still deliver lake life! Recently, a whole new phase of construction at the Lake Anna Plaza Townhouses offered luxury townhouses in the $600-$700k range. Also trending are some premium water-view properties as Rock Island continues construction. 

Let’s take a look at a sampling of what’s out there in each price point and there’s sure to be something for everyone.

Waterfront, Maintenance-Free:

Recently sold, but keep an eye out for the next one similar… Shaffers Cove condos. This turn-key 2-bedroom, 2-bath waterfront condo with boat slip came fully furnished for only $350,500. 

Photo and listing courtesy of The Ashley Hoffman Group, Lake Anna Island Realty

Also falling under the waterfront maintenance-free situation was a waterfront townhouse resale at Lake Anna Plaza for $615k, with 3 bedrooms, 2.5 baths.

Photo courtesy of Staircase Photography. Listing courtesy of Jacey Netzer, Keller Williams Realty. 

Waterfront, New Entry Price Point

Waterfront homes again in the $500k – $600k range! Under contract is this adorable lake-front cabin with single-slip boathouse with 2 Bedrooms, 2 Baths, asking was $549k.

Photo courtesy of Lake Anna Photography. Listing courtesy of The Ashley Hoffman Group, Lake Anna Island Realty.

Currently the lowest priced waterfront home on the market is this beautifully renovated 3-Bedroom, 2-Bath home with private dock on the public side for only $695k!

Photos courtesy of Lake Anna Photography. Listing courtesy of Tiffany Hazelwood, Lake Homes Realty.

What the Million-Dollar Range looks like now…

Recently sold for $1,001,000 was this 4-Bedroom, 4.5-Bath home, boasting over 4200 finished sq. feet on the public side!

Photo courtesy of Lake Anna Photography. Listing courtesy of Stacie Chandler, Lake Anna Island Realty.

Still in the lower $1M +/- range is this 3 or 4-Bedroom, 3-bath home with multi-tiered decking and water views from almost every room with private boathouse in a cozy cove on the public side in Tara Woods. Currently offered at $1,295,000.

Photos courtesy of Lake Anna Photography. Listing courtesy of Tiffany Hazelwood, Lake Homes Realty.

So, what should we expect as the summer sizzle winds down? The fall season predictably brings serious buyers and sellers to the table. Sellers are satisfied that they have enjoyed their lake home one last season and now prepare for the fall to be the time that buyers are ready to make moves for that lake home they’ve always wanted! In the fall, buyers are back to their routines and kids are back to school, but as they cling to their summer memories, perhaps they will find it the right timing to purchase the lake home of their dreams, just in time to enjoy it for the holidays and make some improvements over the winter.

Tiffany Hazelwood

Tiffany Hazelwood has a degree in Journalism from the University of Richmond is a full-time Real Estate Broker with Lake Homes Realty, a lake-focused real estate firm, where she serves as the Anchor Agent for the Lake Anna market. She has been a licensed realtor since 2008 and has been specializing in real estate here at the lake since 2016. She has enjoyed writing the real estate section for the Lake Anna Breeze™ since 2019. In her spare time, Tiffany enjoys jet-skiing and boating on the lake, traveling with her boyfriend, Tom, and time with their 3 dogs.