Dec 2 2019 68275 1

Dec 2 2019 68275 1

Waterfront Home Premium Shrinking, Highest in Lower-Priced Markets

ZillowSvenja Gudell ContributorZillowContributor GroupReal Estate

  • The total estimated value of waterfront homes in June 2018 is $134 billion.

  • The sale price premium of waterfront homes is 36 percent, down from 54 percent in 2012 and 41 percent on average over the past 22 years.

  • The biggest premiums since 1996 have been in Jacksonville, Fla., Cleveland, Ohio, Denver and Baltimore.

The sale prices of waterfront property aren’t what they used to be.

Blame catastrophic hurricanes, climate change, people’s changing tastes – or the tremendous bounceback in non-waterfront homes since the housing bust. While waterfront homes nationally are worth a total $134 billion, the price premium for single-family homes on the water has fallen to 36 percent in April 2018, down from 54 percent in 2012 and an average of 41 percent over the past 22 years.

During the housing boom, prices for waterfront homes grew faster than those of non-waterfront homes, and the hit they took during the bust was not as dramatic. As a result, the 53 percent premium they held in 2008 stayed roughly the same through the early years of the housing bust as non-waterfront homes took a tremendous hit while waterfront home prices declined only slightly.

However, as the housing market has bounced back, the prices for non-waterfront homes have returned to their pre-recession peaks, while waterfront homes have not. The trend is similar to home values in vacation home markets, which have yet to rebound from the housing bust.

Bill Kalyvas Headshot
Phone: 727-450-9156
Dated: December 2nd 2019
Views: 31
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