Lakeland Development Activity Signals Renewed Growth Heading Into 2026

Despite a slowdown in new home sales last year, Lakeland is positioning itself for a strong resurgence in 2026 as major residential and mixed-use developments move forward across the city.

According to data from the Memphis Area Association of Realtors, Lakeland recorded 16 new home sales through November 2025, compared to 43 during the same period in 2024. While sales volume dipped, home values continued to strengthen. The average new home price rose 2.8% to $653,487, signaling steady demand and confidence in the market.

Lakeland Planning Director Paul Luker noted in a recent city meeting that construction permits have remained consistent, even as subdivision activity paints a clearer picture of where the city’s growth is concentrated—particularly around Lakeland Preparatory School.

In addition to active construction, new infrastructure is helping pave the way for expansion around Lakeland including sewer upgrades and road projects like New Canada Road and the extension of Seed Tick Road to Old Brownsville Road. That project is nearing completion and is expected to open soon—an improvement that will enhance access to several key development areas north of Highway 70.

The city expects several residential projects to make meaningful progress this year, including Evergreen and Lakeland Meadows, both north of U.S. 70 and would produce more than than 300 new homes when complete. Ashmont, which is located at Canada Road and Davies Plantation Road and is currently under development. And The Lake District, located at I-40 and Canada Road, where the city recently reported movement could began again on the townhouses on the east side of the property.

Vince Smith, developer of the Ashmont community, confirmed to Lakeland Currents that residential lots are currently under construction. “Hopefully, we will deliver them by late summer,” Smith said. He is partnering with Bart Thomas on the residential portion, which will feature a traditional neighborhood layout with large green spaces, alleys, and rear-loaded homes inspired by Harbor Town. Construction on Ashmont Lofts—a rental component—is expected to begin in the second quarter. Smith also expects to announce several commercial tenants soon, including the potential for a grocery store anchor sometime this spring.

With new subdivision development, improving market conditions, and several large-scale projects gaining momentum, Lakeland’s housing market appears poised for a new phase of growth as 2026 approaches. The combination of diverse residential options and expanding commercial amenities positions the city for continued long-term success.

 

 

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