The real estate market in the Lake Oconee area showcased notable trends in July 2024, offering key insights for potential buyers and sellers.

The month saw an average of 295 active residential listings, marking a significant 72.51% increase compared to July 2023. This surge provides a broader selection for prospective homeowners, indicating a more competitive market for sellers.

In contrast, active land listings averaged 101, reflecting a 25.74% decrease from the previous year. This decline could signal a tighter market for land buyers, potentially driving up competition and prices for available plots.

The average residential list price stood at $1.49 million, an increase of 6.23% compared to the same period last year. While prices have increased slightly, this is still a favorable opportunity for buyers looking to invest in the Lake Oconee area as there is a lot more inventory from which to choose.

Pending and under-contract listings totaled 83, up 16.91% from July 2023. This increase could suggest buyers are beginning to accept higher rates. Or, these buyers need to move for various reasons, like a new job. Also, some buyers, such as those paying cash, aren’t affected as much by the rates.

Land listings were on the market for an average of 163 days, a 4.68% decrease year-over-year, while residential listings averaged 79 days on the market, down 4.82% from last year. These reductions in market time could indicate that sellers are pricing their properties more favorably to match buyer demand, frequently through price reductions.

Price changes of active listings surged by 51.35% compared to the previous year, with a total of 112 adjustments in the month of July. This increase underscores the dynamic nature of the current market, where sellers are adapting to shifts in lower buyer demand and increased competition from other sellers.

The total number of land and residential closings reached 78, up 52.94% from last year. This increase could reflect pent up buyer demand coupled with a large increase in residential listings.

As the Lake Oconee real estate market evolves, these statistics provide valuable insights for both buyers and sellers. Whether you are considering purchasing a new home or selling your property, understanding these trends can help you make informed decisions.

—The Vining Group at Keller Williams Lake Oconee ranks among the top 1% of Keller Williams in North America. For more details or receive monthly updates, visit www.lakeoconee.realtyhttp://www.lakeoconee.realty or call 706-816-1010. The office is located at 1041 Village Park Dr, Suite 104, Greensboro.