The Lake Oconee real estate market in Georgia highlighted some intriguing trends in October 2024, offering essential insights for potential buyers and sellers.

This month recorded an average of 300 active residential listings, marking a significant 55.28% increase from October 2023. Inventory levels are reaching new heights, as higher rates and unmotivated sellers result in fewer buyers. According to National Association of Realtors (NAR) the median age of homebuyers is 56 with first time homebuyer age rising to 38.

In contrast, active land listings averaged 84, showing a 26.96% decrease from last year. The rise in custom builds and new home starts has led to a scarcity of available lots, although this inventory has started to grow in recent months.

The average residential list price was $1,328,156, a 3.45% increase from the previous year, and slightly up from October’s $1,283,842. With inventory plentiful, this could create a unique buy now and refinance later opportunity. “Marry the house and date the rate.”

Pending and under-contract listings reached 69 for October, a 20.69% rise from last year, likely due to the recent dip in interest rates to near two-year lows.

Land listings had an average market duration of 189 days, a slight 3.85% increase year-over-year, while residential listings averaged 89 days, up 34.85% from last year. Average days on market have steadily risen throughout the year for residential properties due to seller competition and high interest rates keeping buyers sidelined.

Price changes for active listings remained consistent compared to last year, with 92 adjustments.

The total number of land and residential closings rose to 84, a 3.70% increase from last year and a 9.09% rise from September. Again, this is probably due to pent-up buyer demand and the recent easing of interest rates. Rates have since risen and dwindled demand. 

As the Lake Oconee real estate market continues to evolve, these statistics offer valuable insights for buyers and sellers. Whether you’re considering purchasing a new home or selling your property, understanding these trends can help you make informed decisions.