The Lake Oconee real estate market in Georgia highlighted some interesting trends in November 2024, offering fundamental insights for potential buyers and sellers.

This month recorded an average of 276 active residential listings, marking a 32.70% increase from November 2023. While inventory levels are reaching new heights, this is down from a 55% year-over-year (YoY) increase in October. This decrease is due to a combination of sellers leaving the market and a brief interest rate dip in September and early October.

In contrast, active land listings averaged 79, showing a 34.71% decrease from last year. Though this inventory continues to grow monthly, we still feel the effects of frenzied building and new home starts that occurred for the past several years.

The average residential list price was $1,350,721, a .15% very slight decrease from the previous year. We have yet to see any significant price erosion. Many sellers are locked into historically low rates and remain reluctant to sell unless conditions suit them.

There were 52 pending and under-contract listings in November, a significant 92.60% rise from last year. This is almost certainly due to interest rates dipping to nearly 6% (average 30 year rate) in late September. Rates had been nearly 7% or above for much of the spring and summer.

Land listings had an average market duration of 206 days, a 15.73% increase year-over-year, while residential listings averaged 99 days, up 39.44% from last year. Neither should come as a surprise in the current real estate climate where increased home prices and interest rates have kept many buyers sidelined.

Price changes for active listings remained consistent compared to last year, with 60 adjustments. Tis the season, so to speak. Facing the prospect of fewer buyers in the market, and long days on the market, many sellers offer a final enticement to buyers in the form of a price improvement. 

There were 65 land and residential closings, a 12.07% increase from last year. 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.