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

The month saw an average of 287 active residential listings, a large 59.44% increase compared to August 2023. Many homeowners with low mortgage rates are reluctant to sell unless the numbers make sense while high interest rates have cooled buyer demand. This stalemate between buyers and sellers has produced increased inventory, though we are still below pre-pandemic levels throughout the state.

In contrast, active land listings averaged 92, reflecting a 24.60% decrease from the previous year. A shift to remote work and work from home during the pandemic increased demand for real estate in the lake area. As a result, there has been a boom in the construction industry resulting in a scarcity of available lots and land.

The average residential list price stood at $1,463,013, an increase of 10.37% compared to the same time last year. While prices have increased, we do see this as a potential buying window given the levels of inventory and lack of buyer competition. If rates begin to decrease, which many anticipate, we expect more buyers will enter the market, pushing prices even higher.

Pending and under-contract listings totaled 59 for August, up 20.27% from the year prior. This is likely due to an easing of interest rates from nearly 20-year highs, dropping almost a point and a half from their October 2023 highs.

Land listings were on the market for an average of 173 days, a slight 1.70% decrease year-over-year, while residential listings averaged 88 days on the market, up 17.33% from last year. Again, this reiterates the scarcity of land and crowded residential market coupled with higher interest rates the past year.

Price changes of active listings increased by 30.14% compared to the previous year, with a total of 95 adjustments in August. 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 65, up 14.50% from last year. A result of the pent-up buyer demand along with the slight easing of interest rates, in our opinion.

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