Greetings from the heart of Upstate South Carolina! As your dedicated Lake Keowee luxury real estate team, we are excited to share our new 2024 2nd Quarter Real Estate Market Report for Lake Keowee.
As we embrace the warm, occasionally rainy days of early July, the area is buzzing with activity—both on the water and in the real estate market.
This year’s mid-year report dives into the performance of Lake Keowee real estate, detailing how different property types are faring in the market. We’ve seen some fascinating trends: while the demand for waterfront homes remains high, showing a price increase of over 7%, there has been a noticeable shift in other categories. Especially in waterfront homesites, which have seen some price adjustments.
ℹ️ Please note that this blog post offers only provides some samples of the detailed data available. Our latest comprehensive analysis includes much more data and is available in our full downloadable report. To access the complete Market Report and gain a deeper understanding of the current Lake Keowee’s real estate dynamics, we encourage you to download the latest report here.
Our mid-year 2024 real estate market report covers four main categories:
- Waterfront homes – These homes are right on the shores of Lake Keowee, offering direct access to the water. This category is especially popular among boating enthusiasts and those who love water sports. Living here, residents often have their own docks, and the calming view of the lake is a daily backdrop. The demand for these homes remains high due to their prime location and the lifestyle they offer—wake up, step outside, and you’re right on the water.
- Interior/off-water homes – Situated away from the shoreline, these homes offer a different kind of appeal. They tend to be more affordable than waterfront properties and often feature larger lot sizes. Residents in these homes enjoy proximity to community features such as Keowee Key’s Golf & Country Club or the many hiking trails dotted around the area. These homes are ideal for those who appreciate the lake’s proximity but prefer a bit more privacy and space.
- Waterfront homesites – These are parcels of land located directly on the water, ready for new owners to build their custom homes. These sites are perfect for those wanting to design a home that perfectly fits their vision and lifestyle right by the lake. Being undeveloped, these homesites offer a blank canvas within areas such as The Reserve at Lake Keowee and Keowee Key. Builders and new homeowners can plan their property layout with features like boat slips and outdoor living areas to maximize their lakefront living experience.
- Interior/off-water homesites – These lots of land often give buyers the opportunity to build a home in the quieter parts of the Lake Keowee area. These sites provide a more secluded environment compared to the bustling lakefront locations but still maintain access to all the amenities offered by the community. They’re great for those who might want to invest in a larger property or enjoy extensive gardening or landscaping projects. These homesites a little further back from the water may be found near local attractions like High Falls County State Park, Devil’s Fork State Park, or Oconee Station State Historic Site, set back in natural beauty for a tranquil living environment.
Each category offers its own unique market dynamics, with varying price changes and transaction volumes. This detailed look helps potential buyers and sellers like you make informed decisions.
The data in our mid-year 2024 report is segmented by specific areas:
- The Reserve at Lake Keowee
- Keowee Key
- The Cliffs at Lake Keowee (Comprising 4 waterfront developments)
- Other (Real Estate Outside these Large Waterfront Golf Communities)
Home Sales
Each location has its unique market data, reflecting the specific dynamics and preferences in those areas.
- Home Sales refer to the number of homes that have been sold within the specified period.
- Pending Sales indicate the number of homes that are under contract and are expected to be sold soon.
The data provided in a real estate market report on “Home Sales” and “Pending Sales” serves as crucial indicators for various stakeholders in the real estate market, offering distinct insights depending on whether you’re buying, selling, investing, or just analyzing the market. Here’s how you might use this data:
1. For Buyers
- Home Sales: This data point gives buyers an idea of the volume of transactions within a specific area and period, indicating the level of activity and buyer interest. High numbers of home sales typically suggest a competitive market, which may mean buyers need to act quickly and decisively. Knowing the average and median sale prices within these transactions can also help buyers gauge their budget against the current market prices.
- Pending Sales: For buyers, the number of pending sales is an indicator of how many homes are about to leave the market because they are under contract. This can signal the urgency needed in making offers and can also indicate the likelihood of price movements due to reduced inventory.
2. For Sellers
- Home Sales: Sellers can use this data to understand how many homes have successfully sold in their area, which helps in benchmarking their own properties. If the market report shows a high volume of sales, this might be an opportune time to list their property to capitalize on high buyer interest. Additionally, analyzing the prices of these sold homes helps sellers set competitive yet realistic prices for their own homes.
- Pending Sales: This metric shows sellers the current market momentum and helps in forecasting short-term market trends. If there are many pending sales, it suggests a strong market, potentially allowing sellers to price their homes more aggressively.
3. For Real Estate Agents
- Home Sales: Agents use this data to advise both buyers and sellers on how to strategize their moves in the market. High sales volumes suggest a seller’s market, while lower volumes might indicate a buyer’s market. This information helps agents tailor their marketing strategies and negotiation tactics.
- Pending Sales: Real estate agents look at pending sales to understand upcoming market trends. This helps in preparing marketing materials and in setting expectations with clients about how quickly they need to make decisions.
4. For Investors
- Home Sales: Investors are interested in the volume and price trends of sold homes to identify potential investment opportunities. High activity areas might suggest profitable flipping opportunities or robust rental markets, depending on the nature of the sales (e.g., more family homes sold might indicate a strong rental market for smaller units).
- Pending Sales: For investors, a rise in pending sales might indicate an increasing interest in certain types of properties or locations, guiding where they should focus their next investments.
5. For Market Analysts
- Home Sales and Pending Sales: Analysts use these figures to compile broader market analysis reports, forecast future trends, and provide insights into the economic health of a region. These metrics help in understanding the liquidity of the real estate market and the general economic conditions that influence buying and selling behaviors.
For example, in The Cliffs at Lake Keowee, there were 10 homes sold and 3 pending sales. Buyers interested in The Cliffs will see that with 10 homes already sold, this area has a fairly high level of activity, suggesting it’s a desirable location. The relatively small number of pending sales indicates that while the market is active, it is not overly saturated, offering potential buyers a good opportunity to enter the market without the pressure of excessive competition.
On the other hand, sellers can interpret these numbers as a positive sign that homes are indeed selling, and with only a few pending sales, there might be room to negotiate better sale terms or prices due to less imminent competition.
These are just examples of how the data might be interpreteted, and real estate agents and others monitoring Lake Keowee’s market trends can advise clients based on this data, focusing on strategies that align with the current market dynamics.
- Average Sale Price shows the average price at which homes were sold.
- Average Pending Price is the average price of homes that are currently under contract.
This provides a snapshot of the financial landscape, such as in Keowee Key, where the average sale price is $471,550, and the average pending price is $475,000. Market share indicates how much of the total real estate activity in the Lake Keowee area each location represents. For instance, Keowee Key accounted for 36.84% of the market share.
For those interested in the detailed numbers and trends, you’ll find in-depth statistics about recent home sales, price movements, the number of homes for sale, and market forecasts. Whether you’re looking to buy your first home by the lake, sell your property, or just keep up with market trends, our Q2 2024 market report is designed to provide you with all the information you need.
What’s Inside Our Lake Keowee Real Estate Market Report?
Diving into the Lake Keowee real estate market doesn’t have to be a guessing game. Our market report is meticulously curated to provide detailed insights that are essential for anyone looking to buy or sell around Lake Keowee.
Here’s what you can expect in the Q2 2024 report:
- Detailed Home Sales Data: Get an in-depth look at the recent transactions in the area, including prices, property sizes, and more, which will help you gauge the current market conditions.You’ll see everything from how much homes are selling for to the sizes and types of properties changing hands. This data gives you a clear picture of what’s happening right now in the market, helping you understand how your dream home or current property stacks up against recent sales.
- Market Trends: Are prices trending up or down? What are the hot areas? Understanding these patterns can help you make better-informed decisions about timing your moves—ensuring you get the best deal possible.
- Property Values: Our area is known for its stunning waterfront properties, but what makes one area pricier than another? See current property values around the lake region, ensuring you know the worth of your current or potential property. This information is invaluable for setting the right price on a property you’re selling or making an offer on a new home.
Our Lake Keowee Market Report isn’t just a collection of numbers—it’s a comprehensive guide built on the latest data showing the pulse of the Lake Keowee market right now.
Whether you’re planning your next move, scouting for investment opportunities, or just keeping an eye on market conditions, our report provides the type of data you need to make informed, confident decisions in the dynamic world of real estate.
Why Access Our Market Report?
At The Cason Group, we believe that knowledge is power. By staying abreast of market trends through our comprehensive analysis, you gain a strategic advantage, whether you’re buying, selling, or simply staying informed about the real estate landscape.
These reports showcase our commitment to transparency and serve as a valuable resource for understanding the factors that can impact your real estate transactions.
Real estate market reports are used by a variety of stakeholders:
- Home Buyers use the report to understand if it’s the right time to buy based on price trends and market health.
- Home Sellers can determine optimal pricing and understand competitive dynamics in their specific market segment.
- Real Estate Investors may look for market growth patterns and return on investment opportunities.
- Lake Keowee Real Estate Agents can leverage the data to advise clients, prepare listings, and negotiate deals effectively.
Whether you’re considering making Lake Keowee your new home, thinking about retiring here in the near future, or just keeping an eye on the market, our report is designed to empower you with the information needed to make informed decisions in this dynamic and ever-evolving market.
Don’t miss out on this essential resource for all things Lake Keowee real estate. Click the link below to access the full report and stay ahead of the market:
