Last Updated on April 26, 2021 by Eric
Lake Keowee is a great place to get away from the busy city life. The 18,000-acre lake is 20 miles long and has beautiful homes surrounding it. Since the pandemic hit and people can work remotely, real estate in the area has picked up significantly. If you own a vacation home on Lake Keowee and you aren’t using it as much as you would like, now would be a great time to consider selling.
Home Values are Up
The median sales price of a lakefront home on Lake Keowee is $610,000, which is up 39.4% over last year’s median price of $437,500. That is a considerable price increase. As a potential home seller, you should be happy to hear that inventory has decreased significantly as well.
February 2020 recorded 192 home sales, while February 2021 recorded only 82. That is a decrease of 57%. The reduced inventory combined with heightened demand in the area will continue to increase home values over the next year.
Summer is Always Hottest
The time between March through the end of July sees the most activity in the real estate market and the most homes from sale on Lake Keowee. This is largely because people have more time to visit the area since school is not in session and fall sports have yet to begin. That means if you want to sell your home and do so quickly, you need to put it on the market now. It would likely take your home longer to sell if you decided to wait until the fall. Once football starts in the fall, traffic to the area, as well as home sales, slow quite a bit.
How Long Will The Seller’s Market Last?
While we have no way to say for sure how long the seller’s market will last, we can look at some of the factors contributing to it. Interest rates are low, historically low. In an area like Lake Keowee, that makes a big difference because the low-interest rates may be the incentive a buyer needs to purchase a vacation home. We aren’t sure exactly when rates will increase, but we can assume they will sooner than later.
As mentioned before, the pandemic has played a hand in this market. Many workplaces have gone remote, so employees have the freedom to work from anywhere. We can’t blame them for choosing to work in an area as beautiful as Lake Keowee, which also has its share of fun activities to partake in. Suppose employers decide to make remote work a permanent situation. In that case, we can expect more and more people to make the permanent move to Lake Keowee.
What Do You Think?
We don’t know exactly how long the real estate market will favor sellers, but if you have thought about selling for any reason, you may not find a better time to do so. Take advantage of this market before it shifts again. The agents at Bob Hill Realty are here to walk you through the process and ensure you get the best possible price for your property. Give us a call so we can discuss your options.
