Last Updated on February 15, 2022 by Eric
Real estate in South Carolina is off to a good start in 2022. It’s the same story anywhere you look; the tight inventory and high demand for housing are causing values to rise.
Lake Cherokee is no exception. Lake Cherokee and the surrounding area are set to see some big price increases this year. Nearby Greenville is projected to be one of the top ten hottest markets in the country this year, according to Realtor.com. With Greenville’s growth, we expect to see more people purchasing second homes on the lake, which will increase Lake Cherokee’s popularity.
What Is Driving This Growth?
South Carolina’s strong economy is playing a huge role in its growth. The economy here has already recovered from the pandemic. This is good news for the Lake Cherokee real estate market.
Many people buy a second home for vacation in the area, and if the economy is bad, people don’t purchase vacation homes.
Are We In A Real Estate Bubble?
We’ve had many clients express concern over being in a “bubble” and that the bubble will burst at any moment.
The fact of the matter is we are not in a bubble – a bubble occurs when demand is far greater than supply, which is the case now. Home values also have to increase at an unstainable rate to be considered, which may also be the case now. However, for the bubble to burst, demand for housing needs to drop quickly and significantly, and we don’t think that will happen. In fact, we don’t think we’ve seen the peak of this market yet – home values are going to continue to increase for at least another couple of years.
Why Should I Consider Buying A Home On Lake Cherokee?
If you’re looking for a peaceful setting for your lake house, look no further than Lake Cherokee. Lake Cherokee is not as busy as some of the area’s other lakes. It is a 50-acre man-made lake stocked full of fish and only allows non-motorized boats, which means less traffic and noise.
There are quite a few plots of land available for sale on lake Cherokee where you can build a home.
There are strict rules that do not allow for mobile homes, and any home built must be greater than 900 square feet. While building requirements and an HOA may initially seem like a turn-off, they will help your home’s value increase. This means that buying or building a house on Lake Cherokee will be an excellent investment.
Want To Buy A Home On Lake Cherokee?
If you’re interested in buying a home on Lake Cherokee, we are here to help! The agents at Bob Hill Realty are experts in the Lake Cherokee real estate market and are here to answer any questions you may have and help you find your next home. Give us a call!
