Last Updated on January 25, 2022 by Eric
Lake Hartwell has been gaining in popularity in recent years, and for a good reason. The lake itself will is gorgeous and will keep you busy; you can go fishing, hiking, boating, birdwatching, or have a picnic near the water.
Thanks to more and more people either leaving the traditional workplace or working remotely for the foreseeable future, real estate on Lake Hartwell is in much higher demand. People are looking for either a permanent home near the lake or looking for a rental until things go back to normal. If you’re hoping to buy or rent a home in Lake Hartwell this year, here is what you should expect:
Rental Outlook on Lake Hartwell
The rental market on Lake Hartwell is not great. There are only a handful of homes available to rent at the moment. It is more expensive to rent a house on Lake Hartwell than it is to buy, so if you are in a position where you can buy a home, you should certainly look into doing so.
If you are set on renting, there is a good variety in the available homes. There are smaller condominiums, large lakefront properties, and everything in between. The closer you are to the water, the more you will spend.
Will Home Values Increase?
Lake Hartwell is one of the few places where there were close to the same amount of home sales in 2021 as there were in 2020. Homes sit on the market longer than in some nearby communities, an average of about 28 days and home values have only increased by about 7% in the last year, which is lower than many parts of the country.
We expect that this year will not be too much different. Yes, home values will likely increase throughout the year, but not in a manner that would make homeownership out of reach for those already looking in the area. Nearby lake areas are becoming more expensive and in higher demand, homebuyers may spill over into Lake Hartwell. One thing to keep a close watch on is how much interest rates increase. They’ve already started to rise, and we wouldn’t be surprised to see them go over 4% sooner than later.
What Else To Know
If you currently own a home on Lake Hartwell, it is an excellent time to consider selling. Homebuyers are paying full price on listings and will move quickly if the house is worthwhile. We have tons of tips and tricks about how to get the highest amount of money possible for your home.
Whether you are interested in buying, selling, or renting on beautiful Lake Hartwell, consider working with Bob Hill Realty. We are experts in the Upstate South Carolina real estate market and work hard to make the home buying or selling process easy and stress-free. Give us a call today!
