2023 End Of Year Market Report
The lake area continued to grow and expand in 2023. Several new businesses opened and several more announced they are coming soon. The golf course communities continued to thrive and expand. Construction and building continued at a high level. The year was filled with lots of exciting events including a second back-to-back national championship for the nearby Georgia Bulldog football team. With all this positive energy, we were not immune from problems other parts of the country saw, including rising prices/costs, a shortage of workers, and an increase in traffic volume. All in all, 2023 was an exciting and busy year for what continues to be one of the fastest-growing and best places in the country to live!
The Lake area real estate market can best be described as high demand, low inventory, and stable values in 2023. In our real estate market, home sales were down 10% primarily due to a continued shortage of existing homes available and lot sales were also down 10% for the same reason. However, average home prices continued to increase in 2023 with the average home price going up 10% to $810,000. The net result (declining sales and an increase in average sales price) is an almost identical total sales volume of $965,419,000 as of 12/22/2023).
For the third straight year, there were close to or over $1 billion in real estate sales in our market! For Kim and Lin Logan Real Estate, it was our top-selling year ever with over 130 million dollars of real estate sold and again, the most sales of any individual or team of agents in the market.
Of course, the big question is what is coming in 2024! There is nothing to indicate that the positive trends that have caused our market to go up will diminish in the short term. As a result, we think our market will continue to be attractive to buyers and keep demand up. What will happen with inflation, interest rates, and the overall economy is anybody’s guess. The bottom line for SELLERS = It is critical that you utilize an agent who KNOWS the market and KNOWS HOW TO GET YOUR HOME SOLD for top dollar! This includes accurate and realistic pricing, exceptional marketing, and expert negotiating. The bottom line for BUYERS = It is critical you utilize an agent that will be proactive in finding your property and an expert at getting you the best possible price for it.
WE ARE THE BEST IN THE LAKE OCONEE MARKET with almost two decades as the top-selling realtors and an unprecedented number of exceptional reviews. Don’t take my word for it, go online and see for yourself!
