2022 was a busy and prosperous year for Kim and Lin Logan Real Estate! The housing market in the Lake Oconee area is enjoying great growth and expansion. We’re excited to see what 2023 brings.
Read Our Blog Below to Find Out More About Our 2022 Success
The Market Opens for More Commercial Properties
2022 saw Lake Oconee hit the radar of several businesses as several opened their doors for the first time and others have announced upcoming openings. It is an exciting time in the lake area with expansion in the golf course communities. We are also excited about the construction that has been going on here. More commercial buildings are coming up in anticipation of the new and incoming businesses that are attracted to this area.
It is always a positive sign when businesses move into an area. The people benefit with more jobs, consumers benefit with more choices, and the city benefits with a healthy boost to the economy. It’s a win all the way around!
COVID is Still a Factor but has Less of an Impact
While the country is still recovering from the COVID pandemic and people are trying to resume their normal lives, the truth is inescapable. We aren’t there yet. We’re better, much, much better, but the effects of COVID are still being felt in our homes, in businesses, and everything in between.
Yes, costs are rising while a worker shortage increases difficulties at every level. Even traffic is getting more congested in areas that were once rather quiet. It’s a new world that we live in now and we’re still feeling the growing pains.
The good news is, COVID has accelerated several market trends and boosted demographics that were in place pre-pandemic but have enjoyed a recent surge in growth.
The Emergence of Remote Workers
Telework is one of the primary benefits that have come out of all this. Instead of commuting to an office each day, employees can work from home. Before the pandemic, many businesses were moving toward a remote workforce, but few had full-time off-site workers. The pandemic changed that and companies large and small have entire sections of their business that are fully remote.
The benefit here is that people have more freedom to live anywhere because they are not tethered to a specific office or geographical location. Since they are able to work from home, they can live anywhere and still get the work done.
Interestingly, more people are flocking to areas that have temperate climates and that appeal to their chosen lifestyle.
US Economy Woes Impact Lake Oconee Real Estate Market
The US economy in 2022 was not exactly conducive to a booming housing market. Prices shot up over the course of the year as inflation continued to climb along with interest rates. The stock market grew stagnant as the economy grew shaky.
The result was a decrease in home sales by nearly 20% along with a shortage of homes for sale. On the other hand, the prices for homes increased steadily throughout 2022. The average price for a family home increased by as much as 16% hitting around $725,000. This resulted in real estate sales dropping by about 7% of the total volume.
Looking Ahead to 2023
As we move into the new year, we are looking for signs of any changes. The good news is, all signs point to any decrease in the growth of these trends that pushed the lake area real estate to increase in value and boost sales. As it stands, we expect the housing market to continue its upward climb and continue to woo buyers while boosting demand.
As for the inflation and interest rates, or the entire US economy for that matter, we will just have to wait and see. The winds of change could come and make it better – or they could make it worse. Of course, it could also remain the same. We will just have to watch and wait and see what the new year brings.
Real Estate Buyers and Sellers Need a Professional Partner for the Best Outcomes
If you are a seller, an agent is invaluable to you. We know the market inside and out and we know how to use it to get the best price for your home. Buyers, an agent will find you the best possible property at the best possible price.
And when it comes to the Lake Oconee housing market, we are the best – and we want to be your partner in your real estate journey.
Kim and Lin Logan Real Estate is Lake Oconee’s top real estate agency. Whether you are buying or selling real estate in the area, Kim and Lin Logan Real Estate can help you reach your real estate goals. Call today and talk to one of our friendly, knowledgeable representatives and find out what we can do for you.
