SC lake home sales set to boom in 2025 after stagnant year, new report says. Here’s why

The South Carolina lake home market may be on the verge of a big upswing in 2025 after a somewhat down year, a new industry report says.

The latest Lake Homes Realty report shows that the total market for lake homes and lots declined to $1.6 billion in winter 2024 from $1.8 billion in fall 2024 in South Carolina. Much of the lake home market was filled with hesitancy in 2024. However, buyers’ concerns over rising interest rates are waning while sellers have begun adjusting prices to match market reality, meaning sales should rise this year, Lake Homes Realty experts say.

Lake home market 2025 forecast

Lake Homes Realty predicts at least a 15% year-over-year rise in lake home sales in 2025 — an increase driven by several factors:

• Now that the 2024 election and holiday distractions are over, owners and buyers can refocus their attention on lake home properties.
  
  
• Demand for appropriately priced lake homes has remained strong and will continue to do so. Buyers are just looking for more property options at practical prices.
  
  
• More owners will be ready to complete a sale, shifting from the “overly aspirational” pricing of 2024 to more realistic expectations. That combined with factors such as market conditions, interest rates, and buyer readiness should encourage more to get serious about selling.
  
  

“The turning point is here,” Glenn S. Phillips, CEO of Lake Homes Realty, said in a press release. “We’re seeing sellers who understand the need for realistic pricing and buyers who are eager to act. This balance is breathing life back into the market.”

According to Lake Homes Realty, there was a stalemate between buyers and sellers in most of 2024. Buyers were hesitant over rising interest rates and so held out for deals that were few and far between. And sellers, emboldened by the booming market of previous years, maintained prices that did not match the new market reality.

Clearing “Phantom Inventory”

South Carolina and other lake home markets saw a noticeable jump in lake properties listed for sale in 2024, but that did not reflect a healthy market, Lake Home Realty wrote. Many of those homes sat stagnant because of overpricing.

Phillips refers to those homes as “phantom inventory” — homes that are listed but are not sellable at their current price.

“Our data shows that appropriately priced lake properties sell quickly and close to the asking price, sometimes even above,” Phillips said. “2025 will be the year when buyers and sellers meet in the middle, turning phantom inventory into real opportunity.”

SC lake home winter market

Here is a look at key data of how the South Carolina lake home market has performed so far this winter.

• Total # of listings — 3,259, up from 2,962 over last winter
  
  
• South Carolina has 172 homes listed for more than $1 million
  
  
• 78% of lake home searchers are 45 to 64 years old, 56% are male
  
  

5 largest markets

1. Lake Wylie — $348,869,328: 21.9%
   
   
2. Lake Keowee — $312,966,979: 19.6%
   
   
3. Lake Hartwell — $274,568,468: 17.2%
   
   
4. Lake Murray — $240,223,827: 15.1%
   
   
5. Lake Marion — $78,861,749: 4.9%
   
   

Amounts equal total real estate inventory for a lake.

5 most expensive home markets

1. Lake Keowee: $1,559,332
   
   
2. Lake Murray: $761,031
   
   
3. Lake Wateree: $734,723
   
   
4. Lake Greenwood: $710,851
   
   
5. Lake Wylie: $688,890
   
   

Amounts represent average list price specific to each market.

This story was originally published January 8, 2025 at 6:00 AM.

Patrick McCreless

The State

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Patrick McCreless is the Southeast service journalism editor for McClatchy, who leads and edits a team of six reporters in South Carolina, Georgia and Mississippi. The team writes about trending news of the day and topics that help readers in their daily lives and better informs them about their communities. He attended Jacksonville State University in Alabama and grew up in Tuscaloosa, AL.