The real estate market at Lake Gaston went through many changes in 2024 as did most of the country. The first half of the year, we experienced multiple offers and waterfront homes selling for more than the asking price. The second half of the year we saw buyer activity slow. Increasing home prices and the rise in interest rates saw some buyers priced out of the second home market on Lake Gaston. We are still in a seller’s market with buyers waiting for new listings, priced at market value and in good condition to become available. We have experienced several new listings, many overpriced or in need of major repairs.
In 2024, we saw a noticeable increase in Lake Gaston properties listed for sale, but this surge doesn’t reflect a healthier market. While demand for lake real estate remained strong and practical, many homes sat stagnant because of overpricing. Sellers, still believing in the booming market of previous years, are still here and clung to prices that no longer aligned with reality. The result? Transactions slowed; inventory stagnated. Our days on market in 2024 for waterfront homes increased 50% over 2023 numbers. As 2025 begins, we hope sellers will understand the new normal is adjusting prices to reflect current market realities. As I have said many times, the market changes with every new listing and changes with every new sale. Market value equals the price a buyer is willing to pay for a property. Market value is not what someone else thinks the property is worth. If your home is not selling, you need to adjust the asking price.
Buyers of Lake Gaston property are most often buying to be a second home, which is likely not a need. Prudent buyers know what they want and are not willing to overpay.
At year-end Lake Gaston REALTORS saw 182 waterfront home transactions close, averaging $871,716 each. Totaling $158,652,293 or an increase of 1.88 percent in dollar sales over 2023 sales. The average selling price was 98.24 percent of the asking price in 2024. In 2023 it was 98.13 percent. Offshore homes showed an increase in dollar sales of 2.07 percent over 2023 sales with 107 closed, averaging $214,784 each, totaling $22,981,941. Dollar sales of waterfront lots decreased 8.33 percent in 2024. Last year’s average selling price of $292,750 each totaled $18,736,000, Offshore lot sales decreased 29.14 percent from 2023 levels averaging $22,495 each. Firms all around the lake closed on 430 total transactions of homes and land (lots) in 2024. In 2023 that figure was 445. The total dollar figure in 2024 was $204,650,382. That is a decrease of 0.58 percent from 2023’s figure of $205,847,226. Sales numbers are from the Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service (MLS) and do not include private sales.
The median sales price for waterfront homes in 2024 was $793,500, a 3.73 percent increase in median sales price over 2023. The median price for offshore homes was $219,000, an increase of 9.66 percent in median sales price over 2023. The median price of waterfront lots increased by 17.19 percent compared to 2023 levels.
Existing-home sales grew in November, according to the National Association of Realtors® (NAR). Total existing home sales improved 4.8% from October.
"Home sales momentum is building," said NAR Chief Economist Lawrence Yun. "More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%."
NAR also reports Pending Home Sales increased 2.2% in November. Year-over-year, pending transactions improved 6.9%.
“Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.”
Mortgage interest rates remain on the high side, 6.875 percent for a 30-year fixed rate mortgage on a primary home and 7.25 percent for a secondary home. The Fed also imposed a fee for second home mortgages. The fee is 1.25 to 4.0 percent of the loan amount.
Have you been thinking about selling your home? Buyers are calling me to see homes at Lake Gaston They want to tour homes that are in good condition and priced correctly. The inventory shortage could result in faster sales at a premium price. “Spruce up” your home and get it listed right away! You need to work with a full-time REALTOR®, who provides written data such as this and pricing your home correctly is essential.
Barney Watson is Owner/Broker of Lake Gaston Real Estate LLC and he is a Director and MLS President for the Roanoke Valley Lake Gaston Board of REALTORS®. Cell is 252-532-3274, email is