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.

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REALTORS® around the lake agree that 2024 is a challenging year for real estate.  The shortage of listings continues as buyers wait eagerly to buy lake property.  We have experienced inflated pricing often, multiple offers, and waterfront homes selling for over asking prices.  Compared to last year, the lack of available waterfront homes inventory has slowed sales.  A lack of quality waterfront lots also caused our sales numbers to drop.

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In the first six months of 2024 our total closed sales, land and homes have totaled $84,622,159 down from $124,077,151 in the same period of 2023 or a decrease of 31.8%. Closed sales on waterfront homes were down 23.48% in dollar sales in the first six months of 2024 over the same period last year. We have closed 74 waterfront homes this year compared to 88 last year. The average sold price of waterfront homes in 2024 is $825,944 down 9.0% over the same period in 2023. The median price of waterfront homes sold in 2024 was $775,000, up slightly from $762,500 last year or a 1.64% increase. 

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In the first three months of 2024 our total closed sales, land and homes have totaled $35,609,904 down from $43,482,390 the same period of 2023 or a decrease of 18.10%. Closed sales on waterfront homes were down 19.39% in dollar sales in the first three months of 2024 over the same period last year. We have closed 32 waterfront homes this year compared to 35 last year. The average sold price of waterfront homes in 2024 is $841,860 down 11.83% over the same period in 2023. The median sold price of waterfront homes sold in 2024 was $775,000, up from $742,890 last year or a 4.32% increase. This year, 19 offshore homes have been sold. The average sold price of these homes in the first three months was $201,162, down 2.30% from the same period last year. Waterfront lot sales are up 79.97% in dollar sales compared to last year with 15 sold in the first quarter of 2024 compared to 10 sold last year.  Looking at the few expensive waterfront lots sold this year, the highest sold for $950,000, which included a luxury boathouse.

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Click this link for the video Lake Gaston Real Estate Update Video Feb 2024