SC’s lake house market is booming. Here’s where it’s hottest, what it means for buyers and sellers
With more than a dozen destination-worthy lakes scattered about, South Carolina is one of 10 states with the most lakeside real estate and land available, attracting more than 80% of potential buyers from out of state, according to a new report.
South Carolina continues to see a steady increase in its lakeside real estate market, according to a Lake Homes realty report. From the spring to the summer of this year, the market swelled by $244 million, totaling $1.4 billion worth of lakeside real estate in the Palmetto State.
Lake Wylie, which borders North Carolina in the Upstate, ranks No. 1 in lake homes available for sale in the state, with 388 on the market. It’s followed by Lake Hartwell — also in the Upstate, boarding Georgia — with 242 and Lake Murray with 212.
Lake Hartwell also features the most amount of lakeside land available, with 439 lots listed, according to the report, which compiled real estate property for sale based on listing data collected in May of 2023 from 33 states, including South Carolina.
Homes sitting on lakes Wylie, Hartwell or Murray are priced from $250,000 to over $2 million.
But the majority of buyers won’t be South Carolinians, as 84% of potential lakeside home buyers are from out of state, according to the report. Atlanta is the No. 1 metro area scoping lake property in South Carolina, followed by Charlotte and Washington, D.C.
Last year, South Carolina saw a boom in lakeside home listings, as lake homeowners were trying to sell before the hot housing market cooled, some industry experts said at the time.
While the Federal Reserve has continually raised interest rates over the past year — aiming to curb inflation — higher mortgage rates aren’t deterring lake home buyers, said Glenn Phillips, CEO and chief economic analyst at Lake Homes Realty, which describes itself as the nation’s largest lake-focused real estate brokerage.
“A lake home is a discretionary home,” Phillips said. “This market is highly insulated from higher mortgage interest rates. Lake home buyers have ample purchasing power and capacity even in a recession.”
The most expensive lake homes in South Carolina can be found at Lake Keowee in the Upstate, where the average home sells for $1.5 million, and where 52% of the listings are priced in the $1 million or more range, according to the report.
Lake Greenwood, on the other hand, offers the cheapest in lakeside real estate with the average home going for around $600,000, the report said.
And though some lake home owners may have hurried to sell their properties last year ahead of the market cooling, Phillips said lake home owners are usually slow to sell their homes.
“Lake homeowners rarely are in a ‘must sell’ situation, and they can be overly patient on not only price but even delaying selling for years beyond their use of the home,” Phillips said.
“We are rebounding from historic lows of available lake homes for sale in 2021 and 2022 across virtually every lake market,” Phillips said. “While softened compared to the last three years, it remains a seller’s market for lake real estate.”
These are the 10 lakes with the most lake homes available in South Carolina, according to Lake Homes Realty.
- Lake Wylie - 388
- Lake Hartwell - 242
- Lake Murray - 212
- Lake Marion - 155
- Lake Keowee - 138
- Thurmond Lake - 78
- Lake Greenwood - 67
- Lake Carolina - 65
- Lake Moultrie - 37
- Lake Wateree - 34
This story was originally published July 14, 2023 at 1:07 PM with the headline "SC’s lake house market is booming. Here’s where it’s hottest, what it means for buyers and sellers."
