December 2024
The last month of 2024 ended fairly strong, maintaining most of the trends we saw throughout the year. Closed Sales were up 18%, with 45 homes selling in December 24 compared to 38 in December 23. New Pending Sales were down slightly, with 30 last month compared to 35 last year. New Listings increased, with 3 more homes listed this past December compared to last year. Total Active Inventory remains higher than past years, seeing a 42% increase over 2023. Days on Market increased, however, this is most likely due to more stagnant properties selling later in the year. As we’ll breakdown below, DOM was relatively flat year over year.
Year to Date – January- December
Looking at the year as a whole, there are very little changes from 2023. There were only two less homes sold this year compared to 2023, and Dollar Volume only dropped 3%. Average Sold Prices for homes was down 2.5%, settling at $621,598 for 2024. Days on Market shifted slightly, with homes selling in an average of 69 days. Nearly 30% of homes are still selling in 0-10 days, with 47% selling in 30 days or less. As the market steadies, we are seeing more homes stay on the market longer, which is an indication of a more steady market.
Deep Creek Lake Year End Statistics
In 2024, there were 85 Lakefront properties sold, compared to 81 in 2023. The average price for a detached Lakefront home in 2024 was $1,713,460. In comparison, the average price for a detached Lake Access home was $831, 434. There were 84 Lake Access properties sold in 2024 compared to 97 properties in 2023.
Buyers
Now is great time to start your real estate journey! Getting connected with an agent now means you’ll be ready to make an offer when the right home comes on the market. With the right agent, you’ll get so much more than just someone opening doors. The agents at Railey Realty form a solid foundation with their clients, getting to know what their wants and needs are, and making sure they’ve always got their best interest in mind. Working with an experienced and local agent means they know how best to help you in our particular market. Things like suggestions for lenders, questions about vacation rental permitting, which areas of the lake are best for deep water – these are things only a knowledgeable agent will know!
Sellers
Get ahead of the spring market and list your home today! Total Active Inventory drops after the first of the year, but buyers are still active! Especially during the busy winter season at the lake. It’s also a great time for buyers to purchase, especially if they have plans to use the home for the upcoming summer months. The agents at Railey Realty not only offer a free competitive market analysis, but they also can provide suggestions to get your home ‘for sale’ ready. State of the art photography, aerial drone photography, video, and strategic marketing are just the beginning of all our agents offer their clients!
Connect