In the first four months of 2025 our total closed sales, land and homes have totaled $57,128,747 up from $53,716,174 the same period of 2024 or a increase of 6.35%. Closed sales on waterfront homes were up 22.39% in dollar sales in the first four months of 2025 over the same period last year. We have closed 43 waterfront homes this year compared to 45 last year. The average sold price of waterfront homes in 2025 is $1,054,530 up 28.08% over the same period in 2024. The median sold price of waterfront homes sold in 202 was $917,300, up from $749,000 last year or a 22.47% increase. There were 17 waterfront homes sold for over $1M in the first four months of 2025 as compared to 9 sold in 2024 with the most expensive being $2,775,000.
This year, 23 offshore homes have been sold. The average sold price of these homes in the four three months was $264,048, up 28.78% from the same period last year. Waterfront lot sales are down 53.97% in dollar sales compared to last year with 13 sold in the four months of 2025 compared to 25 sold last year.
All sales numbers are from the Roanoke Valley Lake Gaston Board of REALTORS® MLS and do not reflect private sales.
Existing-home sales fell 5.9% month-over-month in March 2025. Year-over-year, sales were down 2.4%.
According to NAR Chief Economist Lawrence Yun, "Home buying and selling remained sluggish in March due to the affordability challenges associated with high mortgage rates. Residential housing mobility, currently at historic lows, signals the troublesome possibility of less economic mobility for society."
In the Lake Gaston area, our unit sales were down 16.0% for the first four months of 2025 as compared to the same time period of 2024. This includes homes and lots/land.
As of April 2025, the Consumer Confidence Index dropped by 7.9% from March levels.
“Consumer confidence declined for a fifth consecutive month in April, falling to levels not seen since the onset of the COVID pandemic,” said Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board. “The decline was largely driven by consumers’ expectations. The three expectation components—business conditions, employment prospects, and future income—all deteriorated sharply, reflecting pervasive pessimism about the future. Notably, the share of consumers expecting fewer jobs in the next six months (32.1%) was nearly as high as in April 2009, in the middle of the Great Recession. In addition, expectations about future income prospects turned clearly negative for the first time in five years, suggesting that concerns about the economy have now spread to consumers worrying about their own personal situations. However, consumers’ views of the present have held up, containing the overall decline in the Index.”
Home buyers are seeing mortgage rates at 6.825% for a 30-year fixed mortgage for a primary home and 7.50% for second homes. There are also extra up-front fees involved for buying a second home, ranging from 1.125% to 3.875%. The 10 year Treasury Yield stands at 4.485%. The yield has remained above 4% for over a year which has kept mortgage rates elevated.
Interest rates have a direct impact on the real estate market. Current interest rates are fairly low. If you are thinking about selling your Lake Gaston property, now is the time to act before interest rates increase even more.
Inflation rate for April 2025 is 2.31% as compared to April 2024 of 3.36%.
There is good news for buyers too. Despite low inventory in the market, there are still buyers eagerly waiting for the right property to become available. If you are considering selling, you most likely will find a buyer quickly.
To attract these buyers, it is important to price your property right the first time. Getting advice from a full-time REALTOR® that provides you with written information on the current market conditions is essential. This will help you understand the competition and set a reasonable price for your property.
As a REALTOR®, I closely watch the market. I am always happy to provide my clients with my professional opinion on the value of their property. Whether you are thinking about selling or just curious about the current market conditions, reach out to me. I am here to help you make informed decisions regarding your property. The real estate market is constantly changing. You must be informed to make the best decisions for your property.
Barney Watson is the owner of Lake Gaston Real Estate LLC and he MLS President for the Roanoke Valley Lake Gaston Board of REALTORS®. His cell is 252-532-3274 and his website is www.lakegastonrealestate.com.