In the first six months of 2025 our total closed sales in dollars, land and homes totaled $97,700,689 up from $85,622,159 in the same period of 2024 or an increase of 14.11%. Closed sales on waterfront homes were up 26.87% in dollar sales in the first six months of 2025 over the same period last year. We have closed 60 waterfront homes this year compared to 74 last year, a decrease in unit sales of 18.92%. The average price of waterfront homes sold in 2025 is $1,007,053 up 21.93% over the same period in 2024. The median price of waterfront homes sold in 2025 was $899,000, up from $775,000 last year or a 16.0% increase.  In the first half of 2025, there were 26 waterfront homes sold for over $1M with the highest selling for $3.1M.  The same period of 2024, 16 waterfront homes sold for over $1M with the highest selling for $1.74M.  Obviously, the increase in total dollar sales this year reflects selling higher priced homes.

This year, 42 offshore homes have sold, and their total dollar sales were down 4.62% this year compared to last year. Waterfront lot sales are down 74.22% in dollar sales from last year, unit sales were down 75.56%.  There were 21 waterfront lot sales in the first half of 2025 compared to 86 in 2024. The low number of good quality waterfront lots contributed to that decrease.

All sales figures are from the Roanoke Valley Lake Gaston Board of REALTORS® MLS and do not reflect private sales.

Nationwide across the US, existing home sales increased by 0.8% from April to a seasonally adjusted rate of 4.03 million in May 2025. Year over year, sales declined 0.7%.

According to NAR Chief Economist Lawrence Yun, "The relatively subdued sales are largely due to persistently high mortgage rates. Lower interest rates will attract more buyers and sellers to the housing market. Increasing participation in the housing market will increase the mobility of the workforce and drive economic growth."

Mortgage rates today were 6.375% for a 30-year fixed-rate loan, 5.625% for a 15-year fixed loan on a primary home. On a second home or vacation home rates were 6.750%, plus added loan fees.  Mortgage rates have dropped slightly from the first quarter of the year.  Mortgage rates are tied to the ten-year Treasury Note which was 4.36% today.

I see a bright spot for housing in the “One Big Beautiful Bill”. The state and local tax (SALT) deduction increases from $10,000 to $40,000, with some limits. This applies to filers who itemize their deductions. They can deduct certain state and local taxes, including personal property and real estate taxes.

From looking at buyer activity and decreased unit sales, we can see that our local real estate market has cooled down. Home sales are down 17% and land (lot) sales are down 52%.  Median days on the market for homes in our location was 27 in the first half of 2025 compared to 13 days in 2024. 

According to real estate firm Redfin, second home & vacation home sales are down 52% from pre-COVID levels. 

The economics of buying a vacation home, either to rent out or use as a home office or weekend getaway, no longer adds up for many homebuyers. Blame higher mortgage rates, soaring home prices, inflation, low home inventory and the return-to-office trend that’s hurting the rental market.

“A lot of people can’t afford to buy one home right now, let alone a second,” said Taylor Marr, deputy chief economist at Redfin. Here’s why Redfin says potential buyers are shelving plans to buy vacation homes at the beach, lake or in the mountains – which the real estate brokerage notes “aren’t a necessity.”

Sticker shock, second homes are more expensive.  Nationwide, the average price of a second home is well over $800,000 compared to $503,800 for a primary home.

Vacation homes aren’t a necessity. Inflation and the lack of availability drove the prices up.  When housing costs go up and the market cools off, people back off second-home purchases.

The rental market has cooled.  Buying a second home as a rental property is less appealing now.

Working from home has slowed as companies have asked workers to return to the office.

Rising cost of insurance and rising maintenance cost are also factors.

Another consideration to owning a second home is the increasing cost of homeowner’s insurance.

The Consumer Confidence Index® dropped by 5.4 points in June, falling to 93.0 from 98.4 in May.  Stephanie Guichard, Senior Economist, Global Indicators at The Conference Board added: “Consumers’ write-in responses revealed little change since May in the top issues impacting their views of the economy. Tariffs remained on top of consumers’ minds and were frequently associated with concerns about their negative impacts on the economy and prices. Inflation and high prices were another important concern cited by consumers in June. References to geopolitics and social unrest increased slightly from previous months but remained much lower on the list of topics affecting consumers’ views.”

Our inventory of quality homes in the Lake Gaston market priced under $1M continues to be low. We do have many potential buyers waiting for a waterfront home priced below that range.  Appears the increased pricing in waterfront homes has priced many buyers out of the market.

If you have considered selling a Lake Gaston property, now is a great time. List your home before the market cools off even more. Buyer activity here increases after schools are back in session. Contact a full-time REALTOR® with working knowledge of the Lake Gaston market. Ask them to provide written data on properties sold and listed in this market. When listing your property, price it according to comparable ones on the market as well as properties which have sold in the past six months. Remember, buyers have more information available to them when searching for lake home properties than ever before, they pass over properties that are priced above the market value. Overpriced properties sit on the market and become stale. Eventually selling at a lower price because of high listing price at the start.

More people are enjoying the Lake Gaston area. We see growth in both residential and commercial development. Lake Gaston Realtors love helping people find their dream home or business at the lake!

Barney Watson is the owner of Lake Gaston Real Estate, LLC and he is the MLS President and Director for the Roanoke Valley Lake Gaston Board of REALTORS®.  His cell is 252-532-3274 and his website is www.lakegastonrealestate.com.

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.

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 This email address is being protected from spambots. You need JavaScript enabled to view it.  and website is www.lakegastonrealestate.com.

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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