The Cliffs and The Reserve at Lake Keowee Market Report December 31, 2024
Hello Friends and Neighbors,
Happy New Year! I hope 2025 is off to a wonderful start for you. The beginning of a new year offers a great chance to reflect on the highs and lows of the previous months and set new goals for growth. I hope you’re finding time to do just that as we all step into another year of opportunity.
Reflecting on 2024, I had the privilege of representing both the seller and buyer of 132 Mountain Shore Trail in The Cliffs at Keowee Springs. The sale price of $10 million, alongside an undisclosed amount for personal property (furniture, boats, etc.), set a new record. Thanks to the strength of our marketing efforts and the reach of the Sotheby’s International Realty network, we generated five separate offers from a variety of local and out of state buyers. Early in the process, we had two offers, but unfortunately the seller and buyers were unable to reach an agreement. In September, we received a new offer from a first time showing. Within hours, two additional buyers who had previously seen the home, also made offers. With three offers, we essentially created an auction-like atmosphere: we asked all three buyers if they wanted to amend their offer to their final and best. The seller accepted the offer that was the best for them when considering terms and price. This sale has had a notable ripple effect—many buyers who were sitting on the sidelines are now more actively pursuing properties, while sellers recognize the potential for increased value in their homes around Lake Keowee.
In fact, 2024 saw an increase in both listing and sale prices, not just in the Cliffs, but also in The Reserve. We saw a home sell for $8 million, and two properties near $7 million closed within weeks of the Mountain Shore Trail sale. Even more noteworthy: there’s currently another home listed at $10 million that’s already under contract. Prior to 2024, the highest sale price on Lake Keowee was $6.2 million.
A Fresh Perspective on Market Trends
This market report takes a slightly different approach than usual. We’ve decided to include data from 2019, the last full year before the pandemic-driven real estate rally began in 2020. As always, we start with an overview of the activity, followed by a deeper dive into the numbers. I hope the added historical context helps provide a clearer picture of where we’ve been and where we’re headed. As always, if you have any feedback or thoughts on this report, please feel free to reach out to me—I’d love to hear from you.
Strong Sales and Growing Confidence
The data below paints an optimistic picture. In The Reserve, we saw a remarkable 52% year-over-year increase in total sales volume, driven primarily by a 26% increase in the number of homes sold. While home site sales held steady compared to 2023, The Reserve’s 2024 performance is now just 3% below its peak year in 2021. In contrast, The Cliffs communities have experienced a 13% decline from their 2022 peak.
These two charts illustrate the number of property sales for homes and home sites at both The Reserve and The Cliffs. For context, The Reserve spans roughly 3,900 acres, while The Cliffs covers about 7,500 acres, so it’s expected that The Cliffs would have higher sales due to its larger size. Notably, The Cliffs saw its peak in dollar volume in 2022, while The Reserve reached its peak in 2021. Interestingly, despite the market fluctuations,
Broader Luxury Market Trends
As reported by Mansion Global, luxury home buying activity surged across some of the most affluent areas in the U.S. in November 2024. Markets like Manhattan, Miami, and Palm Beach, where deal-making on homes above $5 million increased substantially, are feeder markets for us. This trend reflects renewed confidence in the luxury real estate sector, proving that affluent buyers remain committed to finding their dream homes. In addition to this positive news, I’m excited to share that I’ve recently joined Realm®, an exclusive luxury real estate community. This membership offers me access to cutting-edge research, data, and curated luxury content, allowing me to network with top-tier professionals and connect with international buyers and sellers.
The 2025 Forecast
That said, not everything is rosy. In December, the U.S. Consumer Confidence Index dropped, largely due to growing concerns about economic conditions and global uncertainties. A key forward-looking measure, the Expectations Index, also showed signs of weakening. This could signal challenges for the market in 2025, particularly with persistent inflation and high interest rates. Reflecting on last year’s predictions, I have to admit: I was a bit off the mark! I had predicted a modest 3% increase in home prices, but the median sales price in both
This summary chart presents three key metrics for potential sellers: available inventory (represented by the orange line), sales for the calendar year (represented by the blue line), and the months of supply, or absorption rate. The months of supply estimates how long it would take to sell a property under the assumption that sales pace remains steady and no new properties are introduced to the market. A 6-month supply is considered a balanced, or neutral, market; 5 months or fewer indicates a seller’s market, while 7 months or more signals a buyer’s market.
January 1 - December 31
The Reserve and The Cliffs was up by 14%—a much stronger showing than expected. Given these economic factors, here’s what I forecast for the year ahead:
1. Inventory will remain low, especially for waterfront homes and home sites.
2. Home prices will likely experience a flat to moderate increase of 3%, reflecting the limited supply and desirability of properties in communities like The Reserve and The Cliffs. With prices already having risen significantly over the past five years, it seems unlikely this rapid growth is sustainable, but I don’t foresee a market correction this year.
3. The art of selling in this market demands a strategic, analytical approach. Buyers and sellers must set realistic expectations and work with professionals who can expertly present and market properties.
As demonstrated by the record-breaking $10 million sale of 132 Mountain Shore Trail, properties in these luxury communities are still in high demand. My team and I are here to help you navigate this dynamic market—whether you’re buying or selling. Please don’t hesitate to reach out if you’d like more information or would like to discuss your goals for the year ahead.
This summary chart presents three key metrics for potential sellers: available inventory (represented by the orange line), sales for the calendar year (represented by the blue line), and the months of supply, or absorption rate. The months of supply estimates how long it would take to sell a property under the assumption that sales pace remains steady and no new properties are introduced to the market. A 6-month supply is considered a balanced, or neutral, market; 5 months or fewer indicates a seller’s market, while 7 months or more signals a buyer’s market.
January 1 - December 31
David Vandeputte
Herlong Sotheby’s Internatioal Realty
148
The one for you
The market is constantly evolving. We stay on top of relevant market insights and what’s currently available in Upstate South Carolina.
A network like no other
Established in 1976, Sotheby’s International Realty is the only truly global luxury real estate company. Our unparalleled network works together to exceed your needs and expectations.
A trusted heritage, the Sotheby’s International Realty® brand is built on the centuries-long prestige of the world’s preeminent auction house. Our elevated standards and exemplary service and our unmatched reputation give our listings the best-in-class exposure and assures buyers they are working with a trusted partner.
Through our vast global footprint, local expertise, and powerful referral network, we ensure that the properties we represent receive the far-reaching and exposure they deserve.
