As summer approaches, the Lake Murray market maintains its position as the state’s 4th-largest overall

Its listings currently total $161 million.

“Right now, a lot of people aren’t choosing to sell,” said Lake Homes Realty’s Michael Murphy, who specializes in lake properties.

“Homeowners know they will probably get a better price when Lake Murray is at a more optimum water level, so many who plan to sell this year are waiting.”

Since fall 2018, the lake’s total market value has decreased nearly 25%, according to LakeHomes.com.

Lake Murray’s real estate market represents about 12% of South Carolina’s total $1.4 billion listing value.

This spring, Lake Murray ranks 3rd in the state with 314 listings of $55 million.

The number of land listings has decreased by nearly 10% since fall 2018. This lowered the lake’s market value down by nearly 16%.

However this decrease is less significant than the decrease in home market value, down almost 30% in the last 2 quarters from $149 million to $106 million.

Home inventory also decreased significantly, by 23% since last fall. Now about 204 homes are for sale in the Lake Murray market.

Lake Murray is responsible for 10% of all lake inventory in South Carolina’s 5,473 total listings.

Inventory decreases seem to be consistent across the state, as the total number of listings have dropped 11% since fall 2018.

With available listings down, the average home price on Lake Murray has decreased by about 8%, down from $494,000 in the fall to $454,000 this spring.

It’s no surprise that 51% of spring home listings on Lake Murray are between $250,000 and $500,000.

Inventory at these prices have increased about 3% in 240 homes for sale.

Homes listed lower than $250,000 are the 2nd-largest portion at 24%, up from 22% since fall 2018.

This spring about 26 homes are listed between $500,000 and $750,000.

For more information, contact Dezirae

McGee at dburnett@lakehomes.com