Dear Valued Clients,

As we embark on an exciting new year, I'm thrilled to share our insights and outlook for the luxury real estate market in 2025. Despite the challenges we faced in late 2024, including the presidential election uncertainty, Hurricane Helene's impact, and economic fluctuations, the Damian Hall Group (DHG) remains incredibly optimistic about the opportunities ahead.

Market Outlook for 2025

We anticipate a rebound in the luxury real estate sector. Industry forecasts suggest a 10-15% increase in home sales, driven by:

• Easing of the "lock-in effect" as mortgage rates stabilize
• Increased inventory as more homeowners feel comfortable selling
• Pent-up demand from buyers who delayed purchases in 2024

Our Markets

Lake Keowee

As we move through 2024, monitoring these trends will be crucial for both buyers and sellers in the Lake Keowee luxury real estate market. The area's natural beauty, coupled with its high-end amenities, continues to make it an attractive destination for luxury home buyers and investors alike. 

Investors and buyers should note the continued appreciation in property values, especially in premium locations. The limited inventory in the luxury segment is likely to maintain upward pressure on prices, making it a potentially favorable market for sellers.

The luxury segment of Lake Keowee's real estate market has shown resilience and growth:

Waterfront homes have seen particularly strong appreciation, with prices increasing by over 7% in the past year

Property Categories and Values

Direct Waterfront Properties

• Average Price: $1.2 million

Luxury Gated Communities

• The Reserve at Lake Keowee: 9.2% average annual appreciation

Cliffs Communities: 8.7% average annual appreciation

• Average home values: $850,000 – $3.5 million

Non-gated Waterfront Properties

• Annual appreciation: 7.5%
• Average home values: $600,000 – $2.5 million

We are looking forward to having an office home at the lake when our Lake Keowee office opens this spring! "Blackstream at the Lakes" will help support DHG operations in this very important lifestyle market. 

Greenville

Recently ranked as one of the top 10 hottest markets for 2025, Greenville continues to attract buyers with its vibrant downtown and growing economy. The luxury real estate market in Greenville, SC for properties over $1,000,000 has experienced significant activity in 2024. This segment of the market has shown strength, with several notable sales and listings throughout the year. Three Greenville area sales crossed the $4M mark. The high end property sales are spread across various neighborhoods, from downtown Greenville to suburban areas, indicating broad appeal across the city. At the same time, proximity to downtown remains one of the top requirements we are hearing. 

The luxury real estate market in Greenville is poised for continued growth:

• Projections indicate a 5.7% increase in housing prices and an 11.4% growth in sales for the overall Greenville market in the coming year.
• The luxury segment is expected to benefit from Greenville's recognition as one of the top 10 housing markets positioned for growth.
• With a strong local economy and growing population, demand for high-end properties is likely to remain robust.

Greenville's luxury real estate market over $1,000,000 demonstrates strength and resilience. With a variety of high-end properties available, increasing sales prices, and growing interest from affluent buyers, the market is well-positioned for continued success in 2024 and beyond. 

5 Tropicana Court, our Paris Mountain Masterpiece, currently sits as one of the top two premium luxury homes on the market at $4,250,000. 

Hilton Head

The luxury real estate market on Hilton Head Island has shown remarkable resilience and growth, despite broader economic uncertainties.

The luxury segment in Hilton Head Island, defined as properties over $1,000,000, has experienced significant activity in 2024. The median sold price for luxury homes reached $1,802,000 in Palmetto Dunes, one of the island's premier communities. This represents a slight decrease of 1.5% compared to the previous year, indicating a stabilizing market after the rapid appreciation seen in recent years.

Seasonal Patterns: The market is becoming more year-round, with significant activity observed even during traditional off-seasons like November and December.

The Hilton Head luxury market is poised for continued strength in 2024. While there's been a slight softening in the ultra-luxury segment, this is typical during election years. As interest rates are expected to decrease, we anticipate increased competition and potentially a return to multiple-offer scenarios, especially in the most desirable locations

The Hilton Head luxury real estate market remains robust, with stable prices and increasing inventory providing opportunities for both buyers and sellers. The island's enduring appeal, combined with its world-class amenities and natural beauty, continues to attract high-end buyers looking for both primary residences and vacation properties.

I had the honor to attend Nickey Maxey's (my Partner in our Blackstream | Christie's office in HHI) incredible listing launch party at 50 Marsh Island Road in Sea Pines. Once inhabited by Sea Pine's original developer, this island dream is on the market for $11,500,000. Take a Tour

Cliffs Communities

We remain one of the leading resale agents in the Cliffs Communities. The Cliffs communities are experiencing remarkable growth and heightened market activity across all regions. Both the Mountain and Lake regions have seen substantial increases in average list and sold prices year-over-year, accompanied by a significant reduction in average days on the market. This combination of rising property values and faster sales underscores the strong demand for luxury homes in these exclusive communities. With their unmatched lifestyle offerings and desirable locations, the Cliffs continue to attract discerning buyers, making it an opportune time for sellers to capitalize on the thriving market.

Mountain Region 

Cliffs at Glassy - Cliffs Valley - Cliffs at Mountain Park

The Cliffs Mountain Region continues to show a strong market performance. In 2024, the average list price rose to $1,529,589, a 24.1% increase from $1,232,357 in 2023. Similarly, the average sold price increased by 24.6% to $1,407,966 from $1,130,233 in the prior year. Notably, homes spent less time on the market, with the average days on market decreasing by 20.6 days, reflecting a robust demand for properties in the area.

Lake Region

Cliffs at Keowee Springs - Cliffs at Keowee Vineyards - Cliffs at Keowee Falls

In the Cliffs Lake Region, the upward trend is even more pronounced. The 2024 average list price of $3,338,271 represents a 32.4% increase over 2023's $2,520,920, while the average sold price grew by 35% to $3,068,579 compared to $2,272,458 last year. Additionally, properties moved faster, with the average days on market dropping by 11.2 days to just 78.9 days in 2024.

This data highlights the continued desirability and competitive nature of the Cliffs communities, making it an excellent time to capitalize on the market trends, whether buying or selling.

Western North Carolina

The luxury real estate market in Western North Carolina, encompassing Asheville, Tryon, Highlands-Cashiers, and beyond, is experiencing an unprecedented boom. Despite high interest rates soaring above 7%, the market is thriving, driven by record high financial markets, inbound migration, and limited inventory across the region. This economic strength is reflected in the substantial number of cash transactions, with over 75% of all deals exceeding $2 million being closed as all cash. This trend highlights the confidence and financial stability of buyers investing in our exquisite properties. In late December, 2023, we initiated a record sale for the City of Asheville with 39 Sunset Summit selling for north of $6M.

Inbound migration to the Mountains of Western North Carolina continues its meteoric rise, from states like Texas, Florida, New York and California. Buyers are drawn to this area for its natural beauty, tempered four season climate, world class arts and entertainment, and proximity to national and international airports.

Tryon

The Foothills Region experienced a significant increase in the Ultra-Luxury price point as of the second quarter of 2024, with five completed sales compared to zero in the second quarter of 2023. 

The demand for expansive equestrian properties in these regions remains robust, driven by proximity to the Tryon International Equestrian Center and the area's rich equestrian heritage. Properties offering extensive acreage, modern equestrian facilities, and accessibility to equestrian events are particularly sought after.

With a combination of high-quality properties, strong demand, and the area's reputation as an equestrian haven, the market continues to attract discerning buyers. However, limited inventory means that desirable properties often command premium prices and may sell quickly. For both buyers and sellers in this market, working with a realtor who specializes in nuanced equestrian properties is crucial to navigate this unique and competitive landscape.

This fall we opened Blackstream | Christie's International Real Estate, or "Blackstream in the Foothills" in Landrum. We are the only international luxury real estate brokerage invested in, and located within, the foothills market. I've personally represented some of the finest homes in the area. From historic homes in Tryon with names like Merrywood, Windsong, and Mary Alice Monroe's Windover Estate, to holding the standing record sale in Fairview Farms. Selling farms with names too... like Hummingbird Hill, Journey's End Farm and the Fairwinds Castle. Additionally, we still hold the record sale on Lake Lure, with the sale of "Parabull's Point". 

Highlands-Cashiers, NC

This mountain retreat continues to attract high-net-worth individuals seeking second homes. We anticipate strong growth in the luxury segment throughout 2025. The Ultra-Luxury market $2M+ has surged in the third quarter within the Highlands area, while Cashiers saw more restrained activity in this segment.

Across the region, cash transactions are dominant in both the Luxury and Ultra-Luxury markets, with interest rates currently holding around 6.50% as we move into the fourth quarter. Lake Toxaway remains steady, with Luxury and Ultra-Luxury sales echoing third quarter figures of 2023, indicating stability that may appeal to long-term buyers and investors.

Highlands continues to attract buyers from regional centers like Atlanta and Birmingham, along with interest from coastal cities such as Charleston and Savannah. The cool climate, vibrant arts and dining scene, and expanding outdoor recreation options make Highlands particularly appealing. The Ultra-Luxury segment saw a substantial 70% year-over-year increase, rising from 17 sales in the third quarter of 2023 to 29 in the third quarter 2024. Conversely, the Luxury and Mid-Market segments have seen a leveling off of closed sales in. While properties under contract remain stable, the typical seasonal dip in activity is expected as we move through the holiday season.

Our firm hit a remarkable milestone in North Carolina's real estate history with the listing of Sagee Manor, the most expensive property ever listed in the state, at just under $50M dollars. This ultra exclusive estate epitomizes the allure and grandeur of luxury living in our region. Sagee Manor was unveiled to the public via our partnership with Christie's International Real Estate in conjunction with the Wall Street Journal. Check out my Tour Video for a look inside. 

While Sagee Manor has set records for the most expensive listing in North Carolina history, we've also seen other record setting closings in our firm as of recently. At the time of closing, 1416 Barbee Road, represented by Joy Pharr, was the highest priced home ever sold in Shelby. This highlights the fact that buyers across the region see value in a slower pace of life while still having close proximity to larger metropolitan cities such as Charlotte and Greenville.

Innovative Marketing: Setting Records Through Storytelling

In 2024, we committed to doubling down on the innovative marketing strategies that have helped us set records and propel our properties to international acclaim. With the addition of a Full Time Videographer and Social Media Manager, we launched DHG | Studios. Our full-time, in-house visual content team isn't bound by typical financial limitations. Instead, we invest whatever time and resources necessary to capture your property's unique essence. This commitment allows us to craft a bespoke marketing strategy for each listing, tailored to showcase its distinctive features and appeal to discerning buyers. We don't simply dispatch a photographer for a quick photoshoot. Our process begins with an in-depth exploration of your property's story. We meticulously plan every aspect of our visual narrative, from cinematic property films that transport viewers into the heart of your home, to engaging Instagram Reels that capture attention in seconds, to immersive virtual tours that allow global buyers to experience your property from anywhere in the world.

By amplifying our listings through strategic distribution across social media, targeted email campaigns, and premier partnerships with leading luxury real estate platforms, we ensure our properties receive unrivaled global exposure to the most discerning clientele. This powerful combination of awe-inspiring content and data-driven marketing has propelled our listings to achieve record-breaking sales, time and time again.

Additionally, our global press strategy has amplified exposure for our listings. By securing earned media in prestigious publications, we’ve built trust and credibility with discerning buyers. This ensures that the eloquent picture we've painted of the property reaches its potential buyer.

Looking Ahead

While Q4 2024 saw a big slowdown in the luxury market due to various factors, we're bullish on 2025. The post-election rebound is already evident, with inquiries, pending home sales and mortgage applications on the rise.

Our affiliation with Christie's International Real Estate continues to provide our clients with unmatched global exposure. This partnership allows us to showcase your property to a network spanning nearly 50 countries and territories, ensuring maximum visibility in the international luxury market.

As we move into 2025, we're excited about the opportunities that lie ahead. At DHG, we're not just selling homes; we're crafting experiences and delivering results that exceed expectations. Our commitment to innovation, coupled with our deep understanding of local markets, positions us uniquely to serve you in the year ahead.

Thank you for your continued trust and partnership. Here's to a prosperous 2025!

Warm regards,

Damian 

We sell where we live. boat. ride. weekend. summer. 

GREENVILLE  |  LAKE KEOWEE  |  TRYON  |  HIGHLANDS  |  HILTON HEAD