Lake Realty Housing Market Report: May 2025 Update

By Chip Free

Chip Free is a seasoned real estate advisor with Lake Realty, a locally established firm in Lake Norman that his father founded over 30 years ago.

Not every home is flying off the market, and pricing mistakes cost sellers big. Despite elevated interest rates and numerous negative headlines, mortgage applications have been up for 14 weeks. That’s not something many expected, but it’s a clear sign that buyer demand is holding strong. In fact, the data shows that when rates stay between 6% and 6.49%, demand actually increases.

Inventory is rising, giving buyers more options. One of the most significant shifts this year has been the increase in available inventory. Buyers now have more choices, which is great news for anyone who felt rushed or boxed in over the past few years. However, that added inventory also means buyers can afford to be more selective. Homes that are updated, move-in ready, and priced right are still selling fast, often with multiple offers. But homes that miss the mark on price or presentation? They’re sitting. And when homes sit, we’re seeing price drops follow.

The homes that linger are seeing price pressure. The longer a home stays on the market, the more likely it is to face multiple price reductions. Sellers who aim too high at the start often adjust downward just to get attention. Ultimately, they may sell for less than they could have if they had priced correctly from the beginning.

Sellers must price right from day one. If you’re considering selling, the message is clear: you and your agent must be strategic. You can’t just pick the highest comparable and hope for the best. You need to make sure your home stands out among the competition. Otherwise, you risk chasing the market down and leaving money on the table.

Buyers have a unique opportunity right now. If you’re buying, this could be your chance. With more options and some softening on price, you don’t always have to rush into a bidding war. But if the home is well-priced and shows well, don’t wait too long; it will still move quickly.

If you’re ready to discuss strategy for your next move, I’m here to help. To get started, you can reach me at 704-806-2410, email me at chip@lakerealty.com, or visit chip.lakerealty.com. Whether you’re buying or selling, let’s ensure you’re set up for success from the start.