The Changing Landscape of Real Estate

For centuries, mankind has lived and worked close to resources that would sustain life. The original homesteaders worked their land, built their own homes, and subsisted on what they could produce. Fast-forward to the digital age of today when populations are mobile, people depend on computers, and more and more manufacturing jobs seem to require a knowledge base that our ancestors could not have imagined. Those that don’t work remotely but do travel to work each day may be in service trades, in teaching, or jobs that support other industries. That being said, where people choose to live now depends on many more factors. In today’s world, human nature and the ability to have multiple choices of where and how we live lead us to desire a home-place that is more than just shelter. Veteran realtor and Danville, Va. native Debra Fugate of Ramsey Yeatts Realtors says, “everyone deserves a home.” Real estate markets are dynamic, and understanding current trends can help buyers meet their specific needs for a home place that is more than just shelter.

It is difficult to pinpoint exactly how and what influences real estate market trends, but economic factors are still the biggest. The cost of living, what our money can buy, available home inventory, work and lifestyle needs, and the relative economic and cultural health of where we live all play a part. The digital age and Covid have permanently shifted many markets, not just the real estate market.

Lori Smith of West & Woodall Realty cites some trends that have remained constant with Hyco Lake real estate, and some that have changed. Lori herself lives at the lake and is a licensed realtor in Virginia and North Carolina.

She indicates that those who purchase lake homes are typically “cash buyers,” looking for a second home as a get-away for themselves and family. Available resources, therefore, may not be a factor for those buyers. Hanging out at the lake was something Lori did in her younger years as well. What has changed, however, signaling a shift at Hyco Lake, is the increase of permanent residents. It could be the cost of living is less at the lake, or maybe larger economic conditions have caused the sale of the other home. This in turn contributes to the fact that there are fewer properties available.

When Lori first started selling lake properties, she said, it was typical to have 50 to 60 active listings. At the time of this interview in early April of 2024, there were only about 10 active listings. People are simply holding on to what they have. Even if a resident wanted to upsize, downsize, or make a lateral move, available existing homes — lakeside or otherwise – are not as plentiful. Not only that, but the current economic climate is such that a person simply does not have the purchasing power they had as recently as five years ago. A zillion dollars doesn’t buy what it used to! All joking aside, that is definitely a real estate market factor driven by economic forces. It is indeed substantially less to live at Hyco Lake or the nearby region compared to Raleigh, Durham, or even Chapel Hill, but there are trade-offs.

Working from home, once mandated, has now become a more mainstream lifestyle choice. Access to high-speed and reliable internet connectivity certainly factors into the Hyco Lake real estate market. Connectivity, at least at Hyco Lake, has been steadily improving, but, like everything in the digital age, we want it faster and cheaper. Working from home in our pajamas is indeed a reality, albeit a scary one to envision for some of us. But those who choose lake life and can find a home to accommodate their family and recreational needs need to carefully weigh their priorities. In some locations, you may have to make the choice if you are going to surf the web or surf the wake. Lori said she “can’t imagine anyone not wanting a lake house,” and there are still properties for sale and lots to be developed.

Also, did I mention there are some great little coffee shops and hangouts just nearby in Roxboro, South Boston, and Danville if you are feeling disconnected.

The real estate landscape in Danville is more complex than at Hyco. Just 22 miles northwest of Hyco Lake, Danville has done some serious catching up in the last five years in the digital landscape and housing market. It was recognized in 2021 by the Center for Digital Government as one of the “Top 10 Digital Cities” in their population category. That’s the kind of forward thinking needed to address population growth and housing needs. In that sense, trends in local government can certainly play a role in the real estate market landscape. Once a “mill town,” Danville has had to come to grips with renovating, repurposing, and re-imagining much of its downtown real estate, while still appreciating the history and culture that was Danville’s identity.

Debra Fugate commented that the city developed a “mindset of change and the need for it.” “It is about where you live and what you do while living there.” The renovation project of the White Mill adjacent to downtown, along with a new housing development (also adjacent to the River District) including 34 townhomes and 60 apartments, is evidence that the housing shortage is being addressed.

My research indicates that there are at least 13 neighborhoods, all within the City of Danville, that have single family homes. Some are large, stately, and historic while others are traditional, mid-century, or modern. It all depends on a person’s taste and price point. What is similar to the Hyco Lake market is that inventory is limited because people are staying longer and are reluctant to move for the same reasons. Danville’s cost of living is reported to be 28 percent lower than the national average, and because of trending options to work remotely and a stable and diverse manufacturing sector, the market for home buyers has expanded from local and regional to national.

Debra regularly gets calls from across the nation. People are also looking at Danville homes as investments as rental properties. Further evidence of economic trends that shape the real estate markets. There are also buyers who want to set up a homestead on a few acres. Pittsylvania County has those offerings as well, where you could be 20 minutes from city amenities and still have fresh eggs from your own chickens. Debra said that Danville really does have a “small town feel,” and yet has many larger city amenities.

The Hyco Lake and Danville real estate landscape has indeed changed, but continues to maintain a desirable lifestyle culture with lower costs of living. Government investment in housing and infrastructure has also drawn people to the region, thus increasing demand for existing homes. Less big-city logistical stresses, the ability to work remotely, and recreational amenities make the region shine – things that longtime residents have known and appreciated for years. The bottom line is that trends in the real estate market are still primarily driven by economic forces. Supply and demand, the ability to purchase, the value a buyer can get for their dollar, and job choices are decision makers.

Your need may be a home on the lake, a few acres in the country, a loft in the River District, or a home in one of the many other neighborhoods within the growing city of Danville. Maybe a home in a new development within an easy commute to work suits you best? Contact a professional real estate agent like Lori Smith or Debra Fugate to help you navigate your way through the changing real estate landscape in Danville, Hyco Lake, and the surrounding region.

Lori Smith
West & Woodall Real Estate
Ramsey Yeatts Realtors
(804) 241-3065
[email protected]

Debra Fugate
Ramsey Yeatts Realtors
(434) 489-1026
[email protected]