Spence Plantation Lexington SC Lake Murray: 2025 Market Review and 2026 Outlook
Why Home Buyers Are Choosing Spence Plantation
Nestled along the shimmering shores of Lake Murray in Lexington, South Carolina, Spence Plantation stands out as a premier gated community offering an idyllic blend of luxury living and natural beauty. Highlighting the year's market strength, the top sale in Spence Plantation was the stunning estate at 218 Captains Watch, which closed at $8,250,000 - also marking one of the highest sales on Lake Murray in 2025.
This exclusive neighborhood, known for its serene lake views and upscale amenities, attracts families and retirees alike who seek a peaceful retreat with easy access to water activities. With homes ranging from 2,400 to over 9,500 square feet, Spence Plantation provides spacious, custom-built residences that embody Southern elegance. Residents enjoy private lake access, including a community dock and boat ramp, making it perfect for boating enthusiasts. The community is zoned for the highly regarded Lexington One School District, featuring Lake Murray Elementary, Beechwood Middle School, and Lexington High School, ensuring top-tier education for families.
What sets Spence Plantation apart is its commitment to a luxurious lifestyle within a secure, gated environment. Annual HOA fees of around $595 cover common area maintenance, road upkeep, street lighting, and green spaces, fostering a well-maintained and vibrant community. Whether you're lounging by your private pool, grilling under a covered gazebo, or launching your boat for a day on Lake Murray's 50,000 acres of water, the neighborhood offers endless opportunities for relaxation and recreation. Its convenient location near Highway 378 provides quick access to downtown Lexington and Columbia, blending tranquility with urban convenience.
Spence Plantation - The Patrick O’Connor Team
Table of Contents
Introduction to Spence Plantation and its appeal.
2025 Spence Plantation Sales
Spence Plantation Schools
HOA Details and Inclusions
Living in Lexington, SC
2026 Outlook for Spence Plantation
Buying a home in Spence Plantation
Lake Murray Resources
Spence Plantation - The Patrick O’Connor Team
2025 Sales Highlights in Spence Plantation
2025 was a robust year for real estate in Spence Plantation, with several notable closings that underscore the area's desirability and value appreciation. Here's a look at some key transactions:
218 Captains Watch: The standout sale of the year, this luxurious 9,500-square-foot waterfront mansion on 3.17 acres closed for $8,250,000 in March 2025. Featuring expansive lake views, high-end finishes, and premium amenities, it set a new benchmark for luxury in the community and ranks among the top sales on Lake Murray overall.
150 Morning Lake Drive: Another impressive waterfront property, this custom-built home by Dunbar Builders sold for $3,285,000 on February 21, 2025. Offering 5 bedrooms, 5.5 bathrooms, and 5,866 total heated square feet on 0.70 acres with 190 feet of Lake Murray shoreline, it includes a gourmet kitchen, primary suite with spa-like bath, media room, saltwater pool, hot tub, and private dock with boat lifts. Originally priced at $3,295,000, it closed at $649.85 per square foot.
108 Morning Shore Court: This 5-bedroom, 4.5-bathroom traditional-style home spanning 6,221 square feet closed for $1,150,000 on May 9, 2025. Built in 1998 on 0.65 acres, the resale features an open floor plan, hardwood floors, a gourmet kitchen with granite counters, a sunken great room with fireplace, and an in-ground vinyl pool. It includes a side-entry three-car garage and lake access via the community boat ramp. Listed at $1,200,000, it sold at $184.86 per square foot.
1 Due West (Lot #1): A 0.88-acre cleared lot ready for building, with a septic permit for a five-bedroom home and serene lake views, sold for $139,000 on June 9, 2025. Originally listed at $149,000, it fetched $157,955 per acre, appealing to buyers eager to construct their dream home.
These sales, along with reports of at least five luxury homes closing well over $1,000,000, demonstrate a healthy market with properties moving quickly - often in under a week - and closing near asking prices, driven by the community's prestige and Lake Murray's appeal and Spence Plantation’s desirable location.
Spence Plantation Schools
Education remains a cornerstone of Spence Plantation's appeal, with homes zoned for the acclaimed Lexington County School District One, which saw district-wide academic score increases in 2025 and aligns with five-year performance targets. The district consistently outperforms state averages. Lake Murray Elementary School (K-5) received an "Excellent" in Academic Achievement and "Excellent" in Multilingual Learners' Progress, ranking highly among South Carolina elementary schools. Beechwood Middle School (6-8) achieved "Excellent" in Academic Achievement. Lexington High School (9-12) maintained its "Excellent" overall rating, excelling in graduation rates (around 90% or higher), college and career readiness, and advanced coursework opportunities, making it a top choice for preparing students for higher education and beyond. These schools emphasize student progress, with the district's students scoring eight points higher than the state average in English Language Arts and outperforming at every grade level, ensuring families in Spence Plantation have access to top-tier, award-winning education.
HOA Inclusions in Spence Plantation
Spence Plantation in Lexington, SC, features an annual HOA fee of approximately $595, which covers essential inclusions such as common area maintenance, road maintenance, street light maintenance, and green areas, ensuring the community remains well-kept and vibrant. A key highlight is the gated neighborhood aspect, providing private, gated entrance for enhanced security and exclusivity, fostering a secure environment for residents. Additionally, the HOA supports Lake Murray access through a shared community boat ramp and dock, allowing easy entry to the lake's over 50,000 acres for boating, fishing, and water sports, along with amenities like a fishing supply and water sports store within the neighborhood. This combination of maintenance services and recreational access makes Spence Plantation an appealing choice for those seeking a luxurious, gated lakeside lifestyle.
Living in Lexington, SC
Lexington, South Carolina, is a vibrant suburb located southwest of the state capital, Columbia, in the heart of the Midlands region. Established in 1735 as part of the colonial township of Saxe Gotha, the town boasts a rich history tied to early European settlement and was later named after the Revolutionary War Battle of Lexington when the county was formed in 1804. With a population of approximately 25,354 in 2025, growing at an annual rate of 1.66%, Lexington is one of the fastest-expanding municipalities in the state, reflecting its appeal as a blend of historical charm and modern suburban living. The broader Lexington County has seen even more robust growth, with its population reaching an estimated 309,528 in 2023, driven by rapid suburban expansion since the 1950s.
The town's prime location offers residents easy access to major highways like US-378 and I-20, connecting to Columbia in just 20-30 minutes for work, airports, and cultural hubs, while providing a peaceful retreat near Lake Murray's 50,000-acre reservoir—ideal for boating, fishing, and outdoor recreation. Attractions abound, including upscale accommodations, gourmet and Southern dining options, vibrant shopping districts, parks, golf courses, and community festivals that cater to all ages.
Positive Outlook for Spence Plantation in 2026
Looking ahead to 2026, the market in Spence Plantation is poised for continued strength and growth. With low inventory, sustained demand from buyers seeking gated lake communities, and the overall appreciation in Lake Murray properties, we anticipate steady price increases across homes and lots. Factors like the award-winning school district, enhanced amenities, and proximity to Columbia's expanding economy will fuel a robust market. Experts project 5-10% year-over-year appreciation, making it an ideal time for investments. Whether you're buying, selling, or building, Spence Plantation's blend of luxury and lifestyle promises a bright future.
Ready to Explore Spence Plantation?
If this neighborhood has caught your eye and you're ready to take the next step toward lakeside living, reach out to local Lake Murray realtor Patrick O'Connor for expert guidance. Homes don’t come on the market often and Patrick can help make sure you’re the first to know about new availability in the neighborhood. With his deep knowledge of the area and proven track record, he can help you find the perfect property. Contact him and his team below.
Lake Murray Resources
Bars, Restaurants & Parks Around the Lake
Lake Murray is one of South Carolina’s premier lake destinations, offering a unique mix of waterfront dining, laid-back bars, and expansive public parks. Below is a comprehensive, copy-and-paste-ready resource list highlighting the bars, restaurants, and parks located on or directly serving Lake Murray.
Waterfront Bars & Restaurants on Lake Murray
These locations are either on the water or accessible by boat, making them favorites for lake days, sunset dinners, and summer weekends.
Liberty on the Lake – One of Lake Murray’s most popular waterfront restaurants, known for live music, a large outdoor deck, and sunset views. Boat-accessible.
Catfish Johnny’s – Casual seafood favorite located at Rusty Anchor Marina, accessible by land or boat.
Rusty Anchor – Marina restaurant offering burgers, seafood, and lakefront seating.
Fiddler Blues – Relaxed lakefront dining with American favorites and outdoor seating.
Martin’s Landing – Long-standing lakeside bar & grill with marina access.
Big Man’s Marina – Dockside food stop popular with boaters.
SouthShore Grill & Grocery – Marina grill and convenience stop frequently visited by boaters.
DoLittle’s Watering Hole – Lakeside bar located at Fat Frogs Marina, known for drinks and laid-back vibes.
Higher Ground Char House – Upscale dining and steaks close to the lake.
Tipsy Toad Tavern – Local favorite for drinks and casual food.
Lazy Creek Taphouse – Craft beer destination with an outdoor beer garden.
Craft & Draft – Extensive beer selection near the lake corridor.
J.R. Cash’s Grill & Bar – Popular neighborhood grill close to Lake Murray.
Na’cho Margarita – Mexican restaurant and margarita bar near lake communities.
San José Mexican Restaurant – Well-known Mexican dining option near Lake Murray.
Tavern on 6 – Casual tavern-style dining and drinks.
Parks & Outdoor Recreation on Lake Murray
Lake Murray offers some of the best public lake access and outdoor recreation in the Midlands.
Dreher Island State Park – Flagship Lake Murray park featuring hiking trails, camping, fishing piers, beaches, and boat ramps.
Lake Murray Public Park – Popular lakefront park with picnic areas, swimming, and playgrounds.
Lake Murray Dam North Recreational Area – Scenic park near the dam with fishing, picnic areas, and lake views.
Saluda Shoals Park – Large recreational park offering walking trails, river access, and nature areas near the lake.
Crooked Creek Park – Community park serving the Chapin side of Lake Murray.
Moore Park – Multi-use park close to lake neighborhoods.
Sunset Park – Quiet park on the western side of Lake Murray with lake access.
Bomb Island – Famous seasonal bird-watching destination accessible by boat.
Goat Island – Natural island often visited by boaters.
Siesta Cove Marina & RV Park – Marina park offering lake access and overnight accommodations.
Why Lake Murray Stands Out
From dock-and-dine waterfront restaurants to state parks and island destinations, Lake Murray offers an unmatched lifestyle for boaters, families, and outdoor enthusiasts. Whether you’re spending the day on the water, grabbing dinner by boat, or enjoying a quiet sunset at the dam, these resources define what makes Lake Murray one of South Carolina’s most desirable lake communities.
Best Real Estate Agent in Elgin, SC
Thinking about a move to Lake Murray? Work with Patrick O’Connor.
Patrick O'Connor is the founder and leader of The Patrick O'Connor Team at Coldwell Banker, specializing in real estate across the SC Midlands including Lake Murray real estate. As a top realtor, he has assisted over 1,500 families in buying and selling homes and is recognized as the #1 Coldwell Banker team in South Carolina, Patrick brings unparalleled expertise in the Midlands of South Carolina real estate market, earning accolades for his dedication and success in the industry.