1st Quarter Lake Wylie real estate report

And just like that, the first quarter of 2024 is over. We’ve had a lively real estate market, with waterfront sales coming in at record levels:

In the chart above, the blue bars represent the number of Lake Wylie waterfront homes that have sold in first quarter of each year. The red bars represent the number of dockable lot sales. 


Waterfront real estate came out of the gate strong in 2024, posting home sales numbers equal to a record setting year in 2021. This is particularly impressive considering this year’s inventory levels (number of homes on the market) were 30% less than three years ago. 


Lot sales in first quarter of this year were about average in number, with available inventory less than half of what it was three years ago.


A caveat to consider is the short time period being compared. First quarter sales don’t always provide a reliable indicator of the year to come. January through March typically represents the slowest sales period of the year, illustrated in the following chart:

In the chart above, the blue line represents the average number of dockable waterfront homes sold each month during the past five years, and the green line represents this year’s sales. January and February sales this year were stronger than average, but March sales fell behind.


Typically, the first quarter of the year represents just 15% of annual sales, and the lowest number of listings available. Inventory and sales usually tend to pick up in early spring, leading into the primary sales season in warmer months.


At the end of March 2024, only 10 waterfront homes were under contract. Last year at the same time, there were 18, and the year before, 27. Thus it is reasonable to expect 2024 sales during April and May to fall well below average.


In the general market, non-waterfront home sales during first quarter dropped about 6% compared to the previous year, with a corresponding decline in inventory available.


Prices continue to rise


Home prices continue to rise, both on and off the lake. In the Lake Wylie area, the average price of non-waterfront homes is just under $500,000, an 11% increase from last year. Waterfront home prices have reached an average of over $1.3 million. For comparably sized homes, the waterfront premium is about $600,000 — which means a buyer should expect to pay an average of $600,000 more for a home on the water, compared to a similarly styled/sized home that is not waterfront.  While that figure will vary depending on the quality of home and the lot (size, view, location), it can provide a benchmark for a buyer to budget and set expectations.


Pre-pandemic, the waterfront premium was approximately $250,000, more attainable for buyer entry into the waterfront market. With rising real estate prices market-wide, however, most sellers are realizing significant profits when they sell their existing homes.


First quarter prices for dockable waterfront property is up considerably for both homes and land: 

In the chart above, the red line represents the average price for dockable waterfront lot prices, and the blue line represents waterfront home prices. Waterfront homes on Lake Wylie averaged $1,350,000 in first quarter 2024, up 2% from last year. Lot prices rose more dramatically, to $520,000 in first quarter. It should be noted that about half of the lots sold were in the premium-priced McLean developments in Belmont, where the average price was over $700,000 for lots sized up to one acre.


To view details of waterfront sales in recent months, please visit my webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales. If you have questions or wish to discuss your property, please give me a call. I look forward to hearing from you!