As summer winds to a close, we are experiencing a strong real estate market overall in the Lake Wylie area. The number of waterfront home listings are almost double what it was a year ago, we’re seeing mortgage rates drop a bit, and buyer activity picked up in July after a sluggish start to the summer — though properties are taking a bit longer to sell.
Here are market highlights at a glance:
In July, there were just seven waterfront homes and two dockable lot closings — down significantly from “the norm” — however there are currently 22 homes and 13 lots under contract on Lake Wylie, a huge jump from a month ago. Check out my webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales to see more details on properties that have closed year-to-date.
While listing inventory for waterfront homes has improved from historic lows the past two years, we’re still at about half the typical inventory pre-pandemic. In late summer 2019, there were 125 waterfront homes on the market and 100 lots — compared to 62 and 27, respectively, this year.
Among the current listings, there is overrepresentation in higher-priced properties. While just one-third of year-to-date sales were priced above $1.5 million, almost two-thirds of listings are in that price segment. Naturally, that means the buyers have more homes to choose from in the luxury segment, and the time on market will stretch out more for this category of homes.
Waterfront homes currently under contract have been on the market an average of 60 days, almost 50% longer than last year’s average. For recently sold and homes under contract priced $1.5 million and up, the time on market averages 78 days.
Waterfront Lots
As the area surrounding the lake becomes more developed, lot inventory will continue to be low. We’re seeing the low supply/high demand effect on lot prices, continuing to rise dramatically depending on the area of the lake and the view. The average price for dockable lots sold year to date is $615,000. Some of the higher priced parcels sold this year include a 2.4 acre property on Dam Road for $1.5 million, several 0.8 acre lots in McLean South selling for $725,000 – $950,000, and a 1.5 acre lot on Squirrel Lane in Lake Wylie for $785,000.
Though not as dramatic as the increase in lot prices, waterfront home prices continue to rise — with 85% of the lake houses on the market priced over $1 million. The rate of increase in price is slowing down, however, both on and off the lake.
General Market Trends
In the 6-zip-code area surrounding Lake Wylie, home closings year-to-date are down about 3.5% compared to last year. The average single-family home sells for $500,750, a 4% increase over last year. In 2021 and 2022, we were seeing 18-20% jumps in price from year to year, so a 4% increase indicates the market is stabilizing.
While non-waterfront properties are still selling much faster than pre-pandemic times, the length of time on market is stretching out a bit more than we were seeing in recent years, similar to what we’re seeing on the lake. It continues to be a “sellers’ market” — both on and off the lake — with buyer demand strong. If you have any questions or would like to discuss your property, give me a call.
I look forward to hearing from you!
Drew