Happy holidays, everyone! As we round out 2024, let me say how grateful I am for each of you. I appreciate the time you spend reading my newsletters and trust you place in me to keep you updated on Lake Wylie trends and help you market your waterfront properties.
In spite of the surrounding real estate market being flat, or slightly down, in sales compared to 2023, this year’s waterfront sales on Lake Wylie are up considerably. Check out these highlights:
November closings included 8 waterfront home sales — with a $3.3 million home on the Allison Creek peninsula — plus a $715,000 lot in The Sanctuary. In addition, there are 14 lakefront homes and one waterfront lot under contract.
Listings have dropped, however, which is typical as we enter the winter months. Lot listings are at the lowest level since we started tracking the data (about 18 years ago!).
More than 80% of waterfront home listings are priced above $1 million. The types of homes available in different price brackets has changed remarkably since the pandemic, and many buyers are finding they must adjust their expectations on what their budget might buy on the lake. In general:
- Homes priced under $1 million average about 1350 square feet, have up to 3 bedrooms and 2 baths, and are typically over 40 years old.
- In the $1 million – $1.5 million bracket, homes average 3000 square feet, usually have 4 bedrooms/3 baths, and are around 25 years old.
- For $1.5 million – $2 million, the buyer can expect a home around 4025 square feet, 4 bedrooms/4 baths, between 20-25 years old.
- In the $2 million – $3 million category, waterfront homes on Lake Wylie average 6000 square feet, often have 5+ bedrooms and were usually built within the past 10 years.
- For over $3 million, the buyer can expect luxury pools and outdoor spaces, a newer (under 10 year old) home, and estate-sized lots or floorpans.
Of course, there are variations in each price category, considering the location, view, and other factors.
To see more data on waterfront properties that have sold recently, check out my web pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
As we peek into next year, we can likely expect prices to continue to inch upwards, and demand to remain strong for waterfront property. While the average time on market for waterfront homes has lengthened (about 3 weeks longer than it was last year), we know that buyers are still active, checking for new listings on a daily basis.
In the past two months, almost half of the homes that closed were on the market for a week or less. If you are interested in selling your home, you might consider taking advantage of the reduction in “competition” by listing it as soon as you are able. If you have questions or would like to discuss your property, please let me know. Thanks again,
Drew