Summer is in full swing, and the Lake Wylie waterfront real estate market is heating up! Listing inventory for lake homes increased dramatically in May — reaching levels we haven’t seen since mid-2021. Waterfront lot listings are holding steady, however, showing no growth in the past three years.
Highlights of the waterfront market “at a glance”:
Waterfront Lot sales
While lakefront prices for homes are up modestly compared to last year, dockable lot prices have skyrocketed. On average, buyers are paying as much for an undeveloped waterfront lot as they were paying for a waterfront house ten years ago.
Waterfront lots in the McLean developments in Belmont are selling for prices averaging in the high $700’s. Other premium-priced sales this year include a 1.5 acre lot on Squirrel Lane in Lake Wylie ($785,000), a 2.4 acre parcel on Dam Road in Fort Mill ($1.5 million) and a one acre lot on Youngblood Road for $600,000.
The average listing price of waterfront lots right now is about $750,000, with two thirds of current lots listed over $500,000. Buyers are willing to pay premium prices for lots with big views, and tight inventory is driving up prices across the board.
Waterfront home sales
While listing inventory has finally begun to rise for Lake Wylie waterfront homes, the increases are concentrated in the highest price segment. The average listing price for lake homes is currently $1.8 million, with a quarter of listings priced over $2 million.
Average price per square foot for listed homes is about $460 — almost 20% higher than that of homes sold year to date.
After a strong start in January and February, sales for waterfront homes have settled into a pattern below the average for the past five years:
In the chart above, the blue line represents average number of dockable waterfront homes sold by month for the past five years, and the green line represents current sales. With just 17 homes currently under contract (about half the number typical for this time of year), we expect sales to lag below the average for the next couple of months.
The new levels of inventory — should buyers with higher budgets respond — ought to feed higher sales levels in later summer as the recently listed properties show, go under contract, and move towards closing.
We are living through exciting times in the real estate market. With the fast pace of sales and changes taking place, you’ll want to rely on the Lake Wylie agent with the most experience and knowledge. The Lake Wylie Man team has sold more lake property — by far — than any other agent in the area, consistently for the past 15 years.
For more details on recent lake sales, please visit my webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales. Let me know if you’d like to discuss your property or if you have any questions about Lake Wylie real estate. Have a great summer!
Thanks,
Drew