- 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.
Jan Todd
Lake Wylie Real Estate – a New Era
Greetings! We’re on the home stretch of 2024, and it seems we’ve entered a new era in real estate on Lake Wylie.
Just a few years ago, buyers had many waterfront properties to choose from, ranging from a wide selection of vacant lots, to “weekender” cabins, to modest family homes to luxury showplaces.
The nicest vacant lots were priced between $350k-$400k, and dockable land on Lake Wylie was plentiful.
Now, there are only 13 dockable waterfront lots for sale on the lake — and the average price is almost $600,000 for an acre or less. Lots priced lower than a half million dollars are usually tucked in the back of a cove or have challenges in location, placement of power lines, or limitations in the building options. The average price is up more than 50% in comparison to last year, and the number of listings is at a historic low.
Here is a quick snapshot of other waterfront market statistics:
- Seven dockable lots closed in October, tying April for the highest sales activity this year. Two lots closed in The Sanctuary — a 12-acre parcel for $1.2 million and a 9.5 acre parcel for $700,000.
- McLean South Side opened Phase II with a $1 million, 1 acre lot on Kingbird Lane — which is in a section of the Belmont development that dips down across the state line into South Carolina. Two more lots, priced similarly, are currently listed on the MLS in that same section.
- A 0.4 acre lot in Joslin Pointe sold for $825,000 in October — the highest-priced parcel to ever sell in the neighborhood.
- Only one lot in available inventory is currently under contract, indicating a slowdown in sales for the remainder of the year.
Waterfront home highlights:
- Eleven waterfront homes closed in October, and there are 15 currently under contract. We’re on track to complete the year with sales about 25% above last year’s.
- Three homes that closed in October were originally priced over $2 million — but only one achieved that price point. Some sellers are trying higher prices just to see if a buyer will bite. While the strategy succeeds on occasion, a property priced too high often stays on the market longer, and sells for less, than a property priced right out of the gate. So far this year, properties that sold for 15% or more below the original asking price were on the market an average of 118 days. Properties that sold within 5% of the asking price averaged 20 days on the market.
- Eighteen “cabins” have sold on Lake Wylie so far this year, for an average price of $900,000. Cabins are generally 2-bedroom homes built 40+ years ago, not originally intended as primary homes. Some have since been updated nicely and are suitable for full-time living.
- The number of listings available for sale has dropped from a high of 66 in June down to just 51 waterfront homes on the market currently. The average price of homes in active inventory is $1.8 million.
For more information on all waterfront homes and lots sold on Lake Wylie this year, visit my webpages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales. If you are considering selling your property, or have any questions about real estate on Lake Wylie, please give me a call. The Lake Wylie Man team has successfully closed hundreds of sales on the lake — far more than any other Realtor on the market. When dealing with the unique considerations of lake property, experience matters. I look forward to hearing from you!
Lake Wylie Real Estate Update – 3rd Qtr 2024
Greetings! I hope this newsletter finds you safe and doing well, particularly after last week’s storms.
The hurricane put the brakes on real estate activity at the end of the month, delaying a few closings and pausing showings as we all dealt with power outages and storm clean-up.
Still, September closed out strong, with year-to-date performance on Lake Wylie showing significant gains over last year. Improvements in inventory levels and declining mortgage rates have helped to fuel the market.
Compared to last year, dockable waterfront home sales are up 25%, and lot sales have almost tripled:
- Time on the market has increased significantly. Last year, the average waterfront home sold was on the market just 30 days prior to going under contract. This year, the average is 51 days.
- While some homes sell at full price or above, the average sale is 95% of original asking price.
- Not surprisingly, those that sell for 15% or more below the original price also have longer time on market — an average of 117 days. Overpricing extends the time to sell and requires deeper price cuts to generate offers. The seller runs the risk of potential buyers moving on to another property.
- Lake “cabins” are in high demand, with 15 sales so far this year, at an average price of about $925,000. Lake cabins usually have 1-2 bedrooms, are under 1250 square feet or so, and are often 50+ years old. Sometimes buyers purchase these cabins as weekenders, while others remove the cabin and use the lot to build a primary home. Renovated cabins, or those located on premium lots, generally sell very quickly.
- Waterfront lots usually take longer to sell than homes. The average for lots sold year-to-date is almost five months.
Lake Wylie Waterfront Update – September 2024
Fall is in the air and the real estate market on Lake Wylie is ramping up for a strong finish to the year. August closings topped out at 15 waterfront homes and 3 waterfront lots — the strongest month so far this year. And with 19 homes and 15 dockable lots currently under contract, it is safe to say we’ll reach year end with a significant improvement over last year’s sales.
End of summer market is picking up
Mid-year update: Lake Wylie real estate
Half of the year is now behind us, and the Lake Wylie real estate market is chugging right along, with strong numbers for the first half. Approximately $92 million in dockable, waterfront real estate (including homes and lots) have sold this year to date, according to the MLS. Dollar wise, that’s a level that surpasses even the record-breaking sales year of 2022.
- 1.5 acre lot on Squirrel Lane in Lake Wylie – $785,000
- 0.4 acre lot in Joslin Pointe in Rock Hill – $590,000
- 2.4 acre on Dam Road in Fort Mill – $1.5 million
- 1 acre lot on Youngblood Rd. In Charlotte – $600,000
- Homes are taking a little longer to sell this year. The average waterfront home is on the market 41 days before going under contract, compared to 35 days last year.
- 25% of current listings are priced over $2 million. The average asking price for waterfront homes on the market right now is $1.8 million.
- There are only 14 waterfront homes currently under contract on Lake Wylie. Typically, this time of year, there are 25-35 homes under contract. Lack of inventory in the lower price categories and persistently high interest rates may slow down summer sales.
- Off the water, home sales in the Lake Wylie region (six-zip code area around the lake) are down 5% compared to last year. Prices are up about 3%.
- Across the greater Charlotte region, inventory levels for residential homes are up 22% compared to last year. The average time on market is 28 days — compared to just 13 days in summer of 2022.
Lake Wylie – Let the summer begin
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
Lake Wylie Real Estate market heating up for summer!
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!
Drew
Spring into Lake Wylie Real Estate
Spring is on the horizon and I’m starting to see folks get out and enjoy the lake — which means that calls from potential buyers will start to pick up as people ride by “for sale” signs along the shorelines.
We’re barely into the year and already there are some surprises. For one, the market had 13 waterfront home closings on Lake Wylie in February. We’ve been tracking and analyzing Lake Wylie sales data for 17 years and have never seen that many properties sold this early in the year. Most were standard closings, using conventional mortgages with closing periods from 6-8 weeks in duration. A few were “quick” closes — three weeks or less, with cash terms. Some buyers, particularly those in a competitive bidding situation, offer the seller quick close dates to give themselves an advantage when the seller is considering multiple offers.
At a glance, 2024 sales to date on Lake Wylie:
Off the water, home sales in the area have been about the same compared to last year, with prices holding steady. One significant change is the time on market, now averaging 47 days (about a week and a half longer than last year). We’ve seen similar trends on the lake, with the average time on market now stretching out to 51 days.
Prior to the pandemic, homes on Lake Wylie took an average of 16-20 weeks to sell, while homes off the lake took an average of 6-8. Now, homes sell much more quickly, both on and off the lake. Demand still outpaces supply — with buyers waiting in the wings, frequently checking for new listings.
Inventory remains tight. Five years ago, in 2019, there were 92 waterfront homes and 88 waterfront lots listed on Lake Wylie. Half of the homes listed were priced under $800,000. Today, there are 37 waterfront homes listed — with 70% priced over $1 million — and only 31 lots.
The average asking price for waterfront lots currently listed is $725,000. Four of the highest priced lots are large acreage parcels (8-12 acres in The Sanctuary, plus a couple of large parcels off of Concord Road). McLean – South Shore is contributing to the high average with ten lots — all around three quarters of an acre in size — listed for $650,000 – $950,000, most of which are under contract. Depending on the area of the lake, premium waterfront properties offering wide views and convenient access are selling at prices never before seen on Lake Wylie.
If you’d like to take a look at more details for recent sales on Lake Wylie, visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales. I’d be glad to help you determine the expected sales price for your own property, should you be considering a move. Just give me a call or shoot me an email.
In the meantime, enjoy spring!
Drew