Summer is cranking up, and it has been fun to get out on the lake and soak up the sunshine!
We’ve seen a bump in listing inventory this month, with 49 waterfront homes now for sale on Lake Wylie. A year ago, listing inventory was only 25 homes — so 49 feels like a bonanza! Prior to the pandemic, we usually started the summer with more than 100 waterfront homes on the market, just for comparison.
Buyers shouldn’t look for a bargain, though. The price of waterfront homes sold year-to-date on Lake Wylie has reached an average of $1.3 million. The average price of currently listed lakefront homes has climbed to almost $1.9 million. Almost a third of the listings are over $2 million. Waterfront home prices have almost doubled in the past seven years, and mid-range listings are very scarce.
Depending on location and view, even “river cabins” (typically 2-3 bedrooms, under 1400 square feet, 50+ years old) are selling for an average of $700,000, with some topping the million dollar mark.
Below is a graph of prices for “cabin” properties as of the end of 2023:
In the chart above, the blue bars represent the number of cabins sold each year, and the red line represents the average price. Prior to the pandemic, most of these properties sold for well under half a million. The higher demand for lake property — any lake property — caused a dramatic spike in prices. Many of the higher-priced cabins feature updates, particularly in the bathrooms and kitchens, which have added considerable value. But even “vintage condition” cabins are selling quickly and at strong prices, particularly if they offer desirable locations and views.
Lakefront lots are still very scarce on the market. Inventory remains at just 25 dockable lots on the market, about the same as last year, with very little change from month to month. To date, 17 dockable lots have sold this year, for an average price of $630,000. About a third of them were in McLean developments in Belmont, where the average price is just over $800,000 for lots averaging 0.8 acres. Premium lots with big open views across the lake are commanding higher prices as well.
We are entering the height of the market, seasonality-wise. Typically, summer months bring the largest share of buyers, and we expect no difference this year. Waterfront homes benefit from “drive-by” traffic on the lake, with boaters out enjoying the sunshine and daydreaming about their own place on the lake. The chart below, which represents when Lake Wylie waterfront homes closed, lags 6-8 weeks from when the contract was written. For instance, a July closing date represents a home that most likely went under contract during May-June.
In the chart above, the blue line represents the number of dockable waterfront homes sold by month averaged over the past five years. The green line represents current year sales.
We kicked off 2024 with higher sales than is typical in January-February, then dropped below average the past two months. With the recent increase in listing inventory, we should return to average sales by mid-summer.
For more details on what has been selling, take a look at my webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
If you are considering listing your home, there is no better time than the present. Prices are at an all-time high, and demand is strong (despite high interest rates!). I’ll be glad to talk to you about the estimated value of your home, as well as answer any other questions you might have. The Lake Wylie Man real estate team has led the waterfront market for the past 15 years, and with hundreds of transactions successfully completed, our experience on Lake Wylie is unparalleled.
Thanks for reading!
Drew