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.
Higher inventory levels for waterfront homes — and buyers willing to pay top-dollar for waterfront property — have propelled this year’s market to sales well above last year’s first half:
In the chart above, the blue bars represent the number of dockable waterfront homes sold on Lake Wylie through the end of June each year. The red bars represent the number of lots.
This years sales thus far total 56 homes and 21 lots, significant increases over last year. While the number of homes and lots sold have not reached the record levels in 2017 and 2021, higher prices propelled dollar volume of sales above those years. Prices continue to rise, for both lots and homes:
The blue line represents the average closing price for waterfront homes each year, and the red line represents average lot price. Both have risen sharply since the pandemic.
Compared to 2019, the year before Covid hit, the average waterfront home on Lake Wylie has increased from $775,000 to $1.4 million — an 83% jump. Waterfront lots have gone from $260,000 to $625,000, up 137%.
During the same time frame, the prices of non-waterfront homes in our area have increased 58%. The premium for waterfront property has widened. In 2019, the average price for a 3500 square foot waterfront home was about $725,000, compared to $450,000 for a similarly styled and sized home off the water — a premium of about $275,000. Today, a buyer might pay $1.3 million for that same home on the water, compared to $740,000 off the water — closer to a $600,000 premium for a similar house waterfront.
Waterfront lot prices continue to rise as increased development limits available inventory. Buyers are paying top dollar for lots in McLean neighborhoods in Belmont, with an average price this year of $765,000 for a lot under an acre in size.
Elsewhere on the lake, some of the notable sales for lots include:
- 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
Home sales by price
Most waterfront homes in the past few years have closed at prices over $1 million:
In the chart above, the percentage of sales by price segment each year is represented by colors: dark blue (under $500k), red ($500-$699k), green ($700-$999k), purple ($1-$2 million) and light blue ($2 million plus.)
Until the pandemic, a sale over $2 million on Lake Wylie was quite rare. Now more than 20% of sales exceed the $2 million price tag. Pre-pandemic, more than half of the sales were priced below $700,000. Now that segment represents less than 10% of sales.
Other notable trends in the market include:
- 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.
As inventory levels climb and the time on market increases in our extended region and in other markets feeding buyers to Lake Wylie, we expect to experience more slowing in the time it takes to sell waterfront properties. From our team’s recent observations and in conversations with other realtors, we’re seeing more buyers offering contingent contracts — something we haven’t encountered often during the buying frenzy of the past few years.
If you’d like to discuss market trends and how they might impact your property, please give me a call. I’d welcome the opportunity to talk with you.
Check out my website pages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales, to see more details about this year’s real estate activity on Lake Wylie.
Thanks for reading, and have a great summer!