What the Groundhog says about Lake Wylie real estate

Jan Todd
Punxsutawney Phil indicated an early spring is on its way — which could mean a strong kickoff to the Lake Wylie real estate market!*
Right out of the gate, seven waterfront homes and two dockable lots closed on Lake Wylie. The homes ranged in price from $345,000 for a “fixer-upper” in Tega Cay to $3,000,000 for a luxury estate in Lake Wylie. January sales were higher in 2024 than in most years — but first-quarter sales aren’t usually a reliable indicator of the coming year.
Four properties sold could fall into the “cabin” category — older homes originally built as “weekenders”. These four averaged 54 years old, 1325 square feet, most with two bedrooms. The average selling price approached $700,000 — as each property either featured extensive renovations and updates or big views.
Prior to the mid-1970s, much of the land around Lake Wylie was leased, so those who leased the lots built simple cabins or installed mobile homes, since they did not own the land. After the land was released for sale, the long-term lessees were able to purchase at discount rates, and many retained the “cabins” and continued to use as summer retreats. Over the years, some of the cabins have been replaced by primary homes, some have been updated and renovated, and a few are close to their original state (in various stages of maintenance).
Quite a few of the remaining cabins are located on beautiful lots — as the land first offered for lease was often on or near a main channel of the lake. The land value has increased exponentially over the years. The trend of cabin sales and prices over the past few years is depicted on the graph below:
On the graph, the blue bar represents the number of cabin properties sold per year (axis on the left), and the red line indicates average price (axis on the right). In 2021 — a year when total Lake Wylie waterfront home sales was near its peak — 25 cabin properties sold for an average price of $530,000. In 2022, the number sold fell (primarily due to limited inventory) and the average price climbed to $750,000. In 2023, when inventory was even tighter, 9 cabins sold for an average of $685,000.
Bottom line — if the cabins are listed, they will sell. Demand is still high. Some buyers are purchasing for land value only, with intentions to remove the structure and build a primary home. Others are looking for small, move-in-ready lake retreats. The Lake Wylie Man can help you understand the value of this type property, which fluctuates based on future building potential (setbacks and restrictions), location and view, and current demand for various property types.
If you missed last month’s year end real round up, visit my website to see the 2023 Summary and Outlook, along with Recent Waterfront Home Sales and Recent Waterfront Lot Sales. Or give me a call and we’ll discuss the market and your property or particular needs. I look forward to hearing from you!
Drew
*There is no scientific evidence that Punxsutawney Phil knows anything about Lake Wylie real estate. However, you can consider The Lake Wylie Man a bonafide expert on the market. Each year for the past 15 years, The Lake Wylie Man has achieved the #1 spot in waterfront sales on Lake Wylie. With hundreds of properties sold on the lake that have produced almost every situation imaginable, our team can advise you like no other and help ensure a smooth closing and the best value for all.

The year in review: Lake Wylie Real Estate

Jan Todd

Happy New Year, everyone! We’ve turned the calendar from a remarkable year in Lake Wylie real estate — and expect another challenging year to come in 2024. We’ve seen listing inventory continue to be very tight, prices continue to climb, and buyer demand continues to be strong — both on the lake and off.

Here is a quick glance at waterfront real estate performance in 2023:
Waterfront Sales Trends
We’ve been tracking sales for dockable waterfront homes and lots for sixteen years — “cleaning up” the data to eliminate occasional coding errors and making sure we’re looking at true waterfront properties. My team and I closely monitor prices, sales and influencing factors to help you understand the Lake Wylie real estate market like no one else can, as well as to hone our own expertise to ensure we’re giving you the best advice possible.
In the chart above, the blue bars represent the number of dockable waterfront homes sold on Lake Wylie each year, and the red bars represent waterfront lots.
In 2023, Lake Wylie waterfront sales totaled 89 homes (down 22% from 2022) and 18 dockable lots (down 59% from 2022).
Demand during the pandemic drove sales up for both homes and lots — but to a point where inventory was depleted. With prices on the rise and people spending more time at home, potential waterfront sellers who might have been on the move tended to stay put. As buyers snapped up the healthy level of listings that existed prior to 2020, there were fewer new listings by the day. By 2021, we were in a real struggle to find enough properties to meet buyer demand.
The average number of home listings at any given time on the market was as follows:
At any point in time on Lake Wylie in 2018, there were on average 104 waterfront homes and 95 waterfront lots listed for sale. (The number of listings was generally higher in the spring/summer/early fall months, and lower in the winter.)
In 2023, the average number of listings was under a third of levels prior to the pandemic. With very low supply, demand continued to outpace availability — resulting in higher prices and shorter time on the market. About 75% of waterfront home listings sold in under a month in 2023. Many were under contract within a day or two, at or above the asking price.
 
Waterfront price trends
Prices continued to climb in 2023. In the chart above, the red line represents average sales price for Lake Wylie waterfront homes ($1,325,000 in 2023). The blue line represents waterfront lots, and the green line represents area homes in the general market, based on the six zip code region that contains Lake Wylie.
Waterfront home prices spiked 10% in the past year and the average sales price is about 75% above the pre-pandemic average. Prices have risen sharply for individual homes, and the mix has shifted to higher priced, luxury home segments. Inventory levels have been tightest among the more moderately priced waterfront homes.
In the general market, prices have climbed to an average just over $500,000, up 3% from a year ago and up 50% compared to pre-pandemic prices. Ten years ago, the average price of a waterfront homes was about $350,000 above a non-waterfront home. Today, the average premium for a waterfront home is about $825,000.
Waterfront lot prices have risen as well, to just over $400,000 on average — up about 40% compared to pre-pandemic.
Looking at the distribution of waterfront home sales by price segment, several trends emerge:
In the chart above, the distribution of waterfront sales is shown by price segment, with dark blue bars representing homes priced under $500k, red bars representing homes priced $500-$699k, green $700-999k, purple $1mm-$2mm, and the teal bars homes over $2 million.
Sales of homes under the $500k price have dwindled from over 20% of the market to almost non-existent. Homes in that price range are small fixer-uppers at best, and unsalvageable in some cases (property is sold for land value.)
Just five years ago, homes priced under $700,000 represented over half the market. Now, less than 10% of sales are homes priced under $700,000. Recent sales in that price range are homes averaging 50+ years old and under 1,500 square feet. Some of these homes are “river cabins,” designed as weekend retreats.
Homes priced $700k up to $1 million have fallen in market share from about one-third of sales to about one-fifth of sales. These homes average 33 years old and 2,400 square feet. Five years ago, the same money could have purchased a 4,000 square foot home that was about 15 years newer. Examples of homes in this price segment include some of the smaller, older homes in Tega Cay; homes located in less convenient locations; and homes in coves with limited views.
The $1mm to $2mm price segment is the most dominant in today’s market, representing well over half of sales. A home between the prices of $1mm and $1.5mm averages about 3,500 square feet and is 26 years old — and the same home would have sold in the $700’s prior to the pandemic.
As the home price reaches $1.5-$2mm, more luxury features emerge — bigger views, nicer kitchens, more outdoor landscaping and living spaces. The average home in this price range is 17 years old and 4,400 square feet.
Over $2 million is the fastest growing segment, with just one sale in 2020 and ten sales in 2023. These homes are newer (averaging 13 years old) and larger (almost 5,900 square feet on average.) Most of the homes in this price segment have beautiful outdoor living spaces with covered porches, fireplaces, built-in grills, perhaps a pool. They have gourmet kitchens with high end appliances, possibly a wine cellar. Some have home theaters and second kitchens, luxury baths. They generally offer big, open views and some have sandy beach areas.
With such a rapidly changing market on Lake Wylie, we often need to educate potential buyers on what to expect in their price range. Several factors contribute to the price of waterfront property — including view, water depth and quality of the lakefront area, surrounding properties, county and neighborhood restrictions that determine use and development, lake and land location, and the quality, size and condition of the home.
If you’d like to see more details about recent property sales, please visit my webpages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
The Lake Wylie Man team has once again achieved the most sales on Lake Wylie, outselling the next highest selling realtor by more than 4 to 1. Our expertise on the lake is unmatched, and we look forward to offering you a successful and profitable experience in selling your property. Thank you for your business, and all the best in 2024!
Drew

At a glance: Lake Wylie Real Estate

Jan Todd

Happy November, everyone. As we head towards the holidays, I’m reminded how thankful I am for the client relationships we’ve built over the years. I never take for granted the trust you put into our team to guide you through big life decisions involving the sale or purchase of property. Thank you!

In October, nine waterfront homes and one dockable waterfront lot closed on Lake Wylie. Highlights at a glance are as follows:

The number of waterfront homes listed has ticked up just a bit to 41 — the highest we’ve seen since last November! Typically, inventory peaks in the summertime, but the market has fallen short all year in number of properties listed.

Tight inventory and high demand have yielded higher prices and frequent “bidding wars” on properties in high demand. Just over half of the waterfront homes sold this year have been at or above asking price!

In spite of rising interest rates, buyer demand has held strong for lake property. Sellers are realizing significant profits on the sale of their homes, and we expect that to continue.

With tight inventory driving market conditions, we’ve seen lower than average sales for this year, in almost every month:

 

In the chart above, the blue line represents the average number of Lake Wylie waterfront homes closed by month over the past five years. The green line represents this year.

Overall, sales are down about 20% in comparison to last year through October.

Homes currently on the market skew toward the higher priced properties, with the average price at $1.7 million. The average price for waterfront homes sold year-to-date is just over $1.3 million.

You can take a look at more details about recent properties sold on my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

If you have questions or would like to discuss your property, please give me a call. I look forward to speaking with you!

 

Drew

Waterfront sales heat up in August!

Jan Todd

Like our weather, real estate sales heated up big time in August with the largest number of waterfront closings to date this year. On Lake Wylie, 16 waterfront homes sold, at an average price of $1.3 million. Three dockable lots closed for an average price of just over $400,000.

Still, real estate performance is lagging significantly behind last year. At a glance:
Mortgage rates are north of 7% — a full percentage point above last year — keeping some buyers on the sidelines for the moment.
In the greater Charlotte market, the number of single family home sales are down 20% from year ago, and average prices are up about 4%. Nationwide, though, signs point toward home prices cooling down a bit.
In the Charlotte area and on Lake Wylie, we are still in a seller’s market. In August, 60% of the homes in the greater Charlotte market sold at or above asking price. On Lake Wylie, half of the waterfront closings in August were at or above asking price, and those same homes were under contract the first week on the market.
In spite of a strong August, waterfront home sales on Lake Wylie are still well below the average for the past few years:
With the exception of March, monthly waterfront home sales have lagged behind the past five year average. The spike we usually see in May through July simply did not materialize. In addition to high mortgage rates, the main culprit behind the sluggish sales is the lack of listings.
There are only 33 waterfront homes on the market on Lake Wylie — and 15 of those are under contract. Only 29 lots are currently listed, with three under contract.
If you’d like to see more details about the homes and land sold this year, please visit my website pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales. If you have any questions or would like to discuss your property, please give me a call.
Our team continues to lead the market in waterfront sales and expertise — #1 for well over a decade! In this fast-paced market, you’ll want the best on the lake — The Lake Wylie Man team — to advise you on pricing, marketing, and all of the special considerations of successfully selling waterfront real estate.

August update – Lake Wylie real estate

Jan Todd

Summertime is coming to a close, and we’re seeing a small uptick in sales, with 21 waterfront homes and 7 dockable lots under contract — the highest we’ve seen all year.

However, sales activity is still much slower than “typical.” Usually, as we enter August, there are 35-40 homes under contract, and 10-15 lots. A lack of listings, rising mortgage rates, and rising prices both on and off the water have stifled sales all year. Here’s a quick glance at Lake Wylie waterfront real estate stats:

Sales in July ranged from a “cabin” on upper Lake Wylie for $685,000 to a large, 9,138 square foot home on River Oaks Road for $3.6 million. Buyers are ready to purchase homes at all price points on Lake Wylie, with about a third of the buyers paying cash (no financing.)
 
Prior to the pandemic, when interest rates were low, about 20% of waterfront buyers paid cash for their home purchases.
 
Typically, sales for Lake Wylie waterfront properties peak in summer months. This year has been an anomaly:
 
 
In the chart above, the blue line represents the average number of waterfront home closings by month over the past five years, and the green line represents 2023 closings by month. With the number of pending sales “in the hopper,” we expect to see a peak in August/September, though the numbers will be well below the 5-year average. 
 
The number of listings available still lags significantly behind demand. Properly priced homes and land are selling quickly, and buyers are still waiting in the wings. To see details on recent waterfront sales, please visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
 
I’d love to talk to you about your property if you have any questions or are interested in a valuation. The Lake Wylie Man continues to lead the waterfront market on Lake Wylie, and no other Realtor in the area has as much experience selling Lake Wylie waterfront. I look forward to hearing from you!

Mid-year Lake Wylie real estate update

Jan Todd

Hope everyone had a fun 4th of July! We’re midway through the year, and real estate sales on Lake Wylie are the slowest they’ve been in over a decade. However — unlike during the recession years — sales are quite brisk for any properties listed. The average time on market for waterfront homes is just about a month, with half of the sales occurring within the first week of listing.
 
Prices continue to climb, though at a slower rate than earlier in the pandemic.
 
Take a look at sales trends through June for Lake Wylie homes and land:
 
 
In the chart above, the blue bars represent the number of dockable waterfront homes sold in the first half of each year, and the red bars represent dockable lots. This year’s sales are the lowest in over a decade, with home sales down 42% and lot sales down 74% in comparison to last year.
 
The average number of waterfront home listings by month for 2023 is down 24% from last year — which were at record lows at the time. Currently, there are only 35 dockable homes on the market, and 19 of those are under contract, leaving just 16 available. There are only 29 dockable lots on the market, with 3 under contract.
 
With rising mortgage rates and tight inventory in many markets across the country, homeowners are choosing to stay put when they are able. However, most of those who are entering the market are realizing significant gains on the sale of their properties, as prices have continued to rise:
 
 
In the chart above, the red line represents the average price of dockable homes each year, and the blue line represents the average price of waterfront lots. Homes closed this year have an average price of $1,260,000.
 
The typical waterfront home at that price is about 25 years old, under 3700 square feet, with a nice view or location. Prior to the pandemic, that same house would have been priced between $700-$800,000.
 
In today’s market, a home priced $750-999k averages 40 years old, and is under 2600 square feet.
 
Larger homes with premium outdoor amenities including pools, covered porch living areas and/or outdoor kitchens are selling for $1.5 million plus.
 
Waterfront lot prices have also increased, averaging $430,000 this year to date.
 
Take a look at Recent Waterfront Home Sales and Recent Waterfront Lot Sales for more details on this year’s market activity.
 
We are in the prime selling season, with summer months typically the highest in sales on the lake:
 
 
In the chart above, the blue line represents a 5-year average for waterfront home sales by month. The green line represents the current year. Typically closings peak in July/August. We expect a similar trend this year, though the totals will be much lower than average.
 
It’s a sellers’ market, and those who tend to benefit most are homeowners looking to downsize, people who own more than one home and are ready to simplify, and sellers who are moving to markets that have not experienced as much demand as we have seen in our area.
 
If you’d like to talk more about your opportunities, I’d love to help. The Lake Wylie Man team of Realtors has led the market for the past 15 years, and our experience and expertise are unparalleled. I look forward to hearing from you!

Waterfront real estate news – June

Jan Todd

Memorial Day traditionally kicks off the summer season, and people are out enjoying the lake.

There were just 6 waterfront homes and 1 dockable lot closed in May, and the stats tell the story. All six homes closed at or above asking price, and with the exception of one new construction, all were on the market for well under a week before going under contract. With limited listings available, sales are way down this year, but new listings are capturing quick attention from hungry buyers!
A quick glance at activity to date:
The average price of waterfront homes currently listed is $1.7 million. Considering the average price of waterfront home sold just three years ago was about $800,000, many buyers are being priced out of waterfront purchases. One home that sold in the mid $900’s in late 2020 sold again this May for $1.3 million — with no apparent changes to the property. A waterfront lot in Handsmill on Lake Wylie closed in May for $575,000, after selling in 2020 for $399,000. Prices have risen significantly, with the average waterfront lot price up by about $100,000 compared to two or three years ago.
With rising prices and extremely tight inventory, unit sales are falling short of levels typical for this time of year:
In the chart above, the blue line represents the 5-year average of the number of waterfront home sales on Lake Wylie by month. Seasonality of sales usually begins to climb in late spring, reaching the peak in the summer months. The green line, representing this year, shows month-by-month sales well below average. The number of listings available has ticked up a tiny bit — 31 homes currently listed, up from 25 last month, and 26 lots, up from 24 in May. We’ll likely see a rise in the number of closings over the summer, keeping with typical seasonality while still falling below average sales.
Check out more details of recent lake sales on my web pages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
General Market Trends
In the greater Lake Wylie area (including Steel Creek, Belmont and most of York County), home sales are down 25% in comparison to last year, primarily due to tight inventory. The number of listings in the area is down 25% compared to last year.
The average home price is $480,000 — up just 1% in comparison to year ago. Average prices rose 20% since 2021 and 51% compared to pre-pandemic (2019), so it appears the “runaway market” is settling down just a bit. Homes are staying on the market a bit longer and the buyer bidding frenzy is not as pronounced as the past couple of years.
The real estate market is still very strong for sellers in our area. If you have any questions or would like an evaluation of your property, I would love to help you. The Lake Wylie Man team has led sales on the lake for 15 years, and we sell many homes and properties off the lake as well. I look forward to hearing from you.

The summertime market is here

Jan Todd

I hope everyone is doing well and enjoying some time outside and on the lake. We’ve been gearing up as we enter the busiest time of year for real estate sales: Summertime! It is still very much a “sellers’ market,” with more buyer demand than our current inventory levels can handle. Many of our recent listings (on and off the water) were under contract in under a week, several with multiple offers.

At a Glance

Waterfront activity is down significantly this year compared to 2022 — mainly because listings are limited. The number of waterfront home listings is down 38% compared to May 2022 — and inventory was at a record low THEN. The strain on supply is driving up prices. Some buyers are being priced out of the market, but there are still plenty of buyers with cash or financing in place and ready to purchase.

Listing Inventory Trend

The chart above depicts the number of listings over the past five years, with the blue line representing waterfront homes and the red line representing dockable lots on Lake Wylie. Inventory has declined dramatically, resulting in more competition among buyers and higher prices overall.
We have seen buyers with much bigger budgets in the past few years. From 2015 – 2020, there were only three homes on Lake Wylie with closing prices in excess of $2 million. Since late 2021, eleven homes sold for $2 million plus, including two in the $3 million range (off Lake Wylie Road in Lake Wylie) and one for $5 million (The Sanctuary).
Waterfront lot prices are also hitting all-time highs on Lake Wylie — with the average price in the low $400’s and a couple of lots in the past year commanding prices up to $800,000. Buyers are also purchasing lots with older “cabins” or small homes, paying premium prices for premium views — to either enjoy as weekend getaways or to build larger, primary homes on the lots.
Check out recent sales across the lake on my web pages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Please call me if you have questions or wish to discuss your property in more detail. If you are considering selling your home, I’ll be glad to provide an evaluation and help you market your property for the best outcome. Thanks for reading, and have a great May!

First Quarter 2023 Lake Wylie Real Estate update

Jan Todd
Real estate sales are starting to pick up — in spite of record low inventory. In the past few weeks, I’ve seen several new listings snatched up in under a week, with multiple offers. Buyer demand is still quite strong, outpacing supply — a trend we’ve seen for a couple of years now.
Because of the strain on available listings (inventory), sales for the first quarter are well below last year’s:
In the chart above, the blue bar represents the number of dockable waterfront homes sold on Lake Wylie during the first quarter of each year, and the red bar represents waterfront lots.
Compared to 2022, the number of home sales is down 21% and the number of lot sales is down 57%. Available home listings are down 30% vs. last year — which at the time was a record low. The good news for sellers is that, when properly priced, their home is likely to sell quickly.
Inventory shortages are also an issue for waterfront lots. Currently, there are only 25 listed.
In the general market surrounding Lake Wylie, single-family home sales are down 27% compared to last year. Prices are holding steady — with homes selling at an average of $197 per square foot, up only 3% compared to last year.
Waterfront prices continue to climb for both lots and homes:
In the chart above, the red line represents average price paid for waterfront homes on Lake Wylie during first quarter of each year. The climb since the beginning of the pandemic has been sharp and steady — waterfront home prices are up 57% since 2020, and rose 6% over last year to an average of almost $1.2 million.
Lake Wylie waterfront lot prices are up 49% since 2020, with an average sales price of just over $400k — however much of that growth has been driven by premium pricing in McLean developments. About 45% of the sales in the past year and a half have been McLean properties, with an average price in the high $400’s. Inventory shortages have also contributed to price hikes.
We are entering the key sales periodfor waterfront real estate:
In the chart above, the blue line represents the average number of waterfront homes sold over the past five years, and the green line represents this year’s sales.
June through August typically have the highest number of closings. With most closings occurring about 6 weeks or so from the date of the offer, summer closings reflect offer dates beginning in mid-April.
For sellers interested in listing their homes, now is a great time. Spring fever turns buyers minds toward lake fun — and there is no better way to enjoy the lake than living waterside. The Lake Wylie Man team finished in the top sales spot for waterfront property last year — as we have for the past 15 years. Our experience in handling waterfront transactions on Lake Wylie is unparalleled, and you can rely on us to know the regulations and special considerations of buying and selling lake property.
Give me a call if you have any questions or would like to discuss your property. Many thanks!
Drew

Spring is almost here! Real estate update

Jan Todd

The calendar may not say spring yet, but Mother Nature seems to have different ideas. The warm weather is bringing folks out on the lake!

Typically our real estate market warms up in early spring, and recent listings have garnered quick interest: Fourteen waterfront homes have been listed since the first of the year, and eight of those are already under contract.

However, Lake Wylie sales performance year-to-date is lagging significantly behind the last two years, and listing inventory is down as well. Through the end of February, numbers are as follows:

Off the lake, trends are similar. The number of homes sold in the greater Lake Wylie area (including Belmont, Charlotte and York County) is down 35% from last year, and the number of listings are down 23%.
The average time on market is lengthening in the general market, with homes in the area taking an average of 53 days to go under contract, compared to just 19 days a year ago.
With mortgage rates at their highest point in 20 years, and home prices at record highs, some buyers have been priced out of the market for the moment. Slower sales will put pressure on sellers to lower prices, and the buyers — particularly those with cash to purchase — will be in a better position.
Lakefront sales outlook
Lakefront sellers still have an excellent opportunity to profit from the sale of their homes. Both on and off the lake, home prices are up more than 50% compared to pre-pandemic. Waterfront property is premium priced, and this increase translates into hundreds of thousands of dollars above many sellers’ original purchase amount — which can be very advantageous for those wanting to downsize, sell a second home or move off the lake.
Demand for lake property is still strong. In this dynamic market, it is important to work with a seasoned Realtor who specializes in waterfront property. For well over a decade, the Lake Wylie Man has outsold all other real estate agents on Lake Wylie. You can rely on me and my team to help you market your property successfully. Please give me a call if you have any questions or would like to discuss your home or lot.