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.

A sleepy start to 2023

Jan Todd

With the warm temperatures this week, it is easy to get spring fever. Spring will be here before we know it, and that typically kicks off the top-selling season for real estate, both on and off the lake.

January closings on Lake Wylie were quite sleepy. Only two dockable waterfront homes sold — one for $1.7 million in Rock Hill, and one for $700k on Withers Cove. There are 13 waterfront homes under contract, though 8 of those are under construction and have been “pending” for a while.

No dockable waterfront lots closed in January, and three are under contract.

The number of homes and lots available for sale on the lake continues to be low, and newly listed properties receive quick attention from potential buyers.

Off the lake in our area, the number of home sales in the last three months are down 28% in comparison to the year before. The average home price is about $475,000, up 6% from the previous year’s average. The majority of homes are still selling in the first 30 days, though the average time on market is stretching a little longer these days.

Both on and off the lake, inventory shortages and rising prices — plus increasing mortgage rates, are pumping the brakes a bit on the market. Buyers are still out there, though. The lack of inventory has not satisfied demand in recent months.

If you have questions about the market or would like to discuss your property, I’d be happy to help. The Lake Wylie Man has successfully closed hundreds and hundreds of lakefront properties in all kinds of market conditions, and you can count on us to navigate your real estate transaction toward the best outcome for all.

To check out recent sales on Lake Wylie, visit my webpages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.

If you missed our detailed year-end report, hop on my webpage Market Update to check it out.

Have a great February and I look forward to hearing from you!

Drew

Jan Todd
Happy New Year, everyone! I hope you all enjoyed the holidays and wish you all the best in the coming year.
Real estate sales on Lake Wylie ended 2022 in a bit of a fizzle, with just three waterfront homes and two waterfront lots closing in December. It didn’t come as a surprise, as sales and available inventory have been on the decline since early in the year. However, in spite of the number of home closings being down 33% from 2021, dollar sales were down just 13% — because the homes that DID sell were at average prices 30% ABOVE last year.
Take a look at the remarkable trends of 2022:
In the chart above, the blue lines represent the number of waterfront homes closed on Lake Wylie each year, and the red lines represent dockable lots. After four years of home sales on the rise from 2018 – 2021, 2022 sales fell 33% from the previous year. Lot sales, which tend to fluctuate more from year to year, were also down in 2022.
Limited inventory was the primary culprit for the decline in sales. 
In 2022, the average number of waterfront homes listed over the 12-month period was just 36, compared to 100 homes available on average in 2019, before the pandemic. There were only 25 lots listed in the average month in 2022, compared to 93 in 2019.
Demand far exceeded supply. Prior to the pandemic, the average waterfront home sold had been on the market about 4 months prior to going under contract. This past year, the average was about one month. Many homes went under contract within the first week, often at or above full asking price, with multiple offers commonplace
While the trend of multiple offers has slowed, sellers still have the opportunity to realize significant gains when selling their correctly priced homes — pent-up demand is still high and inventory is extremely low.
Average prices on the lake continue to climb:
The red line represents the average waterfront home price on Lake Wylie, and the blue line represents lot prices. In 2022, the average closing price for homes was $1.2 million, up almost $300,000 from last year.
Part of the reason is available listings: the tightening inventory is most pronounced in the low-to-moderate priced homes. In addition, home prices have skyrocketed.
We have to be careful when comparing price per square foot for one waterfront home vs. another, as many factors affect price: the lot type (main channel vs. cove), water depth and quality, location on the lake, surrounding properties, size and quality of dock and other outdoor features — in addition to the traditional size, age and style of home, level of finish, number of bedrooms, kitchen and bath features, etc.
Looking at general trends, however, it can be helpful to evaluate rising prices relative to average square footage. In 2022, the average price per square foot for waterfront homes on Lake Wylie was $340 — about double that of a home not on the water. The price per square foot rose 20% over 2021 homes— partially due to a shift towards more luxury priced homes, and partially due to a shift in prices due to a shortage of supply and increase in demand, and general inflation.
Compared to pre-pandemic, the price per square foot for Lake Wylie waterfront is up just over 60%.
The next chart shows the dramatic shift in home sales by price point:
Above, each set of bars represents the breakout of sales by price point, according to the percentage of sales falling into segments: under $500k (blue), $500-$699k (red), $700-$999k (green) and over $1 million (purple). Just five years ago, the majority of sales were in the moderately priced $500-$699k segment, with the $1 million+ falling well behind other price points. This year, the bulk of sales (60%) were homes priced over $1 million.
Five years ago, some of these million-dollar homes would have been priced in the $600’s and $700’s. Rising prices have pushed those homes into what once was a “luxury” priced segment. Another factor, though, is a more pronounced shortage in listings in more moderately priced homes.
Entry level pricing on the lake has risen to over half a million dollars, but many buyers do not understand what those dollars will buy. A waterfront home priced around $600k will be an average of 40 years old, with about 2,000 square feet. The average waterfront home priced in the mid $800’s will be about the same age, with 2,600 square feet.
For $1.5 million, the buyer can expect a 20 year old home with about 4,400 square feet — a nice view and larger dock, gourmet kitchen and some outdoor living spaces.
Cabin sales on Lake Wylie
As the lake area becomes more developed, the “river cabins” of the past have evolved. Years ago, most of the properties on Lake Wylie were used only on the weekends, and were very simple in nature — a bedroom or two, no central air-conditioning, built of cinder-blocks or wood. These properties were often on premium lots, main channel or wide open views. As the lake real estate shifted to accommodate full-time residents, some of these cabins remained, and many have been updated and remodeled over the years.
Buyers purchase these properties to use as “weekenders” — or remove the original cabin to build a permanent home on the premium lots. Cabin prices have been on the rise for the past couple of years:
In the chart above, the blue bar represents the NUMBER of “cabin” properties sold, and the red line represents the price. In 2022, 16 cabins sold with an average price of about $750,000 — up significantly from the low $400’s price pre-pandemic.
“Cabins” are generally small (this year’s average size was 1400 square feet), with 2 bedrooms. Most had been extensively updated.
Other Lake Wylie Trends:
  • New construction on the lake is on the rise. Seven newly built homes closed in 2022, and there are an additional seven under contract. (Note: these numbers are homes listed on the MLS – – the numbers are much higher when considering private sales and homes built for those who purchase lots and build.) New construction has only recently bounced back from recession days.
  • Tega Cay is hot! The average home price in 2022 was $1.1 million — but the average size of home sold was just under 2,000 square feet, yielding the highest price per square foot on the lake. Some of the original homes in Tega Cay have been extensively updated and remodeled, and the location is highly desirable among buyers.
  • The highest average priced homes sold in the York area of Lake Wylie ($1.4 million), followed by Charlotte ($1.3 million). Rock Hill had the lowest average priced waterfront home (just under $800k).
  • Most of the waterfront lot sales are still in Belmont, the most underdeveloped area of the lake. Most of the lots sold in Belmont were in McLean developments, priced at a premium.
Check out more details on recent Lake Wylie property sales on my webpages: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
If you have any questions about Lake Wylie real estate, or would like to talk about your property, please give me a call. Once again, for each year during past decade and a half, The Lake Wylie Man team has led the market on Lake Wylie, outselling every other Realtor on waterfront properties. You can count on our expertise to navigate the special considerations regarding waterfront properties and lead you to the best outcome.

Lake Wylie real estate news

Jan Todd
Here’s hoping everyone is enjoying the beginning of the holiday season on Lake Wylie. It’s always fun to go to the annual boat parade, and ride around looking at the lights on and off the lake.
We had a little uptick in waterfront home closings in November, approaching normal sales levels after several months of lagging behind. We expect to end the year with the total number of waterfront home sales about 30% below last year’s sales, but dollar sales just 10% below last year’s.
The average sale price for lakefront homes this year has topped $1.2 million — compared to about $925k last year. Two factors contribute to the increase in price:
  • The lack of supply (number of listings available) and increase in demand for homes has driven prices up, up, up. We’ve tracked some sales of the same homes changing hands two or more times in a 4-year period, with prices rising 25-40% with little to no improvements made on the properties.
  • The number of listings in lower-to-moderate priced waterfront homes has declined more dramatically than for luxury priced homes. With less availability in the lower price segments, the proportion of sales in the higher brackets has increased, thereby resulting in higher average price for the homes sold.
Sales by Month – Waterfront Homes on Lake Wylie
Ten waterfront homes closed in November, with an average price of just over $1.2 million. The highest priced home was an 11,000 square foot home on Youngblood Road, which sold for $2.8 million. The lowest price was a 1,775 square foot home in Paradise Point (Belmont) which closed at $590,000.
One waterfront cabin on River Oaks Road in Lake Wylie sold for $875,000. Built in 1969, with three small bedrooms and a total of 1,363 square feet, the cabin is located in a highly desirable location on a premium 1.3 acre lot with about 350’ of shoreline and a panoramic view. We’ve seen a number of cabins sell for top dollar in the past year or so, with offerings such as this one providing buyers flexibility to enjoy a weekend retreat and potentially convert the property to a building site for a permanent home at a later date.
There have been a number of sales this year in the “original” area of Tega Cay, with homes built in the early 1970s, usually under 2,500 square feet. Prices for these homes average in the mid-$700’s, almost $360 per square foot. Just prior to the pandemic, homes such as these sold in the mid-$500’s, $220 per square foot.
There are currently 13 waterfront homes under contract — with half of those under construction or not yet started. The number of available listings has continued to dwindle, with only 31 homes currently listed — just one-third the number listed pre-pandemic. Until supply catches up with demand, we’ll see prices remain high and buyers competing for new listings.
Waterfront lot sales trends are similar to home sale trends. The number of listing is at an all time low, with just 21 lots on the market. Seven of those are under contract, with 2-4 likely to close by year end. The average price for waterfront lots on Lake Wylie is just over $400,000, up $60,000 compared to last year.
For sellers — particularly those who own undeveloped waterfront lots or second homes on the lake — it is a very good time to consider selling. There is unmet demand from the current pool of buyers.
Buyers will find the market continually competitive in coming months. New listings are moving quickly, as demand outpaces supply. The advice from a seasoned realtor is invaluable in determining the value of the property, best strategies to secure the purchase and considerations as we move toward a successful closing.
The Lake Wylie Man team has achieved #1 sales in Lake Wylie Waterfront each year for well over a decade, and we have navigated hundreds of lakefront closings, encountering almost every situation imaginable. Waterfront real estate transactions include steps and considerations not encountered in properties off the lake, and you’ll want a lake expert in your corner. You can rely on our expertise throughout the process.
To view more details about recent sales on Lake Wylie, visit my

webpages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales. Let me know if you have questions.

Slowdown in Lake Wylie real estate

Jan Todd

As we begin the final quarter of 2022, we’re seeing a dramatic slowdown in the Lake Wylie real estate market. It comes as no surprise. For the past couple of years, the supply of homes on the market has dwindled, particularly in the lower and mid-priced brackets. Rising interest rates and inflation have added to the complexity of the market.

Since July, waterfront home sales on Lake Wylie have lagged behind the four-year average by month:

In the chart above, the green line represents the number of waterfront homes sold on Lake Wylie by month, and the blue line represents the average “norm” — based on the past four years of sales. Lakefront home sales for 2022 are lagging 30% behind last year’s sales to date.

Dollar sales are down less than 10% in comparison to last year’s, however, as the average sale is  about $1.2 million — a record high on Lake Wylie. Even lake “cabins,” older properties intended for weekend or vacation use, have reached an average price of over $700,000. A few cabins with large acreage and/or big views have topped the $1 million mark in this cash-rich marketplace. We’re seeing buyers with deep pockets in a highly competitive market.

Waterfront lot sales are down as well — 40% below last year’s sales through the end of October. The average price is $400,000 for a waterfront lot, up 16% compared to a year ago. Squeezed inventory levels have limited supply, with strong demand, driving up prices on all waterfront lots. Half of the waterfront lot sales this year are in premium-priced McLean developments, further increasing the average price.

List it, and buyers will come . . . 

New listings are still receiving quick attention from buyers — and the majority of homes sold this year were under contract within a week of listing.  Some sellers are cashing in on the hot market. We’ve seen several homes change hands more than once within a couple years or so, realizing hefty profits with simple cosmetic updates (or no updates at all.) 

Check out detailed information for this year’s sales on my web pages, Recent Waterfront Home Sales and Recent Waterfront Lot Sales. If you’d like to discuss your options, I’d love to help. Once again, The Lake Wylie Man is leading the market in waterfront sales. You can rely on our expertise for the best outcome in your real estate transactions.

 

Lake Wylie Waterfront – 3rd Qtr 2022 Update

Jan Todd

Happy fall, y’all. I hope everyone is enjoying the cool weather, football games and all the fun of the season.

We’ve certainly had a wild ride in real estate the past couple of years. On Lake Wylie, home sales have cooled this past quarter — similar to trees in the region and nationwide. Listing shortages have been an issue everywhere, and homeowners postpone plans to move, keeping an eye on the economy and mortgage interest rates. Lack of supply coupled with strong demand has driven prices up on homes significantly. Some of our market highlights include:
  • The number of waterfront homes sold on Lake Wylie is down 28% in comparison to last year, and is expected to finish the year at about 35% below 2021 sales.
  • However, dollar volume is down only 6% compared to last year. The price tag on the average waterfront home sold in 2022 thus far is $1.2 million, a whopping 30% increase over last year’s record level.
  • The number of waterfront lots sold is 42% lower than last year this time, and the average price rose 15% to just over $400,000. However, more than half of the lots sold are in the premium-priced McLean developments in Belmont, driving up the average price.
  • Properties are still selling lightning fast. Well over half of the homes sold this quarter were on the market less than a week, and many sold at or above asking price.
Waterfront Sales
 
In the chart above, the blue bars represent the number of homes sold on Lake Wylie through September of each year, and the red bars represent lot sales. The waterfront market recovered from the recession in 2016 with record sales up to that point, then held steady until another growth spurt during the pandemic. High demand and low supply finally met its match in 2022, and sales began to cool in early summer.
Lot sales are more volatile from year to year. Some buyers set out to purchase a lot and build to suit their own design and other needs, while other buyers look first in the existing waterfront home market and turn to purchase a lot when they are unable to find the right home. In the past couple of years, however, availability of lots on the market has been quite limited, especially in the $300,000 and below segment. Most of the sales in the past couple of years have been in McLean’s new developments in Belmont.
Waterfront Prices
In the chart above, the red line represents the average price of a waterfront home sold on Lake Wylie, and the blue line represents lot prices. Prices for homes were on the rise after the recession, reaching the mid $700’s in 2019. The pandemic caused demand to spike, particularly for homes in recreation areas such as Lake Wylie. Our waterfront home prices are up 56% since pre-pandemic.
We’ve taken a look at waterfront homes that sold two or more times within the past four years, and with a few cosmetic updates (or no updates at all), prices rose an average of 40%, depending on the style and location of the home.
The average home price on Lake Wylie this year is $1.2 million. This represents quite a shift from years past:
 
In the chart above, the percent of homes sold in each price category is represented as follows: blue bar – under $500k; red bar – $500-699k; green bar – $700-$999k; purple bar – over $1 million. Pre-pandemic, the bulk of sales were between half a million and a million dollars. Most recently, the majority of home sales exceed $1 million, and for the first time, sales over $2 million are fairly common — with six sales this year ranging from $2 million to $5 million.
In September 2019, there were 23 Lake Wylie waterfront homes listed for under $500k. Now there is one. There were 76 homes listed between $500k-$1 million. Now there are seven. The number of million dollar homes listed has gone up just a little. What we’re seeing is a disappearance of listings under $1 million, and buyers with moderate budgets are finding themselves in a race whenever a new listing comes up that they can afford. Homes that are in their price range are often much smaller or in areas not as favorable as they were a few years ago.
Sales by Month
Typically, sales are strong on the lake through early fall:
In the chart above, the blue line represents the average number of homes sold by month on Lake Wylie, based on the past four years. The green line represents this year’s sales. With the exception of April, sales by month have been close to or have lagged behind last year’s. Currently there are only 14 waterfront homes under contract (compared to 27 last year this time). Of the 14, eight are homes under construction, which typically take a long time to close. We expect to lag considerably behind the average in fourth quarter.
As we go through this market adjustment, there are things to keep in mind: Demand is still strong for waterfront homes. A large factor in the sales decline is simply lack of inventory; we have very few homes to sell. As long as demand is high, prices will stay strong.
If you are considering selling your waterfront home or land, give me a call and we can discuss the best price and marketing plan for your property. Once again, The Lake Wylie Man team is leading the market, significantly outselling other Realtors as we have for the past 15 years. Rely on that expertise.
I look forward to hearing from you if you have any questions. Thanks so much!