Lake Wylie homes for sale

1st Quarter Lake Wylie real estate report

Jan Todd

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

 

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

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!

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!

Real estate market cooling down at the end of summer

Jan Todd
The real estate market on Lake Wylie has cooled off a bit, similar to what is happening both regionally and nationally. We definitely still have buyers looking and ready to purchase — but the listing inventory is still critically low.
Rising interest rates and increasing prices on the lake have shut out some of our buyers, who are either turning to properties off the lake or simply putting their waterfront dreams on hold. The inventory shortage is most pronounced in the lower and mid-priced waterfront homes.
Lake Wylie waterfront homes that have changed hands more than once in the past four or five years are selling for an average of 40% above their past purchase price, with only minor cosmetic improvements (paint, new appliances, for instance), or no changes at all. Waterfront sellers have the opportunity to realize healthy profits, depending on the property and the location/type of home for their next move.
The month-to-month sales trend has been a bit more volatile on the lake this year than in typical years:
In the chart above, the blue line indicates the average number of waterfront homes sold on Lake Wylie by month for recent years, and the green line indicates sales in 2022. Typically, June through August represent the peak selling time for waterfront homes. This year, we had a spike in April, an abnormally light sales month in July, and August sales a little below the norm. Other highlights:

  • The average price on the lake year-to-date is $1.2 million — up from the record high of $940k last year.
  • There are just 15 homes under contract (about half of the typical number this time of year.)
  • The average list price of homes under contract is a whopping $1.5 million.
  • On average, homes are selling right at their asking price. Some are selling more than 10% above asking.
  • There are only 34 waterfront homes on the market, with an average price of $1.6 million.
  • Waterfront home listings are down from last year by 28%, and down 72% in comparison to pre-pandemic levels.
The waterfront lot market is also very tight:
  • Thirty-two dockable lots have sold this year, down 43% from last year.
  • The average price for waterfront lot sold in 2022 is $400k, up 17% from last year.
  • Only 23 dockable lots are currently listed, down slightly from last year and down 77% from pre-pandemic.
In the general market, some of the highlights of the Charlotte region include:
  • The median sales price is up 17% in comparison to last year.
  • Inventory is up 31% vs. last year. Sales have slowed due to rising prices and mortgage rates, and some buyers have been priced out of the market. Homes are staying on the market a little longer than they did a year ago.
  • In York County, showings are down 30% compared to last year. Showings are down 26% in Mecklenburg and down 19% in Gaston.
  • Homes that closed this summer sold for 102% of the asking price — indicating a competitive buyer base.
Visit my website for more information on recent waterfront home sales and recent waterfront lot sales.
Now more than ever, the sound advice of a real estate expert is valuable to both buyers and sellers. If you are considering making a move, please give me a call and we’ll discuss your best strategies for success. I look forward to talking with you!