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.
Memorial Day traditionally kicks off the summer season, and people are out enjoying the lake.
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
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!
- 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.
- 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.
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.
Happy fall, y’all. I hope everyone is enjoying the cool weather, football games and all the fun of the season.
- 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.
- 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.
- 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.
- 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.
Summer is wrapping up on Lake Wylie, and our volatile real estate market has taken a turn. Historically low listings, rising interest rates and economic factors have cooled sales considerably in what is traditionally one of our highest sales months.
- Sales in the area fell 25% in July 2022 in comparison to July 2021.
- Price per square foot is up 15% over last year, and up 52% compared to pre-pandemic.
- The number of homes currently listed is 30% below pre-pandemic levels.