Lake Wylie real estate update – Nov. 2021

The listing inventory shortage has caught up with us. All year, it has been a wonder that waterfront sales on Lake Wylie have been so strong, while the number of listings has been at record lows. As new properties were introduced to the market, many of them sold within a few days after being listed.
Now, the number of new listings — particularly those priced under $1 million — are so few that sales have slowed significantly. In October, only eight waterfront homes closed — half of the typical number of closings this time of year.
Listings for both waterfront lots and homes are at record lows at the first of November:
In the graph above, the blue line represents the number of waterfront homes listed on Lake Wylie at the beginning of November each year since 2016, and the red line represents the number of lots listed.
Listings began their steep decline during the first year of the COVID-19 pandemic when many new buyers were attracted to Lake Wylie and the supply of properties could not keep up with the demand. The trend continued into 2021.
Now, of the 47 active waterfront home listings, over half are under contract. There are only 21 fully available, and just 3 of those are priced under a million, with the lowest priced available home at $899,000. Buyers for homes at all price points are waiting in the wings — but particularly for homes priced under $900,000.
Because of the strain on listing inventory, we expect waterfront home sales to fall 5-10% behind last year’s numbers.
Waterfront lot availability is also at its lowest level, with only 26 on the market. The high demand for homes, without sufficient inventory to feed the hungry buyers, led many waterfront buyers to choose to build new homes on the water. Sales in 2021 for waterfront lots are at one of the highest levels ever.
Waterfront prices
Driven by high demand and low supply, waterfront home prices are now averaging just over $930,000, and waterfront lots are averaging in the mid $300’s. The price per square foot for waterfront homes is up 23% over last year and 35% over the year before. Price increases on a few homes that sold in the past three years —then resold in 2021 —confirm that homes in “move-in-ready” condition can fetch significantly higher prices in the current market.
Undeveloped lot prices are varied. There are buyers willing to pay top dollar for premium lots — those in higher end neighborhoods or lots with excellent location and views. Cove lots and those in more remote locations are still selling in the $200’s.
Mortgage rates
Mortgage rates are beginning to inch up again:
In the graph above, shared by Freddie Mac, the blue line represents 30-year rates, the orange line 5/ ARM rates, and the green line 15 year rates. In the past 12 months, 15Y and 30Y peaked in March, and are now approaching those rates again in early November.
Building material shortages, which became an issue early in the pandemic, are still in play.
We remain very optimistic about the health of the real estate market on Lake Wylie, considering the purchase demand that is still very strong. The short time on the market for new listings, even with higher prices on homes, indicates we are still in a “seller’s market.”
Be sure to check out recent sales on our website: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Both buyers and sellers can benefit from the advice of seasoned real estate professionals such as The Lake Wylie Man team. Our knowledge of the market and success in closing hundreds of properties on Lake Wylie are invaluable in this bullish market, and we look forward to serving you throughout the process.

A roller-coaster ride in real estate – November 2020

October numbers are in for Lake Wylie real estate activity, and It has certainly been a roller coaster ride!

TWENTY-SIX waterfront homes closed in October — a month that usually averages 8-10 closings. Last year the market had a record-breaking October, with 16 closings. Check out this year’s performance in comparison to the past 3-year average:

In the chart above, the dark blue line represents the last 3-year average number of closings per month for dockable waterfront homes on Lake Wylie. The light blue line represents 2020 performance. It has been an unusual year indeed, with closings falling far below normal during the first couple months of the pandemic, then higher than normal thereafter.
About a third of the homes closed in October were on the market for less than a week, and many sold at or above full asking price. Eight of the closings were in the luxury price category (over $1 million).
Low mortgage rates and changes in lifestyle have contributed to the uptick in lake property, as well as pent-up demand from the past couple of years as we have seen inventory decline. Offerings at different price points have not been able to keep up with demand.
Here at the beginning of November, the number of listings has reached another low point. Only 49 dockable waterfront homes are currently listed, with 22 of those under contract!
Looking at listings the past few months, the decline is pronounced:
In the chart above, the blue portion represents the number of waterfront homes under contract at the first of each month since June, and the red represents the number of available waterfront homes.  In the MLS, the number of listings reported includes “Active” plus “Under Contract,” because sometimes properties under contract can continue to be shown for back-up offers, and occasionally offers do fall through.
In June and July, the total number of listings hovered around 90 waterfront homes. Typically, the number of lakefront listings peak in the summer, and this year was no exception. However, in comparison to the summer months of 2019, total listings were down 30%! Combine that statistic with record sales, and it is a classic low supply/high demand situation.
The small number of homes available becomes even more dire when we break the listings into price points or areas on the lake. There are zero – – yes, zero – – listings under $500,000. Almost half of the available homes are priced over $1 million. Looking for something in the $700,000 range in the Clover School District? There is one house.
Waterfront lots are also in demand. While year-to-date sales are about level with the past two years, inventory is very tight. Currently, there are 74 dockable lots listed, and 14 of those are under contract. The number of listings is down over 20% in comparison to the past couple of years. With waterfront home inventory so tight, buyers will consider building and need land for their lake homes. Many will consider purchasing a cabin or lower-priced older home to remove and use as their building site.
To see details on recent sales activity all over Lake Wylie, please visit my web pages Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Now is a great time to sell Lake Wylie waterfront property, even though (in a typical year) we’d be entering the slower season of selling. But this is no typical year. Now more than ever it is important to use a Lake Wylie waterfront expert to help you price, market and sell your property.  The Lake Wylie Man has led the market in waterfront sales each year for over a decade, and can offer unparalleled insight and service. Give us a call!

Waterfront Lots – The Market is Hot!

After analyzing monthly waterfront sales for well over a decade now, I know not to put too much importance on what happens in January. Weather, lake levels, and inventory levels are often off-kilter in the winter months, and all of these impact buyer activity. Plus, the winter months are the least active for sales both on and off the water, so first quarter closings don’t always provide a great indication of how the year will turn out.

That being said, with SEVEN waterfront home closings and SIX dockable lot closings in January, the market came out of the gate the strongest it has in several years. In addition, there are currently 24 waterfront homes under contract, and 6 lots, which is impressive given the low inventory levels that plagued us in recent months. Of the homes that are currently under contract, six (25%) were on the market for less than a month.

We have buyers waiting in the wings, ready to purchase, and with record low inventory levels, new listings get a lot of attention quickly. (Pause for a commercial break!) It is particularly important to price your property correctly, prior to listing, and make sure that potential issues are addressed and the property is ready to sell, and having a Realtor experienced in waterfront is vital.

So, what’s selling? Homes under contract are equally disbursed between Belmont, Lake Wylie (Clover School District), and Charlotte, plus a couple of properties in Tega Cay area. The higher priced properties represent the bulk of sales, with 9 over $1 million, and 8 priced $800-$999k. The tightest segments in active inventory are mid-priced and lower priced properties. That tight inventory is limiting sales. There are currently 7 homes under contract that are priced under $800k.

Waterfront lot sales are benefitting from low home inventory, as buyers unable to find ready waterfront homes shift their focus to building. Here’s something interesting: Of the waterfront lots that closed in January, half had been on the market for under five weeks, and two had been on the market for 3-4 YEARS. So average time on market if pretty meaningless! We noted that throughout last year’s lot sales; quite a few lots that had been on the market for years finally sold!

Here’s a closer look at waterfront lot sales since January 2017:

  • Belmont, 31 lots, average price $224,000
  • Reflection Pointe (in Belmont), 14 lots, average price $154,000
  • McLean (in Belmont), 5 lots, average price $432,000
  • Lake Wylie (Clover School Distr.), 24 lots, average price $280,000
  • Charlotte, 17 lots, average price $317,000
  • Rock Hill, 3 lots, average $287,000
  • Tega Cay/Fort Mill, 3 lots, average $370,000

Reflection Pointe in Belmont still has a number of dockable waterfront lots selling for less than $150,000.  This development was hardest hit by the recession, and slowest to recover.  Meanwhile, just down the road in McLean, lots are commanding premium prices.  Woodland Bay and choice main channel lots are also yielding prices over $300,000.

In Lake Wylie, properties go up in price as the location gets closer to the Buster Boyd Bridge.  Handsmill on Lake Wylie is also beginning to sell well.  There have been lots on the southern end of the lake, around Allison Creek, selling above $300,000, but similar lots in the 29710 zip code generally sell for 10-15% higher.

Good news for sellers of waterfront cabins!  Average sale prices have been on the rise for the past few years.  Take a look:

Waterfront cabin sales on Lake Wylie, Average Price by Year

2013 – $311,000

2014 – $355,000

2015 – $355,000

2016 – $364,000

2017 – $386,000

The price for waterfront cabins is impacted by the buyer’s planned use for the property.  If they plan to remove the cabin and build a permanent home, the presence of the cabin can be seen as a negative.  But often a buyer wants to enjoy the cabin as it is, prior to building or as a second home indefinitely.  Cabins that are neat and in good condition command a premium price.

If you’d like to see more data on recent sales, visit The Lake Wylie Man Waterfront Market Sales Report for 2017.  The Lake Wylie Man is the leader in waterfront sales on Lake Wylie.  Rely on the market expert for buying or selling waterfront real estate!