Lake Wylie Home Sales OCT 2024
Lake Wylie’s peak sales season (summer) may be behind us, but buyers are still actively on the hunt for waterfront, lake-adjacent homes, and land. With hopes of lower mortgage rates on the horizon, there’s quite a buzz of energy among buyers, setting us up for a promising finish to 2024 and start of the new year.
Check out the charts below, showing real estate sales on Lake Wylie. Sales spiked in 2021, driven by the pandemic's push for population spread and increased real estate demand. However, dwindling inventory led to a drop in sales through 2022-2023. In 2024, we are seeing notable price increases - Lake Wylie values are on the rise.
Dock-able lot inventory is still feeling the effects of the pandemic surge. Right now, it’s at its lowest level in over 15 years for this time of year, with just 28 lots available across the entire lake. This inventory crunch, combined with strong demand, has driven up prices—now averaging nearly $1.4 million for a waterfront home and around $425,000 for a lot.
Here are some other key trends:
• Time on the market is up: Last year, the average waterfront home went under contract in 29 days. This year, it's taking about 41 days on the market.
• Waterfront lots take time: It’s a slower process to sell a lakefront lot compared to a non-waterfront lot. This year, the average time to sell a lot is about 150 days.
• Price matters: While some homes still sell at or above asking, the average sale price is now 97.6% of the original list price.
• Overpricing comes with risks: Homes that sell for 15% or more below the original price typically sit on the market longer—an average of 117 days. Overpricing can lead to extended market time and bigger price cuts, potentially driving buyers to other properties.
• Lake cabins are still hot: During the last 180 days, we’ve seen 8 cabin sales, with an average price of $920,000. These cabins, usually 1-2 bedrooms, under 1,500 sq. ft., and often over 50 years old, are in high demand. Updated cabins or those on prime lots tend to sell quickly and at premium prices.
The market may be shifting, but there’s still plenty of opportunity for buyers and sellers alike as we head toward the end of the year and into 2025!
⚓ Search Lake Wylie Homes for Sale 🛶
PLEASE NOTE: Lake Wylie spans 325 miles of shoreline, from Charlotte/Belmont to Rock Hill/India Hook, SC. Home sales prices vary by area and can vary significantly. So, if you’re thinking of buying or selling and want a more detailed market report of a specific area, let’s talk! Call or text me at (704) 491-3310.
© Debe Maxwell, CRS | The Maxwell House Group | Savvy + Company | SavvyBroker@me.com | Lake Wylie Home Sales OCT 2024
Comments(12)