Lake Wylie Waterfront Sales - Year end
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Tight inventory. Bidding wars. Rising prices. The waterfront market on Lake Wylie has shifted to a new level, with the average price of waterfront homes sold in 2022 at an astounding $1.2 million. To put that in perspective, a mere five years ago, the average price was in the $600's.
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.
First quarter 2023 sales showed a decline in comparison to recent years, with the number of waterfront homes sold down 21% and the number of dockable lots sold down 57% compared to 2022:
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.
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:
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 2023, the average closing price for homes was almost $1.2 million, up about $50,000 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%.
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 period for 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.
Other Lake Wylie Trends:
For most recent waterfront sales, take a look at my website: Recent Waterfront Home Sales and Recent Waterfront Lot Sales.
Both on and off the lake, it is still a seller’s market. New listings receive quick attention from buyers, and when priced correctly the properties sell quickly. If you’d like to talk about your home or lot, I’d love to help you. The Lake Wylie Man team has vast experience both on and off the lake, in bullish markets and in bear. When it comes to marketing your property, rely on our expertise for the best outcome.
For more details on recent Lake Wylie waterfront sales, visit:
Recent Lake Wylie waterfront home sales
Recent Lake Wylie waterfront lot sales
Thinking about listing your property this spring? Sales begin their uptick in March/April, with homes and land that has gone under contract in February. Listings are at a low point, and new entries into the market will be quickly perused by potential buyers. You’ll want to have your property in the best shape possible, and our team will be happy to provide an assessment and recommendations.
If you have any questions or wish to discuss your property, please call at 803-242-4700.
*All information provided is deemed reliable but is not guaranteed and should be independently verified. Copyright by The Lake Wylie Man, all rights reserved.