lake wylie waterfront sales

 

Lake Wylie Waterfront Sales - 3rd Quarter update 2022

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 to date this year at an astounding $1.2 million. To put that in perspective, a mere five years ago, the average price was in the $600's.  

 

Waterfront Prices

 

 sales graph

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, the 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

 

average 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.

 

 

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.

 

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. 

 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.

 

 

 

Equal Housing Opportunity     Realtor

*All information provided is deemed reliable but is not guaranteed and should be independently verified.  Copyright by The Lake Wylie Man, all rights reserved.