Lake Wylie Real Estate Information

June Market Report – Greater Lake Wylie Area

July 7, 2023 by lkw_df Leave a Comment

Inventory is once again going down in the Charlotte Region. There are over 1,000 fewer homes for sale this June than last June, a decrease of 17.2%. New listings, pending sales, and closed sales are all down from last June as well. This is hardly surprising as last June was the beginning of the end of the frenzy before interest rates went up. Listing prices are still on the rise, squeezing many first time buyers out of the market for now.

When you look at the Greater Lake Wylie area, you see the same trend. There are just 129 homes listed for sale, down 24.1% from 170 homes last June. Only 81 sales closed in June, down 39.1% from 133 last June. Pending sales were down 20% from 120 down to 96. This means that closed sales will likely be down next month as those pending sales head to the closing table. New listings are down 38.9% from 185 last June to 113 this June.

Prices are still on the rise in the Greater Lake Wylie area. The average home price in June was down just slightly, 3% down from $682,560 last year to $662,252 this year. List prices are on the rise however, with the average list price up 21.7% from $596,559 last year to $726,308 this year. This could be the result of a few large listings as the smaller sample size can skew the statistics. For example, a few waterfront homes with prices over $1 million could bring the average up substantially.

Homes are staying on the market longer than the quick sales of last year. The average time on the market before a sale was 25 days, up from 15 days last June. This means that sellers have to be patient and wait for an offer that might not come the same weekend that they list their homes for sale. For buyers, it means that they can take their time a little bit more and not feel quite so rushed on the biggest single investment they will probably make.

If you are curious about what your home is worth or if it’s a good time for you to buy, give us a call at 803-831-8588. We would love to share our perspective on Lake Wylie and the Charlotte area. You can view current listings and create custom searches on our website here.

$1 Million Homes More Common

June 30, 2023 by lkw_df Leave a Comment

With the recent trends in the real estate market, home prices have been on the rise with apparently no end in sight. One result of that is that homes listed for $1 million or more are becoming much more common in the Charlotte region. We are even seeing this trend around Lake Wylie.

It used to be that the only homes on the lake that commanded a large price tag of $1 million or more were waterfront properties. In the past year, there were more properties that sold for above $1 million that had no water frontage at all. Many of these homes had large lots, and equally large homes of 5,000 square feet or more of heated living area.

With prices on the rise with inflation and high demand of people moving to the area, we will undoubtedly see more homes creep above that $1 million threshold. In addition, more luxury neighborhoods are being built in the area as Lake Wylie is a great commuter destination.

There are also more homes listed recently that approach $1 million. There are currently 4 homes listed for sale in the $900,000’s. Eleven homes sold in the last year in Lake Wylie that were in the $900,000’s, and many of them were not waterfront properties. This shows that Lake Wylie is a hot ticket and there is high demand pushing prices higher than before. This poises Lake Wylie to be a luxury destination and with great schools and more restaurants and shopping destination coming this way, it should be a great choice for years to come.

Neighborhood Spotlight: Paddlers Cove

June 30, 2023 by lkw_df Leave a Comment

If you are looking for a neighborhood that takes full advantage of the lake lifestyle, look no further than Paddlers Cove on Lake Wylie. Paddlers Cove is an ideal location just minutes away from the lake, is zoned to top rated Clover schools, and enjoys lower South Carolina taxes. A commute to Uptown Charlotte is quick and easy. This is definitely a neighborhood that has everything.

Amenities in Paddlers cove make the neighborhood even more attractive. There is a community pool, open-air pavilion, walking/hiking/cycling trails, a 32-acre athletic complex, and direct access to Crowders Creek. The Clover Aquatic Center is within walking distance, and YMCA Camp Thunderbird is just down the road.

Homes in Paddlers Cove were built in the last few years and include townhomes and single-family homes. The townhomes have 3-4 bedrooms, 2.5 bathrooms, and 1,400 to 2,500 square feet. Single-family homes have 3-6 bedrooms, 2.5-5 bathrooms, and 2,100-5,000+ square feet. Homes have open floor plans, chef’s kitchens, and sumptuous primary suites. Many of the larger homes have home offices, flex spaces, guest suites and much more. Homes were all built within the last few years, but construction in the neighborhood is complete so there are no trucks and no noise of construction left.

In the past year, 54 homes and townhomes were sold, though some of those were new construction homes as the construction completed. Townhomes sold for a range of $295,000 to $375,000. Single family homes sold for a range of $450,000 to $800,000. Prices were dependent on size and features and also location within the neighborhood.

Neighborhood Spotlight: Beckett Cove

June 22, 2023 by lkw_df Leave a Comment

Near Lake Wylie, on the Charlotte side, you’ll find a cute newer construction neighborhood called Beckett Cove. This great spot has stylish homes built within the last 3 years so they show just like brand new. The neighborhood is close to everything you need, and is an easy commute to Uptown Charlotte. There are many different natural areas nearby to explore as well.

To find Beckett Cove, travel south on Tryon Street until Youngblood Road. Take a left on Youngblood, then take a left on Zoar Road. The neighborhood will be on your right. From Beckett Cove it is a quick drive to get groceries, see a movie, or head out to dinner. Local schools are less than two miles away in Palisades Park. There is also nearby highway access to I-77 at Gold Hill Road.

Homes in Beckett Cove have open concepts with flexible spaces. They are the perfect size for any family, with options to change as you grow. There are great storage solutions, chef’s kitchens, private primary suites, and much more. There were 10 original floor-plans with 3-5 bedrooms, 2-4.5 bathrooms, 2-3 car garages and 1,806 to 3,078 square feet of living space.

Because Beckett Cove is newer construction, there are not typically many homes that come up for sale yet. In the last year, just 5 homes changed owners. They sold for between $450,000 and $550,000 depending on size and features. There is currently only one home listed for sale and it went under contract after just 3 days on the market. This shows the high demand when one of these homes becomes available.

Lake Wylie Homeowner’s Insurance Price Hikes

June 19, 2023 by lkw_df Leave a Comment

If you are currently a homeowner, you may be in for some sticker shock with your homeowner’s insurance this year. Many insurance companies are seeing higher costs and are passing the costs along to their customers. There are a few different reasons for the changes, but we are unlikely to see these changes reverse themselves, so you need to be ready for higher carrying costs on your home which can make a difference in what home you can afford.

Climate change is one of the major reasons for hikes in rates. Insurance companies have had to pay out big settlements in places like Florida due to more and worse hurricanes. Homeowners there are paying up to 4 times higher premiums if they can get coverage at all. Wildfires are making premiums rise in California and Colorado as well with some of the major carriers like State Farm and Allstate not writing new policies in those areas.

Reinsurance rate hikes, the type of insurance used by insurance companies to limit their risks has risen by up to 40%. They have been losing money for the past five years so they have to raise rates to cover their losses. These costs have to be shared among the pool of customers causing rates to rise as well.

The increase in frequency and severity of natural disasters means that these costs are not just temporary. Rates are expected to stay high with no reprieve. If you have an escrow account set up as part of your mortgage, you will see your monthly payment go up if your insurance rates rise. If you pay your insurance separately, you should call your agent to make sure you aren’t going to be hit with a much higher bill that you aren’t ready for.

Luckily, the Charlotte region has not had many natural disasters lately. It is rare for a hurricane to hit this far inland, but it has happened before as in the case of Hurricane Hugo. This means that we should see much less significant rate hikes than if we were in a coastal area or wildfire prone area. It is still a good idea to check with your insurance agent to review your policy.

Lake Wylie Neighborhood Spotlight: The Landing

June 13, 2023 by lkw_df Leave a Comment

On the shores of Lake Wylie, right in the heart of the community, you’ll find a serene neighborhood called The Landing. There are wonderful homes, great amenities, and community events. In addition, the neighborhood is zoned for top schools, is close to everything you need, and is within a reasonable commute to Uptown Charlotte. No wonder homes turn over quickly.

The Landing is located just North of Highway 49 near the Buster Boyd Bridge. There are many options nearby for shopping, dining, and community events. Just across that bridge, you will find many more options and larger stores for the rest of your shopping needs.

Amenities in The Landing include a clubhouse, pool, and neighborhood park. There are just about 2 miles of paved walking trails and sidewalks for walking, biking, or running. In addition, there are 25 boat slips for residents without direct water access. There are many events throughout the year for residents of all ages, and there is a competitive swim team for the kids during the summer.

In The Landing, you will find estate style homes with large lots of at least half an acre. Homes have between 3,000 to over 6,000 square feet of living space. These homes were built in the early 2000’s and have open floorplans, home offices, flex-spaces, and much more. Waterfront homes can have docks, boathouses, private beaches, floating docks, and boat lifts.

There are currently three homes on the market in The Landing representing 4.5 months of inventory. One of the homes is already under contract. In the last year, 9 homes sold in The Landing and sold for an average price of $750,375. Most of those homes sold in less than 20 days on the market. Waterfront homes typically command a premium and can sell for well over $1 million.

May Market Report – Greater Lake Wylie Area

June 12, 2023 by lkw_df Leave a Comment

The trend of the last few months is persisting in the Charlotte Region at the moment and homes are staying on the market longer before a sale while selling for a little bit less than list price. This shows that sellers are willing to make concessions which is not something we were seeing last year at this time.

In addition to the longer time on the market, there are more homes on the market giving buyers more choices than they have had in a long time. There are now 4,667 homes listed for sale, up to a 1.3 month supply of inventory. This is a far cry from the 4-6 month supply which signals a balanced market between buyers and sellers. This means that we are still in the persisting sellers market.

From this same report from the Canopy Realtor Association, you can see data for the Lake Wylie area. When you look into the numbers, you see some of the same trends. Homes are staying on the market for an average of 41 days before going under contract. This is up 141.2% from the 17 day average last May.

Prices seem to be holding steady in Lake Wylie. Average sales prices are down just 0.1% to $604,508. Sellers are still getting an average of 98.6% of list price from their homes. We are seeing a slowdown in the market, which typically happens during the summer months, but didn’t happen last year in the frenzy of sales before this slowdown.

This slowdown doesn’t mean that now is a bad time to list your home. It just means that you have to be prepared that it could take a month or more before you get a contract on your home instead of getting multiple offers the first day.

Neighborhood Spotlight: Heron Cove

June 7, 2023 by lkw_df Leave a Comment

If you are looking for a lakeside community in Lake Wylie, you can’t do much better than Heron Cove. There are amazing homes, great community, wonderful amenities, and a killer location. Heron Cove feeds to award winning Clover Schools, and has lower South Carolina taxes. What are you waiting for?

Heron Cove is located just across the Buster Boyd Bridge as you come in from Charlotte. This puts you in the perfect position for community events in Lake Wylie. There are great local options for shopping, dining, and entertainment. A little bit further away, you will find more options with larger stores and chains.

When you enter the community of Heron Cove, you will see the amenities including Waterfront Park. The park has swimming and fishing and gathering space for community events. There is a storage rack for resident canoes, picnic areas, barbecue grills, and a fire pit. There is a playground for the children in addition to the Heron Park Swim Club, and walking trails throughout the community. There is not a community boat launch, but there is dry-boat storage, and nearby public boat ramps if you don’t have water frontage with a dock.

Homes in Heron Cove are stately and most sit on property of at least an acre with old growth trees. All of the homes were custom built and average over 4,000 square feet of living space packed with custom features. May have gourmet kitchens, spa-like bathrooms, sumptuous primary suites, secondary or guest suites, home offices, and flex-spaces. Some of the homes have fully finished basements with media rooms, and exercise spaces.

In the past year, six homes and one lot sold in Heron Cove. The lot sold for $115,000, while the homes sold for between $725,000 and $940,000, depending on size and features. None of the homes was on the waterfront, so those homes could sell for substantially more.