October Market Report

Following the trend of previous months, the Charlotte area is once again facing a shortage of inventory while prices climb higher. The homes that do hit the market are selling quickly so even though there are more new listings than last year at this time, inventory can’t keep up.

These numbers come from the monthly report from the Canopy MLS which is run by the Canopy Association of Realtors. When you look just at Lake Wylie, you see the same trend holding. Inventory is down to just a 1.2 month supply or just 171 homes listed for sale. These homes are going under contract in an average of 30 days and are closing in an average of 90 days.

Prices are on the rise as well with the average list price climbing to $498,510. The average sale price is $485,271. This means that the average home is selling for 97% of list price. New listings are up 7.1% and pending sales are up 3.9% so we expect this trend to continue with strong sales again next month.

The Charlotte Business Journal reported this week that the Lake Wylie market is the 7th largest lake market in the country at $447.2 million with Lake Norman coming in at 3rd largest at $952.5 million. The values were determined by using home listings and land listings from August of this year. When compared to 2019, there was a drop of $62 million. Lake Wylie is still one of the most affordable lakes in the country and as long as economic conditions don’t worsen, then lake homes should continue to sell well.

If you are ready to buy or sell a home in the Lake Wylie area, give us a call at 803-831-8588. You can view all current listings and create your own custom home search on our website at lkwrealty.com

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