Buying or selling? What housing deals look like in York, Lancaster, Chester counties
More homes are being built in York, Lancaster and Chester counties, but what kind of market is this?
The latest figures show there are fewer sales, pending contracts and listings than there were a year go. There’s also less inventory. But prices are up some.
Meanwhile, Elizabeth and other communities are building in York County, Indian Land apartments are under construction on Fort Mill Highway, and Chester County has a decision to make about 400 Richburg homes.
Canopy MLS tracks real estate sells across metropolitan Charlotte. Canopy recently released a report on four of its counties on the South Carolina side of that region. Single-family home, condo and townhome sales are included for York, Lancaster, Chester and Chesterfield counties.
The report found July sales across those four counties were down 23.9% compared to last year, and down 12.5% from June to July this year. There were 533 closed sales in July. Pending contracts were down 4.3% year-to-year and 6.7% in a month.
There were 596 homes with pending contracts in July.
The 655 new listings in July were down 25.2% compared to last year and down 4% compared to the prior month. The past four months saw drops at about 25% each month, compared to those same months from last year.
The report links limited housing supply and high mortgage rates to total sale and new listings. Pending contracts down from June to July is partly a seasonal issue, as they typically slow down that time of year. But they also were down from the same point last year.
Jerrianne Jackson, president of Piedmont Regional Association of Realtors and broker with Blu J Agency in Rock Hill, said large numbers of homeowners have locked in lower interest rates. Agents now must find innovative ways to match buyers with lending solutions amid those high rates on new purchases.
“While people are still moving, it’s primarily driven by unavoidable factors like job relocation or downsizing,” Jackson said. “However, the market is not seeing as many sellers willing to become move-up buyers and upgrading to larger homes with more features, largely because of higher rates.”
Jackson said she believes a drop in interest rates to 5% would create a strong uptick in area buying and selling.
For people looking to sell now, there’s opportunity.
Median sales price and average sales price figures increased year-to-year in July for the first time since January. Sellers south of the border are getting more than 99% of their asking price, up 1% from the beginning of the year.
“The average home buyer is encountering growing challenges in locating affordable properties,” Jackson said. “Although new home builds contribute to expanding the supply, they are insufficient to match the prevailing market demand.”
York County
July sales were down 25% from the prior year, to 336 homes. New listings dropped 23.7% and contract activity dropped 1%. Inventory dropped 33.7% with 438 homes available.
Prices increased in July, compared to last year. Median ($401,153) and average ($462,555) prices were up 6.3% and 8.4%, respectively. The average list price jumped 8.4% year-to-year, to $487,285. Homes got 2% less of asking price and spent more than 50% longer on the market in July, compared to last year. Listings averaged 6.8 showings in July.
Lancaster County
Lancaster County saw July sales drop 21.2% year-to-year, with 156 homes sold. New listings dropped 29.5% and contract activity dropped 10%. Inventory fell 39.3%
Unlike in York County, sale prices fell in Lancaster County. Median sale price dropped 12% to $410,000. Average sale price dropped 6.5% to $428,936. The average list price was down 39.3% to $438,981. Homes that spent an average of 13 days on the market last year spent 28 days this year, an increase of 115.4%. Lancaster County listings averaged 5.5 showings in July.
Chester County
Overall figures for Chester County are smaller, so swings can seem severe. The 30 July sales were down 6.3% in a year, but it’s only a difference of two homes. Pending contract activity was up 42.3%, to 37 homes under contract. New listings dropped 10%, to 45 homes in July.
Inventory dropped 12% and home prices increased. The $273,450 median sales prices is up 22.1%. Average sales price at $254,708 is up 2.5%. The average list price in July jumped 54.4% to $321,965. Sellers are getting 97.3% of asking price, lower than neighboring counties but up 3% in a year. Homes are taking about four days longer to sell, with an average of 4.3 showings.
