Homes sales dropped again across the Charlotte metro, but one SC spot is still immune
Charlotte metro home sales are down again, in total count and for many places in price — but don’t blame Chester County.
Still a small player in regional home sales by volume, Chester County continues to surge. Home sales there are more expensive then they’ve been, but they’re still relatively affordable compared to the region. Even high-growth hot spots like Fort Mill, Lake Wylie and Tega Cay can’t keep pace with Chester County’s growth rate.
New Canopy Realtor Association figures show neighboring Chester and Chesterfield counties had higher sales rate increases last year than anywhere else in the 16-county region.
Closed sales drop again, except in Chester County
Closed sales in Rock Hill, Lake Wylie and Tega Cay all dropped for the second straight year. Fort Mill sales dropped for the fourth straight year. Lake Wylie (-67.8%) and Tega Cay (-35.8%) saw greater decreases in the number of sales than the Charlotte region (-29.6%) as a whole. Fort Mill (-29.3%) and Rock Hill (-27.3%) saw declines just off the region mark.
Just in the past year, Lake Wylie (-43.8%) and Tega Cay (-40.2%) doubled the decline rate for the Charlotte region (-20.9%). Rock Hill was down 18.2% and Fort Mill was down 13.6%.
Similarly, York County sales are down for a second straight year and Lancaster County for a third straight year. Chester County is the outlier. Over the past two years, closed sales rose 72.1% and as much as 27.7% in the past year. Chester County sales have increased every year on record with Canopy, since 2014. In that time, Chester County closed sales increased 713.6%.
The total numbers are still much smaller by comparison. York County had 4,029 sales last year and Lancaster County had 1,569. Chester County had 358 sales.
The 27.7% increase last year in Chester County was the highest rate there since 2018 (45.1%). York County was down 19.1% in 2023 after an 18.6% drop in 2022. Lancaster County decreased 23.7% last year, 9.5% in 2022 and 2.4% in 2021.
Median home sale prices dip in Charlotte region
The median sales price last year in Lake Wylie increased 5.8% since 2022. Rock Hill rose 1.7%. York County, Fort Mill, Tega Cay and the Charlotte region each saw a median sales price decrease between 1% and 2%. Lancaster County dropped 5.9%.
Sales prices are higher in Chester County, with the median there jumping by 24.4%. Only Chesterfield County came close within the region, among both counties and municipalities.
The median sale price of a Chester County home has more than tripled since 2014, but at $255,000 last year it’s still a bargain compared to neighboring areas. Lancaster County’s median sale price was at $415,000 and York County was at $380,000.
The highest area median homes sales last year were in Lake Wylie ($560,000), Tega Cay ($470,000) and Fort Mill ($448,000). Clover ($380,000) topped the Charlotte region ($376,255). York ($350,000), Rock Hill ($325,250) and Lancaster ($305,000) fell below it.
Charlotte home buying trends continue
Home sale metrics largely showed decreases throughout the region, as they have now for the past two years. There were some upticks late last year, such as in new listings, as interest rates dipped slightly.
“Last year’s sales activity was hampered by rates, which increased throughout the year,” said Charisma Southerland, Canopy Realtor Association president.
In November, Canopy released data through October of last year. At that time, the city of York, which finished the year up 5.2% in closed sales, outpaced other spots across the metro region.
Canopy president Tiffany Johannes said high mortgage rates had buyers looking at places like York, in a trend that also would apply to Chester County.
“Sales activity in the outlying and rural counties demonstrate buyers’ willingness to move greater distances for more supply and greater affordability,” she said in November.
Typical 30-year mortgage rates peaked in November. They still could go up or down, but the most recent trend is optimism.
“If rates continue to fall as predicted, we should see more new listing activity, which will also be an encouraging sign for buyers,” Southerland said.
