March 28, 2024

Contact: Kim Walker, 704-940-3149

Residential Sales Trends in York, Lancaster, Chester and  Chesterfield Counties

CHARLOTTE, N.C. — Canopy MLS reports on residential sales trends in the contiguous counties to Mecklenburg County, which includes York, Lancaster, Chester, and Chesterfield, South Carolina. Data included in this report is for single family, condo, and townhome property types only, for the geographies mentioned above.

In March 2024, inventory experienced a 11.2 percent year-over-year increase with 816 available properties up from 734 during the same period the previous year. Marking the 4th consecutive month of year-over-year inventory growth, the region is poised to surpass the spring market performance of 2023 if growth continues. Additionally, months of supply increased from last year, resulting in 1.6 months of supply. Though inventory decreased slightly from February dropping 8.6 percent or 77 less available units. Within the region, Lancaster and York counties are experiencing the tightest supply alongside the highest demand.

The number of pending sales in the region decreased by 1.4 percent, with 8 fewer properties entering into contract compared to March 2023. However, contract activity rose 14.6 percent when compared to February, with a total of 582 properties up from 508. This represents the highest number of pending sales in the region over the past nine months. The March Showing Reports highlighted that buyer interest was particularly strong in York and Lancaster counties, with averages of 6.6 and 5.9 showings (potential buyers) per listing, respectively. Fort Mill led the way with an impressive 8.3 showings per listing, closely followed by Rock Hill with 6.9 showings per listing.

In the four counties of South Carolina just south of Mecklenburg and Charlotte, closed sales fell by 13 percent to 520 properties in March, a decrease from the 598 properties sold in March 2023. In contrast, there was an 18.7 percent surge in sales over the previous month, with 82 additional properties closing. Meanwhile, new listings saw a decrease of 10.2 percent, with 609 homes entering the market. This figure is also down from February 2024 by 6.2 percent, amounting to 40 fewer properties listed.

“The spring real estate market in our region seems to be off to a slow start, but that's not necessarily a bad thing. March saw an increase in inventory levels, providing more opportunities for buyers. However, homeowners with low mortgage rates are finding it challenging to upsize or even downsize, as high home prices and elevated mortgage rates can lead to significantly higher monthly payments under traditional mortgages.” 

said Colleen Coesens, a Canopy MLS Board of Director representing South Carolina and a Realtor®/broker with EXP Realty, Fort Mill.

“Fortunately, Canopy MLS has incorporated a new Down Payment Resource tool, which matches properties to a number of local, state, and national down payment programs, helping to make the move more affordable. Working with a Buyer’s Agent can help buyers navigate available programs.”

The average sales price of $422,256 was a slight 3.1 percent increase compared to March 2023, marking the third consecutive year-over-year increase. However, there was a slight decline of half a percent from $424,348 in February 2024. The median sales price for the region rose to $370,000, a modest 1.4 percent increase from the previous year. Sellers continued to receive amounts close to their asking prices, with the ratio of the original list price to the sales price at 99 percent.

Coesens continues, “Given the tight market, using a Realtor® is crucial. Their expertise in market trends, pricing, and negotiation can be invaluable for buyers, helping them find the right property at the right price and guiding them through the closing process.”

The average time homes remained on the market in March tightened for the fourth consecutive month, marking a 7.8 percent year-over-year decline, with homes listing for an average of 47 days. However, this was still the longest homes had remained on the market in the past 12 months. March saw a 6.8 percent increase in listing duration compared to February.

A closer look at the four South Carolina counties

York County closed sales decreased 13.3 percent year-over-year with 339 homes selling across the county. However, pending contract activity rose slightly by 3.2 percent year-over-year as 392 homes went under contract compared to 380 during the same period last year. Contract activity was up year-over-year in Lake Wylie (4.5%), Fort Mill (11.4%), Rock Hill (12.3%), and Town of Clover (3.0%), but decreased in Tega Cay (14.3%), and Town of York (73.7%). New listings decreased in March 9.4 percent as sellers listed 416 homes for sale. Despite the decrease in new listings, inventory levels increased last month by 11.9 percent to 519 homes for sale, bumping supply to 1.5 months.

The median sales price dipped slightly by 0.5 percent to $367,990 and the average sales price increased 6.7 percent to $441,129. The average list price rose to $489,563, which brought the original list price to sales price measure to 97.2 percent. Days on market tightened 6.4 percent and showed homes averaged 44 days on market until sale.

In Rock Hill the median sales price ($319,945) dipped 4.5 percent while the average sales price ($370,693) increased 7.7 percent year-over-year. The Town of York had increases across all pricing metrics with the median sales price ($355,000) up 10.6 percent and the average sales price ($381,795) rising 10 percent. In Fort Mill the median sales price ($417,500) dipped 2.9 percent while the average sales price ($499,463) rose 2.2 percent. During March Tega Cay witnessed declines in both median sales price ($465,000) and average sales price ($527,137) of 7percent and 7.6 percent respectively. The Town of Clover experienced rises in both the median sales price ($385,000) and the average sales price ($510,326) of 6.9 percent and 35.1 percent respectively. Lastly, in Lake Wylie prices rose with the median sales price ($525,000) and the average sales price ($624,421) increasing 4.7 percent and 5.3 percent year-over-year.

Lancaster County home sales declined 9.8 percent as 148 homes sold compared to 164 that sold in March a year ago. Contract activity decreased slightly, as 149 homes went under contract during the month, compared to 160 that were under contract last March. New listings for the county dipped 6.4 percent to 146 homes for sale compared to 156 new listings offered by sellers in March 2023. Despite this decline, inventory increased 1.0 percent to 197 homes for sale while supply increased 25 percent to 1.5 months of supply. The median sales price ($395,000) increased slightly 1.5 percent while the average sales price ($412,348) decreased by 8 percent. The average list price increased 0.4 percent to $453,106, bringing the original list price to sales price measure to 97.3 percent. Days on market slowed to 47 days compared to 58 days this time last year.

Chester County inventory increased during March 1.6 percent to 63 homes for sale at report time. Conversely, months of supply constricted 4.3 percent to 2.2 months of supply. New listings were down 34.5 percent as sellers listed 36 homes for sale compared to 55 listed the previous year. Home sales also declined this month by 31 percent year-over-year as 20 homes sold compared to 29 sold in March 2023. However, pending sales rose 5.3 percent to 40 homes under contract compared to 38 last March. Both the median sales price ($257,500) and the average sales price ($257,149) rose 37.7 percent and 24.9 percent respectively. Additionally, the average list price increased to $304,800, bringing the original list price-to-sales price ratio to 91.4 percent. Days on market expanded 21.7 percent to 56 days, up from 46 days in March 2023. Months supply constricted 4.3 percent to 2.2 months.  
(Due to small sample sizes, percentage of change may seem extreme)

Chesterfield County witnessed increases across all available metrics in March 2024 except for pending sales and closed sales which were down 33.3 percent and 28.6 percent respectively. New listings increased 14.3 percent with 8 properties entering the market. Inventory doubled to 32 homes for sale vs. the 16 available in March 2023. Months of supply increased substantially 137.5 percent to 3.8 months. This time last year Chesterfield County only had 1.6 months of supply. Prices rose with both the median sales price ($260,450) and the average sales price ($291,757) increasing 19.5 percent and 8.1 percent year-over-year respectively. The average list price increased 32.3 percent to $355,525 which brought the original list price to sales price ratio to 97 percent. Days on market increased to 144 days in March up from 98 in March 2023. (Due to small sample sizes, percentage of change may seem extreme)

Canopy Realtor^® Association provides monthly reports on residential real estate market activity for the Charlotte region based on data from Canopy MLS. This report is based on the four South Carolina counties that are also included in the Charlotte region (Chester, Chesterfield, Lancaster, and York Counties).  For more details, visit the monthly report this release is based on, and search for “Piedmont Regional Association of Realtors®". 

See also Charlotte region reports and individual county reports for York, Lancaster, Chester and Chesterfield.  For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.” For an interview with Canopy MLS South Carolina representative, Colleen Coesens, Realtor®/Broker-in-charge with EXP Realty, Fort Mill, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, Asheville and Catawba Valley regions spanning across North Carolina, South Carolina and outside of the Carolinas. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.