September 25, 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.

During August 2024, the market saw a significant year-over-year growth in new listings with 777 properties added to the market representing a 7.3 percent increase from the same period last year. This rise in new listings has provided much-needed relief to the supply shortages that have persisted for several years. Inventory levels have grown by 49.7 percent to 1,340 homes for sale. All four counties in the micro-region experienced growth in total inventory this month. The supply of homes has now reached 2.7 months, up from 1.7 months a year ago, reflecting a 58.8 percent rise. The market is considered balanced with six months of supply so while it is still a seller’s market, buyers are seeing more available options with each passing month.

Home sales dropped by 14 percent year-over-year during August, with 569 homes sold compared to 662 during the same period in 2023. However, pending sales showed improvement, rising 9.4 percent to 583 homes under contract, up from 533 the previous year. Compared to July 2024, closed sales fell by 3.4 percent, while contract activity saw a 4.1 percent increase. The combination of more inventory options and high interest rates in August has contributed to a slower sales cycle compared to recent years.

“As expected and hoped for, the Federal Reserve dropped interest rates mid-September by a half a percent,” said Colleen Coesens, a Canopy MLS Board Director representing South Carolina and a Realtor®/broker with EXP Realty, Rock Hill. "Many lenders had already adjusted their rates in anticipation of this cut knowing this could be a game-changer for buyers and sellers alike.”

Showings remained robust in York County during August, with homes averaging 4.5 showings per listing. Fort Mill led with 5.4 showings, followed by Rock Hill at 4.5 and Lake Wylie with 4.4 showings per listing. Lancaster County also saw strong buyer interest, averaging 4.4 showings per property. These numbers have remained fairly consistent over the past year.

In August, the inventory of homes for sale saw significant growth, particularly in the mid-price ranges. Inventory for homes priced between $250,001 and $350,000 increased by 67.1 percent compared to August 2023, reflecting strong market activity in this segment. Similarly, homes priced from $350,001 to $500,000 experienced a 64.7 percent rise in inventory over the past year. This surge in availability provides potential buyers with more options, particularly in the mid-range price categories.

Coesens continued, "Lower mortgage rates mean buyers can afford more, and sellers can leverage the equity they've built to maximize returns. It's a perfect moment to take advantage of the current market dynamics. Working closely with a trusted Realtor® ensures both buyers and sellers make the most of these conditions. Buyers have the added resource of a number of properties qualifying for down payment assistance on listings priced up to $700,000 in Canopy MLS."

Both the median sales price, which stood at $400,000, and the average sales price, at $475,134, showed year-over-year increases of 1.5 percent and 5.3 percent, respectively. While pricing has shown consistent growth, the median sales price for the past 12 months has remained flat at $380,000. The percent of list price received declined slightly, now at 98.2 percent, a 1 percent drop compared to last year. Properties are still selling relatively quickly, with homes spending an average of 35 days on the market, up from 28 days in the previous year.

A closer look at the four South Carolina counties

York County closed sales in August fell by 22.9 percent year-over-year, with 366 homes sold compared to 475 in August 2023. Contract activity, however, increased by 11.2 percent, with 386 homes going under contract, up from 347 the previous year. Seller confidence continued to improve, with new listings up by 17.3 percent as 522 homes were listed for sale compared to 445 in August 2023. Inventory grew significantly by 60.9 percent, totaling 859 homes for sale, while the months of supply increased by 66.7 percent to 2.5 months. The median sales price rose by 7.7 percent to $428,000, and the average sales price climbed 6.7 percent to $501,438. The original list price-to-sales price ratio declined slightly by 1.1 percent to 96.6 percent, and homes took an average of 30 days on the market, up slightly from 29 days a year ago.

Lancaster County closed sales decreased by 2.8 percent year-over-year to 140 homes sold, down from 144 in August 2023. New listings also fell by 6.7 percent, with 194 homes listed compared to 208 last year. Total inventory was up significantly by 31.9 percent with 331 homes on the market. The months of supply grew by 44.4 percent, reaching 2.6 months of inventory with days on market rising 69.6 percent to 39 days – up 17 days from August 2023. The median sales price increased by 2.6 percent to $432,000, while the average sales price rose by 10.3 percent to $487,195. Sellers in the county still receive most of their list price (96.9 percent)

Chester County closed sales rose by 16.7 percent year-over-year to 42 homes in August 2024, compared to 36 homes sold in the same month last year. New listings declined by 23.4 percent year-over-year, with 49 homes listed in August compared to 64 in August 2023. The median sales price increased by 2.4 percent to $295,949, and the average sales price dropped by 2.3 percent to $273,031. The average list price was up 2.9 percent landing at $308,567 bringing the percent of list price received to 92.6 percent. Total inventory was up 11.9 percent with 94 properties on the market and a 3.2 months of supply (an increase of 14.3 percent). Average days on market increased 88.9 percent to 51 days, up from 27 in August 2023.

Chesterfield County saw increases in both closed sales and new listings. Closed sales were up by 28.6 percent, with 9 homes sold in August 2024, compared to 7 in the same month last year. New listings increased by 42.9 percent, with 10 homes listed this month compared to 7 in August 2023. Pending sales also increased this month with 10 properties entering into contracts, a 6-property increase over last year. Total inventory for Chesterfield at report time was 43 properties providing 4.6 months of supply. The median sales price dipped by 2.0 percent to $249,900, while the average sales price increased by 2.8 percent to $248,650. The average list price increased 13.9 percent to $263,970 bringing the percent of list price received to 97 percent. Days on market increased 73.7 percent to 66 days, up from 38 days the previous year.
(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.