How much is a Fort Mill home? Also see Charlotte region trends for Rock Hill, Tega Cay
Home sales in the Charlotte region continue to slow down, and prices continue to increase.
The trends are similar to what the Fort Mill, Tega Cay, Rock Hill and other markets report. Prices are high, but homes aren’t on the market long. And sales largely are down compared to a year ago.
Canopy Realtor Association released new data Tuesday. Canopy reports on 16 counties for its Charlotte-region data. Included are York, Lancaster and Chester counties in South Carolina. Data includes sales of homes, townhomes and condos.
In July, sales were down almost 22% compared to July 2021. July was the seventh month of declines, down almost 16% just from June. Pending contracts in July were down almost 15% in a year and almost 5% in a month. New listings, up the two months prior, dropped in July by 6% in a year and almost 7% in a month.
Mortgage rate and price increases in the first half of the year continue to impact potential buyers, said Canopy president Lee Allen. Yet there are more price reductions as the market across the region shifts.
“Even though we are still in a seller’s market, buyers have more bargaining power now than at any point during the pandemic,” Allen said.
One area did show increased buyer activity. Chester County grew by 52% in a year. No other area increased buyer activity by more than 18%, and only five total areas out of dozens grew at all.
Regional housing inventory increased for the second straight month, at about 1% each for the year and month.
Prices rose much higher. The $385,000 median sales price is up almost 17% in a year. The average sales price of $458,000 is up more than 15%. The average list price is up almost 20%.
Sellers are getting 100.3% of asking price. That number is actually down from 101.8% a year ago and 101.9% in June. Still, the number of price reductions in July was up almost 127% compared to last year. Allen said homes priced “right” continue to sell quickly, but pricing too high can mean longer delays and price reduction.
“It’s good to see more homes on the market, which ultimately helps buyers that are still looking,” Allen said. “However, buyers need to be mindful that homes continue to sell quickly in this market.”
Here’s a look at home sale data so far in 2022 compared to the same start in 2021:
Fort Mill
New listings (15%), pending sales (20%) and closed sales (20%) all are down double digits, compared to last year.
Where Fort Mill stands out is price.
The average list price this year is up 24% from the same span last year. The average sales price of almost $517,000 is up nearly 22%. The median sales price of $455,000 is up almost 20%. Fort Mill sellers get 103% of asking price, up more than 1% in a year.
In July, 115 closed sales brought in an average sales price of almost $587,000. Those homes averaged seven days on the market.
Tega Cay
Tega Cay homes this year sell for more than 103% of asking price.
The $498,000 average sales price (up 11%) and $465,000 median sales price (up 18%) rank among the highest in the region. New listings (-16%), pending sales (-16%) and closed sales (-17%) are all down so far this year.
In July, almost three dozen homes sold for an average sales price of more than $508,000. Those homes spent an average of 10 days on the market.
Rock Hill
Rock Hill has more than 1,000 closed sales this year. Still, closings are down more than 3%.
Pending sales are down more than 9%. New listings are roughly even this year compared to last. The average sales price of almost $333,000 is up nearly 19%. The median sales price of $315,000 is up more than 21%.
For July, almost 150 homes sold for an average of almost $329,000. Homes spent about 19 days on the market.
Lake Wylie
Canopy lists Lake Wylie with its North Carolina data.
Still, home trends are historically similar on both sides of the lake. New listings (-22%), pending sales (-30%) and closed sales (-20%) are all down double digits this year. The almost $587,000 average sale price is up 21%. The median price of almost $529,000 is up 27%.
Almost 100 closed sales in July brought in an average of almost $562,000. Those homes averaged nine days on the market.
York County
York County has almost 3,100 homes sales this year. That figure is down almost 10% from the same span last year.
Pending sales are down almost 14% and new listings are down more than 7%. Average sales price ($424,000) is up almost 17% in a year. Median sales price $380,000 is up more than 20%. Sellers this year get almost 102% of asking price.
More than 430 closed sales in July brought in an average price of $429,000. Those homes averaged 15 days on the market.
Lancaster County
Lancaster County is the rare area where new listings (almost 16%) and pending sales (6%) are up this year.
Closed sales are still down 10%. Sellers are getting more than 101% of asking price. The average sales price of more than $429,000 is up more than 20%. The median price of $420,000 is up almost 20%.
Almost 200 closed sales last month brought in more than 100% of asking price, on average. Those homes averaged more than $454,000. They spent 14 days on the market.
Chester County
Closed sales are up 32% this year from last. The average home sale this year comes in at almost $224,000. That figure is up 22% in a year. Homes are listing for 10% more, but aren’t getting the asking price other area communities are. Sellers this year get about 95% of asking price, down more than 2% in a year. New listings (almost 24%) and pending sales (30%) are up significantly in a year.
Building economic wealth
Quality of life brings and keeps people in this region.
Weather can be an upgrade. There’s a major airport near and an interstate road runs through much of York County.
Attention from the once-promising Carolina Panthers headquarters plan in Rock Hill put the area on the national map. Blu J Agency founder and incoming Piedmont Regional Association of Realtors president Jerrianne Jackson said there are plenty of reasons for the area home price rise.
“When COVID happened, people had the opportunity to move,” Jackson said. “Why not come to Rock Hill?”
Jackson came to Winthrop University from Orangeburg, S.C., and began a real estate career in 2008. The business on Saluda Street in Rock Hill specializes in assisting first-time homebuyers. Conversations with would-be buyers when Jackson started were much different than they are today.
“Everybody came in looking for a foreclosure,” Jackson said of the 2008 recession market. “And there were foreclosures galore. It was the ultimate buyer’s market.”
Buyers then likely made money if they held on to properties through the past few years. Now, higher prices can mean buyers starting in smaller homes or widening the radius of the community where they want to live, to find what fits their budget.
“Education, education, education,” Jackson said. “But now in a higher market it’s about understanding the power of your dollar.”
A sizzling seller’s market the past couple of years is cooling some, Jackson said, but buyers still have to make thought out choices. Especially if they look toward areas like Fort Mill or Tega Cay.
“A half million dollars is still a half million dollars,” Jackson said. “No matter how you look at it, the number is still the number. You have to look at the options that are available.”
Even with high prices, there is opportunity for buyers. It may just be a smaller home to start than it might have been even several years ago.
“Home ownership is the still the No. 1 way to built economic wealth,” Jackson said.
Sellers are still motivated to sell in recent months, Jackson said, but buyers are a bit more hesitant.
Jackson said it’s up to potential buyers to weigh higher costs with the lack of investment opportunity from renting. Jackson doesn’t know exactly what will come next, but said often buyers can get into the real estate market and begin building equity even when local home prices are higher than ever.
“Real estate in the economy is a cycle,” Jackson said. “It goes up. It goes down.”
This story was originally published August 19, 2022 at 8:22 AM with the headline "How much is a Fort Mill home? Also see Charlotte region trends for Rock Hill, Tega Cay."
