February 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.

This January, sales across the four South Carolina counties, just south of Mecklenburg and Charlotte experienced a decline of 7.4 percent year-over-year, as 327 homes sold    compared to 353 that sold during the same period last year – a difference of 26 units. Sales compared to December 2023 were down 18.9 percent with a difference of 76 closed sales.  Notably, Rock Hill was the only city within the micro-region that experienced an increase in closed sales this month with a total of 85 sales up 23.2 percent from January 2023.

Pending sales or buyer demand, decreased again in January by 2.2 percent with 537 properties entering into contracts. However, contract activity increased significantly by 58.4 percent when compared to December. The January Showing Reports showed that buyer interest was highest in Fort Mill, where listings received 8.1 showings (or potential buyers) per listing, followed by Rock Hill, where listings averaged 6.4 showings per listing.

In January 2024, there was a marginal rise in new listings, with 513 homes entering the market, marking a 0.2 percent uptick compared to the same period last year. Among the counties within the micro-region, only Chester and York saw increases, at 69 percent and 3.1 percent, respectively. When comparing month to month, there was a significant surge in listing activity, jumping by 44.1 percent.

“Supply remains our biggest issue as we enter the new year.” said Colleen Coesens, a Canopy MLS Board of Director representing South Carolina and a Realtor®/broker with EXP Realty, Fort Mill. “Although job changes or family needs typically drive the decision to buy or sell, an increasing number of homeowners are now listing their properties for reasons such as the desire for modern amenities, a change in living space size, or the addition of outdoor features like a pool. These sellers, previously hesitant due to a market characterized by low inventory and high interest rates, are becoming more motivated as interest rates stabilize around 6 percent. This motivation to list is expected to contribute to easing the persistent supply challenges our area has encountered.”

At the time of reporting, inventory levels showed a stable year-over-year figure with 819 properties on the market, a marginal rise of 0.6 percent from the previous January's 814 units. Supply saw a 14.3 percent increase from last year, resulting in 1.6 months of supply, a slight decrease from the previous month. Within the region, Lancaster and York counties are experiencing the tightest supply alongside the highest demand.

The average sales price of $434,677 was a 2.1 percent increase compared to January 2023. Additionally, there was a 9.7 percent month-over-month increase from December's average sales price of $396,470. The median sales price for the region stood at $374,900, a slight 0.6 percent decrease 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 98 percent. Over the past 12 months, sellers generally secured 98.9 percent of their asking price.

Coesens further added, “Prices across the region continue to hold steady, and are lower than Mecklenburg County, which is a positive for buyers, especially if rates stabilize.  The decrease in mortgage rates is encouraging a greater number of homeowners to consider selling, which may lead to an exceptionally active spring market, potentially the most vigorous we've observed in several years. Buyers and sellers should begin strategizing now in order to be prepared.”

The average number of days homes spent on the market in January tightened by 10.2 percent year-over-year, settling at 44 days, indicating that properties continue to sell rapidly and afford buyers limited time for negotiation. However, there was an 18.9 percent increase from the previous month, equating to homes staying on the market 7 days longer.

A closer look at the four South Carolina counties

York County sales remained consistent year-over-year with 218 homes sold. Sales increased year-over-year in Rock Hill, rising 23.2 percent year-over year as 85 homes sold compared to 69 last year. Pending contract activity dipped 0.6 percent year-over-year as 359 homes went under contract compared to 361 during the same period last year. Contract activity was up year-over-year in Tega Cay (13%), Clover (18.2%), Town of York (55.3%), but decreased in Fort Mill (-24.5%) and Rock Hill (7.2%). New listings increased 3.1 percent as sellers listed 328 homes for sale, which is 10 more homes listed than last year. Inventory however declined 2.5 percent to 472 homes for sale, while supply increased 16.7 percent to 1.4 months of supply. 

The median sales price dipped 1.3 percent to $375,000 but the average sales price increased 4 percent to $446,943. The average list price remained mostly unchanged with a slight 0.3 percent year-over-year to $445,987, which brought the original list price to sales price measure to 96.1 percent.  Days on market declined 17.6 percent and showed homes averaged 42 days on market until sale.

In Rock Hill both the median sales price ($305,000) and the average sales price ($330,271) decreased 6.6 percent and 6.7 percent year-over-year. Conversely, the Town of York had price increases with the median sales price ($377,000) and the average sales price ($393,946) rising 22 percent and 19.5 percent respectively. Fort Mill had price increases with the median sales price ($471,159) and the average sales price ($549,061) rising 3.0 percent and 2.3 percent respectively.

Lancaster County home sales declined 26.7 percent as 77 homes sold compared to 105 that sold in January a year ago. Contract activity increased slightly, as 145 homes went under contract during the month, compared to 141 that were under contract last January. Contract activity dipped in the Town of Lancaster by 16.5 percent as 66 homes went under contract. New listings for the county fell, 13.2 percent to 125 homes for sale compared to 144 new listings offered by sellers in January 2023. Inventory also declined 13.3 percent to 216 homes for sale while supply increased 13.3 percent to 1.7 months of supply. Buyers enjoyed some price relief in Lancaster, as both the median sales price ($397,500) and the average sales price ($447,740) declined by 6.0 percent and 5.1 percent year-over-year respectively, while the average list price increased 6.0 percent to $458,534. This brought the original list price to sales price measure to 96.6 percent, while days on market showed homes sold quickly and averaged 40 days on market, compared to 44 days this time last year.

Chester County home sales declined 36 percent year-over-year as 16 homes sold compared to 25 sold in January 2023. Pending sales dropped 13.5 percent to 32 homes under contract compared to 37 last January, while new listings increased 69 percent as sellers listed 49 homes for sale compared to 29 listed the previous year. Inventory increased 57.7 percent to 82 homes for sale at report time additionally months of supply rose 35 percent to 2.7 months of supply. The median sales price ($242,500) dipped 6.7 percent while the average sales price ($250,713) increased 6.1 percent. The average list price was nearly flat with only a one percent decrease to $280,091. This brought the original list price-to-sales price ratio to 91.4 percent while days on market showed homes selling quickly and averaging 42 days on market. (Due to small sample sizes, percentage of change may seem extreme)

Chesterfield County home sales increased in January by 40 percent as seven homes sold compared to five the previous year, while contract activity remained level with nine properties entering into contracts. New listings decreased 63.2 percent down to seven homes for sale versus 19 in January 2023. Inventory increased slightly 6.1 percent to 35 homes for sale and 4 months of supply, which is also up 33.3 percent. This time last year Chesterfield County had 3 months of supply. Prices held steady, with both the median sales price ($262,500) and the average sales price ($260,057) increasing 7.2 percent and 13.3 percent year-over-year respectively. The average list price increased 21.4 percent to $297,557 which brought the original list price to sales price ratio to 96.5 percent. Days on market increased to 140 days in January from 45 in January 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.

Original Publish Date: 2/28/2024