South Carolina Counties Report September 2024
October 30, 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.
The four-county micro-market had home sales in September nearly on par with sales a year ago, off by less than a percent (-0.2%), as 500 homes sold compared to 501 that sold in September 2023. Month-over-month sales were down 12.1 percent. However, a look at year-to-date sales showed that sales during the first nine months of the year were only down by 3.9 percent when compared to the same period in 2023.
Contract activity, signaling buyer demand, rose significantly, by 22 percent as 537 homes went under contract during the month, nearly 100 more than were under contract a year ago in September, representing the first double-digit increase in contract activity this year. Month-over-month contracts were down by 7.9 percent. Showing reports which gauges foot traffic and buyer interest, showed listings in Fort Mill averaged 4.7 (potential buyers) or showings per listing, followed by listings in Rock Hill, which averaged 4.6 showings per listing. Overall listings in York County continue to show the strongest amount of buyer interest, followed by listings in Lancaster County, which averaged 3.8 showings per listing.
Seller confidence as displayed by new listing activity was steady, rising 0.3 percent year-over-year as sellers brought 659 homes to market, which continues to boost inventory and supply. Inventory rose 32.8 percent during the month to 1,347 homes for sale at report time or 2.6 months of supply. Supply is up 30 percent compared to last year.
“The significant rise in buyer activity in September shows the impact that lower rates have on buyers and sellers alike,” said Colleen Coesens, a Canopy MLS Board Director representing South Carolina and a Realtor®/broker with EXP Realty, Rock Hill. "And the anticipation of further rate cuts later on this year, coupled with increasing inventory and supply is a powerful combination that should bring about more sales. However, lower rates also bring the added dilemma of more buyer competition in the market, which could impact the gains we’ve seen in supply and inventory.”
As a result of the sharp rise in buyer demand this past month, prices increased. Both the median sales price ($405,000) and the average sales price ($465,752) increased by 9.4 percent and 6.8 percent year-over-year respectively. A look at supply throughout the market by price range showed a significant increase in the number of mid-price homes for sale.
Inventory for homes priced between $250,001 and $350,000 increased by 33 percent compared to September 2023, reflecting strong market activity in this segment. Similarly, homes priced from $350,001 to $500,000 experienced a 31.2 percent rise in inventory over the past year. The condo market provides even more opportunities for buyers looking for affordability.
Coesens added, "The continued increases in supply and inventory are giving buyers more options at more favorable prices and we’re starting to see longer days on market as a result. However, the York market still highly favors sellers, so working closely with a trusted Realtor® ensures both buyers and sellers are able to achieve the desired outcome. Buyers have the added resource of a number of properties in Canopy MLS qualifying for down payment assistance, even on listings priced up to $700,000."
Sellers’ market conditions still prevailed in September as displayed by the list price to sales price measure holding steady at 98.6 percent, down less than a percent from last September’s 99.4 percent.
Time on market continued to increase in buyers favor, but properties are still selling relatively quickly, with homes spending an average of 38 days on the market, up from 26 days in the previous year.
A closer look at the four South Carolina counties
York County closed sales in September were down 3.6 percent as 321 homes sold compared to 333 the previous year. Contract activity showed buyer demand rose by 11.7 percent year-over-year as 345 homes went under contract during the month compared to 309 in September 2023. New listing activity declined however by 6.8 percent as sellers brought 412 homes to market compared to 442 the previous year. Both inventory and supply rose by 43.1 and 44.1 percent year-over-year respectively, leaving 873 homes for sale or 2.6 months of supply. Both price indices rose as a result of increased demand during the month. Both the median sales price ($410,000) and the average sales price ($486,084) rose by 9.6 percent and 6.8 percent year-over-year respectively while the average list price increased by 4.1 percent to $480,126. This brought the original list price to sales price measure down slightly (-1.4%) to 96.7 percent, while days on market increased 37 percent and showed homes were averaging 37 days on market until sale compared to 27 days on market in September 2023.
Lancaster County closings in September declined by 7 percent to 120 homes for sale compared to 129 that closed the previous year. Pending contracts rose sharply, by 45.3 percent as buyers drove 154 homes under contract during the month compared to slightly more than 100 contracts during the previous September. New listings rose a modest 2.5 percent to 166 new listings, helping to boost inventory by 11.3 percent to 316 homes for sale or 2.4 months of supply. Supply increased by 14.3 percent in September. Prices also increased. The median sales price held steady, rising 1.7 percent to $430,000, while the average sales price increased by 12.9 percent to $493,230. The average list price increased 9.1 percent to $512,847 bringing the original list price to sales price ratio down less than a percent to 97.3 percent in September. Days on market increased by 70.8 percent during the month and showed homes averaged 41 days on market until sale compared to 24 days on market in September 2023.
Chester County closed sales rose by 18.2 percent to 39 homes sold compared to 33 that sold in September 2023. Pending contracts signaling buyer demand also rose by 55 percent during the month to 31 homes under contract compared to 20 under contract the previous year. New listings increased by 51.2 percent year-over-year to 62 new listings compared to 41 new listings a year ago in September. At report time inventory rose 12.2 percent to 101 homes for sale or 3.4 months of supply. The median sales price held steady, rising 2.6 percent to $299,999, while the average sales price dipped 3.3 percent compared to last year to $277,231. The average list price was also down a modest 2.4 percent to $293,963. This brought the original list price to sales price down slightly to 94.3 percent while days on market increased 37.5 percent and showed homes averaging 44 days on market until sale compared to 32 days on market in September 2023.
Chesterfield County saw increases in closed sales, which totaled twelve during the month; contract activity also increased to 12 contracts, and an additional 16 new listing were added, up from 12 a year ago in September. Inventory at report time showed 50 homes for sale or five months of supply. Prices rose as a result of increased buyer activity, with the median sales price up 32.8 percent to $270,750 and the average sales price up 39.8 percent to $268,205. Sellers received nearly all of asking price as evidenced by the original list price to sales price measure at 97.6 percent while days on market increased substantially and showed homes averaged 43 days on market until sale compared to 13 days on market in September 2023.
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: 10/30/2024