July 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.

Home sales across the four South Carolina counties, just south of Mecklenburg declined in June by 13 percent year-over-year as 549 homes sold compared to 631 that sold during the same period last year.  Month-over-month sales slipped by 10.1 percent compared to May, as prices and persistently higher rates, put a damper on summer sales. 

Contract activity or pending sales remained somewhat steady, declining less than a percent (-0.8%) to 590 homes under contract during the month, with five contracts marking the difference between last year’s activity and June. Month-over-month contract activity, which measures buyer demand, declined by 5.3 percent. However, June Showing reports continue to show buyer activity and foot traffic strong in York County where listings averaged 5.2 showings (or potential buyers) per listing, with the strongest activity in Fort Mill, (6.4 showings per listing), followed by Rock Hill (5.3 showings per listing). Buyer interest was also high in Lancaster where listings averaged 4.6 showings per listing in June. 

New listings in June, pushed higher as sellers listed 768 homes for sale, an increase of 11.5 percent, over listing activity in June 2023. New listings over the first half of 2024 were ahead of last year by 13 percent, impacting both inventory and supply. At report time, inventory rose nearly 47 percent year-over-year to 1,169 homes for sale, marking seven consecutive months of inventory increases. Supply rose 53.3 percent to 2.3 months of supply, up from 1.5 months of supply a year ago.

“Consistent new listing activity has been the silver-lining to slower sales in the York-area housing market, potentially setting buyers up for more opportunities in the second half of the year,” said Colleen Coesens, a Canopy MLS Board of Director representing South Carolina and a Realtor®/broker with EXP Realty, Rock Hill. “Lower mortgage rates falling in July to 6.77 percent, the lowest since March, will help buyers with the affordability part of the equation. At 6.77 percent, with 20 percent down, the monthly mortgage on a home of $400,000 is $2,080; with 10 percent down, it is $2,340.”

A closer look at the inventory of homes for sale continued to show more mid-priced homes entering the market in June, with inventory for homes priced $250K to $350K gaining 63.3 percent more inventory than June 2023, followed by homes priced from $350K to $500K experiencing a 51 percent increase in inventory this past month.

Still, with just 2.3 months of supply across the four counties, the market is extremely tight forcing prices to rise modestly in June. Both the median sales price ($395,000) and the average sales price ($448,994) increased by 2.7 percent and 3.9 percent year-over-year respectively. The percent of list price to sales price remained relatively unchanged

(-0.5%), at 99.2 percent. Days on market showed homes selling quickly while averaging 33 days on market until sale, compared to 25 days on market. 

Coesens continues, “Though prices have risen over the last four months, the percent of change year-over-year has been nominal. Overall, June’s median price is down about 7 percent compared to our peak price of $408,000 reached in August 2022. Working with a Realtor® and using resources like Canopy MLS’s Down Payment Resource tool, where more than 80 percent of listings qualify for some type of down payment assistance, can further aid affordability.”

A closer look at the four South Carolina counties

York County closed sales in June declined by 15.5 percent year-over-year to 361 homes sold compared to 427 sold a year ago in June.  Month-over-month sales were down 11.5 percent. Contract activity, signaling buyer demand increased 7.7 percent as 420 homes entered into pending status, 30 more than June 2023. Seller confidence in the form of new listings increased 9.6 percent as sellers listed 490 homes for sale compared to 447 listed in June 2023. Consistent new listing activity boosted inventory and supply by 47.2 percent and 61.5 percent year-over-year respectively, bringing total inventory to 702 homes for sale at report time or 2.1 months of supply. Prices rose modestly due to steady demand and tight supply. Both the median sales price ($397,340) and the average sales price ($471,017) rose by 3.2 percent and 4.8 percent year-over-year respectively, while the average list price increased 14.7 percent to $536,832. This brought the original list price to sales price measure down 1.2 percent to 97.9 percent in June, while days on market indicated homes were on market for 29 days compared to 22 days on market a year ago in June.

Lancaster County home sales dipped by 7.4 percent year-over-year to 138 homes sold in June compared to 149 that sold during the same period last year.  Contract activity had a sharper decline of 17.6 percent compared to last year, with 140 homes under contract, 30 less than last June, as buyers pulled back from Lancaster’s low inventory market.  New listings increased year-over-year rising 7.2 percent as sellers brought 193 new listings to the market.  Inventory rose, by 35.2 percent to 288 homes for sale, while supply jumped by 53.3 percent to 2.3 months of supply. The median sales price rose slightly, by 4.7 percent year-over-year to $445,000 while the average sales price was unchanged at $451,305. The average list price increased by 3.8 percent to $465,021, bringing the original list price to sales price measure to 98 percent, a strong incentive for sellers to continue listing. Days on market increased 6.5 percent and showed homes on market for 33 days compared to 31 days a year ago in June.

Chester County (Due to small sample sizes, percentage of change may seem extreme)

Home sales in Chester County in June showed 32 homes closed during the month, a decline of 25.6 percent year-over-year compared to 43 that closed in June 2023.  Pending sales however, rose 22.2 percent year-over-year as 33 homes entered under contract status compared to 27 a year ago.  New listings also increased by 18.5 percent year-over-year as 64 homes entered the market, 10 more than last June.  Inventory rose by 25.6 percent to 108 homes for sale while supply increased 22.6 percent to 3.8 months of supply. Still, with buyer demand in June accounting for nearly one-third of inventory, both price indices increased substantially. Both the median sales price ($298,109) and the average sales price ($299,085) increased by 22.9 percent and 23 percent year-over-year respectively, while the average list price increased 13.4 percent to $309,628, bringing the original list price to sales price measure to 95.1 percent during the month.  Days on market are increasing in Chester, rising 67.9 percent in June, to 47 days on market compared to 28 days on market in June 2023.

Chesterfield County had 5 closed sales in June compared to 12 in June 2023, while nine homes went under contract during the month.  New listings showed sellers listed 20 homes for sale compared to eight a year ago, while inventory for the county at report time showed 48 homes for sale or 6.1 months of supply. The median sales price for a home in Chesterfield County rose 2 percent to $259,900 while the average sales price declined 10.8 percent to $221,780. The average list price in June rose 38.7 percent to $352,632 while days on market showed homes sold in 89 days in June compared to 37 days on market in June 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: 7/25/2024