August 23, 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.

Since April 2024, the market has had substantial annual increases in new listings. In July alone, 771 properties entered the market, providing much-needed relief to the supply shortages that have persisted since 2020. This 16.1 percent increase marks the fourth consecutive year-over-year growth in listings. As of the report, inventory has surged 55.6 percent to 1,259 homes for sale, the highest level in recent years for the four South Carolina counties. The supply has risen 66.7 percent to 2.5 months, up from 1.5 months a year ago.

Home sales increased in July by 5.8 percent year-over-year, with 584 homes sold compared to 552 during the same period last year. Month-over-month sales also rose by 5.4 percent compared to June. The 12-month rolling average stands at 508 homes. Among the four counties, only Chesterfield and York saw increases this month.

"If the Fed decides to lower interest rates while inventory levels continue to grow, we could see a significant boost in market activity. This combination would make home buying more accessible, potentially leading to increased sales and a more dynamic market. It could be an ideal scenario for both buyers and sellers, driving momentum and encouraging broader participation in the housing market," said Colleen Coesens, a Canopy MLS Board Director representing South Carolina and a Realtor®/broker with EXP Realty, Rock Hill.

Contract activity increased this month by 4.4 percent, marking the largest gain in recent years, though this translates to just 25 more properties compared to July 2023. The four counties also experienced a 5.2 percent increase over June 2024, with 29 additional properties entering into contracts in July. The July showing reports indicate strong buyer activity and foot traffic, particularly in York County, where listings averaged 5.1 showings per property. Fort Mill saw the highest activity, with 6.2 showings per listing, followed by Rock Hill with 5.3. Buyer interest was also notable in Lancaster, with an average of 4.9 showings per listing in July. These numbers have remained fairly consistent over the past year.

A closer look at the inventory of homes for sale continued to show more mid-priced homes entering the market in July, with inventory for homes priced $250K to $350K gaining 82.2 percent more inventory than July 2023, followed by homes priced from $350K to $500K experiencing a 52.7 percent increase in inventory this past month.

Both the median sales price ($399,950) and the average sales price ($452,521) increased year-over-year by 1.8 percent and 3.6 percent, respectively. While both pricing metrics have shown consistent annual increases this year, the 12-month rolling average for the median sales price has remained flat. In contrast, the average sales price has seen a modest rise of 2.8 percent, equating to just over $10,000. Prices appear to have stabilized. The percent of list price to sales price stayed relatively steady, with a slight decrease of 0.4 percent, now at 98.8 percent. Homes continued to sell quickly, averaging 38 days on the market until sale, compared to 25 days on the market the previous year.

Coesens continues, "While pricing in the region is stabilizing, affordability remains the primary challenge for many potential buyers. The combination of increased inventory and the potential for lower interest rates could significantly ease this burden, along with working with Realtors® who have access to Down Payment Resource tools in the MLS. This situation should foster healthy growth and activity without risking an overheated or destabilized market."

A closer look at the four South Carolina counties

York County closed sales in July increased by 10.9 percent year-over-year to 387 homes sold compared to 349 sold a year ago in July. Contract activity, signaling buyer demand decreased 3.5 percent as 387 homes entered into pending status, 38 less than July 2023. Seller confidence in the form of new listings increased again this month by 11.2 percent as sellers listed 505 homes for sale compared to 454 listed in July 2023. Consistent new listing activity substantially boosted inventory and supply by 60.0 percent and 64.3 percent year-over-year respectively, bringing total inventory to 787 homes for sale at report time or 2.3 months of supply. Prices were nearly flat with both the median sales price ($401,000) and the average sales price ($465,319) rose by 0.2 percent and 0.3 percent year-over-year respectively, while the average list price increased 1.3 percent to $486,965. This brought the original list price to sales price measure down 0.9 percent to 97.1 percent in July. Days on market indicated homes were on market for 35 days compared to 24 days on market a year ago in July.

Lancaster County home sales dipped by 11.2 percent year-over-year to 143 homes sold in July compared to 161 that sold during the same period last year.  Despite this, contract activity had a sharp incline of 29.8 percent compared to last year, with 170 homes under contract, 49 more than last July. New listings increased year-over-year rising 27.4 percent as sellers brought 200 new listings to the market. Inventory rose, by 41.8 percent to 302 homes for sale, while supply jumped by 53.3 percent to 2.3 months of supply. The median sales price rose slightly, by 8.8 percent year-over-year to $446,186 while the average sales price increased 11.9 percent to $477,005. The average list price also increased this month rising 13.3 percent to $492,279, bringing the original list price to sales price measure to 97.6 percent, a strong incentive for sellers to continue listing. Days on market increased 29.6 percent and showed homes on market for 35 days compared to 27 days a year ago in July.

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

Home sales in Chester County in July showed 27 homes closed during the month, a decline of 25 percent year-over-year compared to 36 that closed in July 2023.  Pending sales however, rose 32.3 percent year-over-year as 41 homes entered under contract status compared to 31 a year ago.  New listings also increased by 4.4 percent year-over-year as 47 homes entered the market, 2 more than last July. Inventory rose by 20.3 percent to 95 homes for sale while supply increased 14.3 percent to 3.2 months of supply. Still, with buyer demand in July accounting for nearly one-third of inventory, both price indices increased substantially. Both the median sales price ($287,900) and the average sales price ($264,642) increased by 2.9 percent and 3.3 percent year-over-year respectively, while the average list price increased 2.6 percent to $320,795, bringing the original list price to sales price measure to 93.5 percent during the month.  Days on market are increasing in Chester, rising 200 percent in July, to 69 days on market compared to 23 days on market in July 2023.

Chesterfield County had 17 closed sales in July compared to 6 in July 2023, while 18 homes went under contract during the month. New listings showed sellers listed 19 homes for sale, double the amount in July 2023. Inventory for the county at report time showed 46 homes for sale or 5.1 months of supply. The median sales price for a home in Chesterfield County dipped 6.1 percent to $237,000 while the average sales price increased 28 percent to $294,018. The average list price in July declined 11.9 percent to $302,116 while days on market showed homes sold in 66 days in July compared to 36 days on market in July 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: 8/23/2024