Rock Hill Region’s Housing Market Sees More Listings, Sales Remain Stagnant
New Data on Home Sales in the Charlotte Area Released
The Rock Hill region in South Carolina has seen a considerable increase in the number of homes available for prospective buyers compared to the previous year, although this hasn’t necessarily translated into a higher volume of sales. The latest statistics released by the Canopy Realtor Association show that in the first half of this year, all three counties in the Rock Hill region experienced unprecedented numbers of new listings, yet without corresponding growth in the number of sales.
The larger real estate market in Charlotte, North Carolina exhibited similar trends. Charisma Southerland, president of the Canopy Realtor Association, revealed that the Charlotte market is heading towards normalization, particularly if mortgage rates decrease over the next six months.
Regional Trends at Mid-Year
Here are four key takeaways from the Rock Hill region’s property market so far:
High-Growth Areas and Home Sales
Homes in Lake Wylie, Fort Mill, and Tega Cay have garnered the highest sale prices. The median selling price so far this year has been $530,000 in Lake Wylie, $485,000 in Fort Mill and $451,053 in Tega Cay, all surpassing the $400,000 mark. The Charlotte region trailed slightly behind, with a median price of $390,000. Chester County saw the biggest increase, with a median sale price up 17.4% from last year.
Increased Listings and Stagnating Sales
Despite an uptick in new listings this year – as high as 31.8% in York – closed sales have not kept pace. Over half of the counties in the Rock Hill region saw fewer sales this year than last, with some areas seeing drops as high as 19%. The only places to see increases in sales were York, Tega Cay, and Clover.
Quicker Home Sales
Homes in Fort Mill were not only fetching higher prices but also selling twice as fast compared to other parts of the region. Measured from initial listing to final sale, homes in Fort Mill were on the market for an average of only 29 days. Most communities saw quicker sales this year compared to the same period last year, with Tega Cay leading the region with homes selling four days faster.
York and Clover Ticking All the Boxes
As for the growing communities closest to Charlotte – Fort Mill, Tega Cay, Lake Wylie, and Indian Land – community growth and home sales have been consistently healthy. As these areas fill, growth has begun to spread to western York County. York topped the charts in new listings and closed sales increase by percentage, with the average listing price increasing by a whopping 13.3% and sellers fetching 96.4% of their original asking prices.
Conclusion
Although the larger Charlotte area is experiencing similar trends, the Rock Hill region’s housing market shows unique movements. The influx of listings in the first half of the year provides prospective buyers more choices, but sales remain stagnant due to the disparity between the supply and demand. This behavior could shape the future housing market in the region, especially if mortgage interest rates decrease in the next few months. However, developments remain to be seen throughout the rest of 2024.
