Andy Reynolds September 2024 Non Waterfront Update

Numbers are in. Let's take a look at them for non waterfront home sales here in the Lake Wiley area. So this is going to include Belmont, York, Clover, Rock Hill, TKK, Fort Mill, Charlotte. All right, what we're seeing in the market right now is good and bad. What we're kind of seeing is fall areas here.
There's a renewed energy in the market. Showings are happening again. More houses coming on the market for you buyers. First interest rate drop in Four years just happened this week, so the market had already anticipated that coming. Not a whole lot of change in mortgage rates, although it did drop.
Depends on what kind of mortgage program you fall in, you'd be high fives to low sixes, which is good, because a year ago we were in the eights. Not good. Let's talk about the numbers for our single family, non waterfront home sales here in the area. From April 1st through the end of August, and compare those for years 21, 22, and 23.
As you can see from the chart, back in 21, there were 2, 097 homes closed during that time period. In 22, that dropped to 895. And as inventory shrunk in 23, we pulled back to 1, 440. Inventory's still been a problem in 24, and we've only closed 1, 401 homes so far in 24. The average selling price back in 21 was 416, 000.
In 22, it made a big jump to 476, 000. In 23, we still went up 493, 000 is our average selling price. And so far in 24, 512, 000 is the average selling price. Days on market in 21 was 12. That grew to 15 in 22. It moved to 33 days on market in 23. We're holding steady in 24, 35 days. What are the sellers getting in relationship to that?
To their asking price. Well, back in 21, it was 102% of their asking price. In 22, 101% in 23 99%. And so far in 24, 98% of asking price is what the sellers are receiving. On average, if you want to go buy something today, you basically have 662 properties to look at under contract. Currently there's 415, the average day is on market for those.
415 is 44 days. The average list price of those 415 homes is 535, 000. Another thing we're looking at in the marketplace is a lot of price reductions. I'm watching markets in Atlanta, Columbia, South Carolina, Savannah, Greenville, North Carolina here in Canopy, As many houses that are coming on the market, you're seeing that many or more price reductions taking place.
Sellers, make sure you price that house correctly. Make sure it's in a one top condition. Showings will come. The buyers are out there. Average days. You can see it's about 45 days on the market. Y'all take care of next month. I'm Andy Reynolds, your real estate expert. You can reach me at 704 763 7196.