Issue 4, Q4 2023 Serving Asheville Hendersonville McDowell and Burke Counties Charlotte Region Raleigh, Durham & Triangle Area Winston Salem & Triad Region
Q4 Market Report & Area Results Prepared for the Asheville region
We Empower Dreams Through Real Estate℠.
TABLE OF CONTENTS 01
Letter from our Broker-In-Charge
02
Asheville Region & Hendersonville
05
Charlotte City Residential
08
Mecklenburg Co. Residential
09
Charlotte Area Counties
11
Winston Salem & Triad Region
15 17 21
McDowell Co. & Burke Co. Residential Raleigh, Durham & Triangle Region
2023 Year in Review
Data Disclaimer: The source of all data contained in this report is provided by the Canopy REALTOR® Association, Triad Real Estate MLS, & Paragon MLS (Raleigh). Data provided for Charlotte is comprised of the Charlotte mailing area as reflected in the Canopy REALTOR® Association. Information is deemed reliable but not guaranteed. Consult your ERA Live Moore Sales Associate | Charlotte Regional REALTOR® Association for more information. Copyright 2024 ERA Live Moore Real Estate.
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Deear Friends, Clients, and Colleagues, We are excited to kick off 2024 with you! It's already shaping up to be a great year for our real estate market here in North Carolina. We're seeing some positive signs early on, and we have a good feeling about what's to come. Last year had its ups and downs – North Carolina home prices went up by 3.9%, but we also saw fewer homes sold and on the market. As we step into 2024, these past trends are setting us up for an interesting year, full of potential. It's easy to see why people love living here. Our state's housing market is buzzing with activity! It's still leaning towards a seller's market now, with home prices on the rise and fewer houses available for purchase. This trend mirrors our state's lively economy, job diversity, and the high quality of living from our mountains to the coast. North Carolina is drawing in folks looking for a great place to call home and investors seeking promising opportunities. Carolina Mountain Sales’ 2023 Annual Market Report covers all our major markets and offers valuable insights into North Carolina’s dynamic real estate landscape in North Carolina. Statistics compiled for the year reveal a nuanced market overall in 2023. Despite the upward trend in home prices, North Carolina real estate experienced a notable decrease in both home sales (down by 13.9%) and inventory (a 5.7% decline). This mix of factors presents a complex environment for buyers, sellers, and investors alike in 2024.
Looking further ahead this year, we anticipate a continued evolution in market dynamics. Factors such as economic policy changes, interest rate adjustments, and election year developments will play significant roles. Whether you're looking at investment opportunities, considering selling, or exploring new markets, our insights are tailored to help you make the most informed decisions. Our professional REALTORS® are always available to guide you through the entire process and address any questions you may have. At Carolina Mountain Sales, we are eager to help you achieve your real estate goals in 2024 and beyond. Amanda Holland, Broker-In-Charge Carolina Mountain Sales an ERA Live Moore Company “It's already shaping up to be a great year for our real estate market here in North Carolina. We're seeing some positive signs early on, and we have a good feeling about what's to come.” -Amanda Holland, Broker-In-Charge Carolina Mountain Sales Carolina Mountain Sales Real Estate Q4 | 2024.
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ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase and Month's Supply rising 22.4%. With such a low inventory, it's no surprise that Closed Sales have dropped more than 8.3% on Q4 2022 figures. Expect more of the same in Q1 2024, with prices continuing to rise and Days on Market continuing to increase, similar to other NC metro areas.
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In the pastoral setting of Buncombe County, Asheville's home county, the Q4 Average Sales Price for homes was up 19.2% year-on-year! On average, homes in Buncombe County are on the market for 37 days, 8.1% slower than this time last year. While Buncombe County offers greater selection and opportunities for first-time buyers, its new developments and luxury communities have put upward pressure on home prices, outpacing Asheville.
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CHARLOTTE AREA RESIDENTIAL SALES SUMMARY In 2023, the Charlotte housing market navigated a challenging landscape characterized by high mortgage rates, a significant reduction in housing inventory, and continuously rising sales prices. Market dynamics were further influenced by the reluctance of many homeowners to relinquish their low-interest-rate mortgages acquired during the pandemic, resulting in a limited number of homes for sale and an upward pressure on prices. The year saw a decrease in both pending and closed sales, reflecting the overall sluggishness in the previously owned homes sector. In contrast, new residential homes experienced an uptick in sales, driven by the scarcity of existing-home inventory. The market also observed a downtrend in active and new listings, contributing to the supply challenges. While the overall median sales price exhibited a marginal decline, there was a divergence in the price trends of different housing types, with single-family homes experiencing a slight decrease and townhouse-condo prices increasing. Key observations from the fourth Quarter of 2023 are: Homes in the Charlotte region have, on average, sold for 96.9% of the asking price in this active seller's market during the fourth quarter of 2023. Up 1.3% on Q4, 2022. Fourth quarter sales results saw inventory in the Charlotte area drop just over 15% over Q4 2022, with Month's Supply coming in at 1.7, a -4.7% decrease. The shortest time to have an offer accepted on a home in Charlotte (on average) is 33 days in Q4, 3.6% lower than Q4, 2022 results! In Mecklenburg County, home prices continue to rise, with the Median Sales Price increasing 1.6% over last year's Q4 results, at $422,000. Charlotte's Median Sales Price meanwhile is at $375,000, down just 1.%.
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CHARLOTTE REGION RESIDENTIAL SALES SUMMARY Lower median and a modest Average Sales Price gain, a drop in Inventory, and a slow down in Closed Sales continue to define much of the Charlotte Region and establish a baseline for our other markets.
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The Median Sales Price in Q4 2023 for a single family home in Charlotte was $375,000 for a year over year decrease of 1%
Charlotte Occupied Housing Units 53% of homes are owner-occupied households and 47% are renter-occupied households
As of December 2023 the Average Month's Rent in Charlotte for a 2 bedroom was $2,022
The Median Sales Price in Q4 2023 for a single family home in Mecklenburg County was $422,000 for a year over year increase of 1.6%
MECKLENBURG CO. RESIDENTIAL SALES SUMMARY Charlotte's home county shows a modest Median and Average Sales Price increase, year-on-year, with a drop in inventory and a reduction in Closed Sales that closely tracks with Charlotte. The county, once a respite for buyers seeking affordability, now holds a higher Average Sales Price than the Charlotte Region.
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CHARLOTTE-AREA COUNTIES RESIDENTIAL SALES SUMMARY Cabarrus County is one of Charlotte's largest neighboring counties and home to the county seat of Concord and the pretty towns of Mt. Pleasant, Midland, & Kannapolis. Union County features the charming and in-demand town of Waxhaw–growing in both popularity and Increasing in Average Sales Price.
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CHARLOTTE-AREA COUNTIES, Cont'd. RESIDENTIAL SALES SUMMARY The major metro area surrounding Charlotte includes seven different counties, each with its distinctive towns, cities, and townships. Charlotte’s surrounding counties provide greater inventory at various price points with something for everyone- from charming rural communities to vibrant market towns and commercial areas.
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THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY In Q4 of 2023, the Median Sales Price in Winston-Salem, NC was $275,000, trending up 1.9% year-over-year. This laid-back city poised for continued growth is located in Forsyth County in the north-central part of North Carolina. The metro area lies along the Carolina Core in the heart of North Carolina, a 120+ mile stretch running between Winston-Salem, Fayetteville, Greensboro, & High Point. The Triad's continued big draw? Affordability!
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THE TRIAD | GREENSBORO RESIDENTIAL SALES SUMMARY U.S. News and World Reports ranked Greensboro #94 in the nation for Best Places to Live and #71 in Best Places to Retire. Part of the Piedmont Triad, with a low cost of living and a Q4 2023 Median Sales Price of $295,000, it's one of North Carolina's more affordable metro areas. Like the rest of the Piedmont Triad, there's just under two months of inventory available!
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THE TRIAD | HIGH POINT RESIDENTIAL SALES SUMMARY High Point is located alongside Greensboro and Winston-Salem in the Piedmont Triad region of North Carolina, the nation’s 33rd largest metro area with a population exceeding 1.7 million. Home of High Point University and the famous annual High Point Market, the world's largest home furnishings trade show. High Point offers outstanding value for homebuyers, while sellers can expect to receive 97.9% of List Price.
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THE TRIAD | WILKES COUNTY RESIDENTIAL SALES SUMMARY Wilkes County is widely known for its county seat, Wilkesboro, and its largest town, North Wilkesboro. The area is widely known for MerleFest, an annual "traditional plus" music festival held in Wilkesboro each spring. Wilkesboro home-buyers enjoy a relatively low sales price compared to larger metro areas in North Carolina and an increase in the number of homes available for buyers seeking value and proximity to Winston Salem.
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McDowell County RESIDENTIAL SALES SUMMARY
A predominately rural region, McDowell County boasts a wide array of natural beauty and scenic attractions, drawing tourists to it's waterfalls, hiking trails, mountain biking, and myriad outdoor pursuits. Quaint shops can be found from the market town of Marion, to the charming country town of Old Fort. Aside from Wilkes County, McDowell and Burke Counties offer some of the most affordable housing in the state!
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Burke County In the foothills of North Carolina's Blue Ridge Mountains sits Burke County and the attractive market town of Morganton. Linville Gorge, Fonta Flora State Trail, and a portion of the Pisgah National Forest are just a few of the attractions drawing tourists to the area. Laid-back living, smalltown life, and affordable housing, keep families and professionals here, calling Burke County "home."
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RALEIGH & TRIANGLE AREA RESIDENTIAL SALES SUMMARY In 2023, the Raleigh Triangle Region faced a challenging housing market, with high mortgage rates and low inventory pushing homeownership further out of reach for many. This resulted in sluggish sales of previously owned homes, contrasted by an increase in new residential home sales due to the limited availability of existing homes. Homeowners, benefiting from lower mortgage rates in the previous years, were hesitant to sell, further constraining the housing supply and contributing to rising prices. Despite a decrease in both under-contract and closed sales, the market ended the year with a glimpse of optimism. The Federal Reserve's signals of potential interest rate cuts in 2024 may encourage both buyers and sellers to re-enter the market. However, the path towards improved affordability and a balanced market remains gradual, with analysts offering varied predictions on future home price trends.
Key observations from December, 2023 are:
Homes in Raleigh sold for 96.7% of the asking price in this very active seller's market. This marks a 1.9% increase over the previous year. Closed Sales results are down year over year, largely due to a market slowing its pace (relatively speaking)-Average Sales Prices are now $542,916, a 6.6% increase on 2022. December’s sales results saw housing inventory in Raleigh's market dip slightly, with just over 833 homes available for sale, a 16.6% decrease. In December, the shortest average time to have an offer accepted on a home in Raleigh is 28 days, a 15.2% decrease. The Raleigh market is selling homes slower in December 2023 than 2022's results.
THE TRIANGLE AREA | RALEIGH RESIDENTIAL SALES SUMMARY Raleigh’s real estate market continues to lead the state in demand and sales pace. Home values have been rising marginally, pushing the Average Sales Price of Raleigh homes to $542,916– marking another month in Raleigh with rising average home prices, slower sales monthly, and a reduced inventory of available homes for sale.
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THE TRIANGLE AREA | DURHAM RESIDENTIAL SALES SUMMARY Triangle Area real estate markets remain active, with the areas of Durham and Wake County showing particular demand. That's still positive news for sellers, for now. For buyers, reduced inventory and longer days on market will add more balance to this highly competitive market. Sellers will be happy to see Median Sales Prices increase in December by 1.6% on 2023's figures.
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THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY
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