2023 Q1 Carolina Mountain Sales Market Report

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 2023 ERA Live Moore Real Estate.

Each Office is Independently Owned & Operated

Dear Friends, Clients, Colleagues,

I am pleased to present to you our first quarter market report for the markets we serve throughout North Carolina As Broker-In-Charge with Carolina Mountain Sales, I am honored to provide you the current market trends and forecasts for the areas we serve.

Spring is in full bloom throughout the Asheville area as well as our markets in the Carolinas It's a wonderful time of year for striking curb appeal, with homeowners taking advantage of the season's natural beauty.

How are Asheville and the markets we serve faring in our first quarter of 2023? We're still in an interesting period of change Higher interest rates have been weighing on the market for months, and they appeared to suppress activity again in the first quarter. Prices, however, have held firmer, with the median sale price rising 1.4% and average sale price rising 4.3%, year over year.

What can buyers and sellers expect as 2023 continues? The National Association of Realtors' (NAR) Chief Economist has predicted that mortgage rates will continue to rise in 2023, leveling around 5.5% or 6% within the next 12-24 months. Additionally, home prices are expected to rise by 15% to 25% over the next five years, which means now is a great time to buy or sell.

While the past year has been a seller's market, there are signs that the tide may be turning. NAR predicts that next year could be a buyer's market as more sellers increase inventory. This should lead to a balanced market. In conclusion, the North Carolina housing market is a great place to be, whether you're a buyer or seller!

When considering your real estate needs in 2023, you may have questions about making a move, what your home might be worth, or what is involved in putting a home up for sale

Let our professional REALTORS® here at Carolina Mountain Sales guide you through the entire process–we are always available to answer any questions you may have!

Amanda

Holland

Broker-In-Charge

Carolina Mountain Sales

an ERA Live Moore Company

"While the past year has been a seller's market, there are signs that the tide may be turning...the North Carolina housing market is a great place to be, whether you're a buyer or seller!"

-Amanda Holland, Broker-In-Charge, Carolina Mountain Sales

ASHEVILLE RESIDENTIAL SALES SUMMARY

Asheville continues to see Average and Median Sales Prices increase with Month's Supply rising 56.2%. With such a low inventory, it's no surprise that Closed Sales have dropped more than 26.1% on Q1 2022 figures. Expect more of the same in Q2 2023, with prices continuing to rise and both inventory and Days on Market continuing to increase, similar to other NC metro areas.

Asheville (Region)

In the pastoral setting of Buncombe County, Asheville's home county, the Q1 Average Sales Price for homes was up 5.8% year-on-year. On average, homes in Buncombe County are on the market for 49 days, more than 44.2% 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.

CHARLOTTE AREA RESIDENTIAL SALES SUMMARY

Heading into Charlotte's spring real estate market, we continued to see a reduction in Closed Sales across the region in Q1 Charlotte is expected to see marginal growth in the 2nd quarter. Growth rates are ranging from -0.1% to 0.2% per month.

This means that North Carolina's housing market is stabilizing after the red-hot housing market brought on by COVID Throughout 2023, home values are predicted to increase, albeit at a slower pace than in previous years. Overall, Charlotte's housing market looks to remain robust in 2023, experiencing moderate to strong growth in housing prices. Although it is still a seller's market due to the lower inventory, the market is expected to remain steady For those looking to sell their homes, it is a good time to do so For buyers, it is essential to act quickly to secure your dream home.

Key observations from the first Quarter of 2023 are:

Homes in the Charlotte region have, on average, sold for 95.5% of the asking price in this active seller's market during the first quarter of 2023 Down -5 4% on Q1, 2022

First quarter sales results saw inventory in the Charlotte area rise by a considerable 61 7% over Q1 2022, with Month's Supply coming in at 1 3, a 105 1% increase

The shortest time to have an offer accepted on a home in Charlotte (on average) is 48 days, over 113 1% higher than 2022 results

In both Charlotte City and Mecklenburg County, home prices continue to rise, with median sales prices

CHARLOTTE REGION RESIDENTIAL SALES SUMMARY

Modest median and Average Sales Price increases, a significant jump 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

The Median Sales Price in Q1, 2023 for a single family home in Charlotte was $365,000 for a year over year increase of 1.4%

Charlotte Occupied Housing Units

53% of homes are owner-occupied households and 47% are renter-occupied households

As of February, 2023 the Average Month's Rent in Charlotte for a 2 bedroom was $1,632

The Median Sales Price in Q1, 2023 for a single family home in Mecklenburg County was $405,459 for a year over year increase of 4.2%

MECKLENBURG CO. RESIDENTIAL SALES SUMMARY

Charlotte's home county shows a Median and Average Sales Price increase, year-on-year, with a rise 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.

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 ]ncreasing in Median and Average Sales Prices

Cabarrus Co.

Union Co.

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 everyonefrom charming rural communities to vibrant market towns and commercial areas

York Co.

Lancaster Co.

THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY

In Q1 of 2023, the Median Sales Price in Winston-Salem, NC was $265,000K, trending up 8.8% 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 big draw? Affordability!

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 Q1 2023 Median Sales Price of $261,500, it's one of North Carolina's more affordable metro areas. Like the rest of the Piedmont Triad, there's approximately one month of inventory available!

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 6% of List Price

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

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!

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 "

RALEIGH & TRIANGLE AREA RESIDENTIAL SALES SUMMARY

At the end of March, 2023 the Triangle Area's residential real estate market remains steady, with continued buyer demand and low inventory putting pressure on home prices. Will 2023 be the year the Triangle housing market cools off? New inventory is still increasing and home prices are still rising, so buyers shouldn't be too discouraged. Buyers can expect greater choice in homes on market, but mortgage rates won't be revisiting rates seen post-pandemic. Prices will likely stay strong compared to a national home price decline. Single-family homes and townhomes have never been more popular throughout the Triangle Area.

In the Raleigh area, buyers continue to compete for homes. Take note: The selection of homes to choose from has decreased year-over-year, with a growing inventory and a longer period of days on market

Key observations from March, 2023 are:

Homes in Raleigh sold for 99 3% of the asking price in this active seller's market during December A 6 7% decrease from the previous year

March's sales results saw housing inventory in Raleigh's market, surge forward more than 76 2% on 2022's results! This represents a steady inventory of homes staying on market longer

The shortest average time to have an offer accepted on a home in Raleigh is 38 days, a staggering 322.2% increase on March, 2022 results!

THE TRIANGLE AREA | RALEIGH RESIDENTIAL SALES SUMMARY

Raleigh’s real estate market has been red hot, with prices at record highs. Home values however are beginning to hold steady, rising slower in March, pushing the Average Sales Price of Raleigh homes to $516,229–marking more than a year of Raleigh average home prices exceeding $500,000

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, rising inventory and longer days on market will add more balance to this highly competitive market.

THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY