Q2 Market Report Carolina Mountain Sales 2023

Q2MarketReport &AreaResults

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,

We are reaching peak summer here in Asheville and the markets we serve throughout North Carolina. While our major housing markets have been thriving in recent years, captivating both sellers and buyers as demand and home prices surge higher with each passing quarter, one of the main challenges facing the market is the persistently low inventory. The scarcity of new construction to meet the area's robust housing demand is a significant contributing factor to a reduction in home sales

Another aspect influencing the market is the impact of higher interest rates. Prospective sellers, accustomed to low rates in recent years, might be hesitant to list their homes for fear of higher interest rates on their next purchase. Despite this, the market trends have been relatively stable with only minor fluctuations. Economic conditions and the supply of homes continue to play a role in influencing buyer purchasing power and confidence

The current situation of low supply and high demand causes homes to sell almost immediately after listing, making the Asheville housing market fiercely competitive. This is excellent news for sellers, but buyers may need to accept higher prices to enter the market.

While inventory improvement isn't expected to be solved this year and interest rates may not return to previous levels, they have eased slightly in recent months, providing some relief to buyers. Various factors, including market forces, economic conditions, and inflation, influence mortgage rates, along with the Federal Reserve's actions, lender policies, and local market conditions.

As we move into the third quarter of 2023, the market is expected to remain robust, with plenty of competition and rising home prices. However, there's always the possibility of normal, seasonal changes that may cool the market in late 2023

Staying proactive and optimistic, while seeking guidance from professionals and closely monitoring market trends, will be crucial for sellers and buyers to navigate and thrive in this ever-changing housing market in Asheville and all areas we serve throughout North Carolina.

As always, 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

"Staying proactive and optimistic, while seeking guidance from professionals and closely monitoring market trends, will be crucial for sellers and buyers to navigate and thrive in this ever-changing housing market..."

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

ASHEVILLE RESIDENTIAL SALES SUMMARY

Asheville continues to see Average and Median Sales Prices increase and Month's Supply rising 20.8%. With such a low inventory, it's no surprise that Closed Sales have dropped more than 18% on Q2 2022 figures. Expect more of the same in Q3 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 Q2 Average Sales Price for homes was up just .1% year-on-year! On average, homes in Buncombe County are on the market for 34 days, more than 53% 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

Summer in our Charlotte market continues the slowing trend of Closed Sales across the region in Q2 Charlotte is expected to see marginal growth in the 3rd quarter, with growth rates 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 that grew exponentially since 2020 Throughout 2023, home values are increasing in most areas (but far more conservatively than Q1 of this year or late 2022) and inventory is improving. Overall, Charlotte's housing market looks to remain a robust seller's market for the latter part of 2023.

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 second Quarter of 2023 are:

Homes in the Charlotte region have, on average, sold for 98% of the asking price in this active seller's market during the second quarter of 2023 Down -4 3% on Q2, 2022

Second quarter sales results saw inventory in the Charlotte area drop just over 17% over Q2 2022, with Month's Supply coming in at 1 4, a 6 5% increase

The shortest time to have an offer accepted on a home in Charlotte (on average) is 34 days, over 129% higher than 2022 results!

In Mecklenburg County, home prices continue to rise, with the Median Sales Price increasing 2 8% over last

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 Q2 2023 for a single family home in Charlotte was $382,433 for a year over year decrease of -2.2%

Charlotte Occupied Housing Units

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

As of July, 2023 the Average Month's Rent in Charlotte for a 2 bedroom was $1,801

The Median Sales Price in Q2 2023 for a single family home in Mecklenburg County was $440,000 for a year over year increase of 2.8%

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 Increasing 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 Q2 of 2023, the Median Sales Price in Winston-Salem, NC was $296,539K, trending up 5.9% 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!

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 Q2 2023 Median Sales Price of $300,000, 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 99 4% 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 June, 2023 the Triangle Area's residential real estate market remains steady, with continued buyer demand and low inventory putting pressure on home prices Presently, 2023 doesn't look to 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

For the remainder of 2023, buyers can expect continued choice in homes on market, with a leveling of mortgage rates likely. Prices should stay strong compared to the current national home price decline. Singlefamily homes and townhomes have never been more popular throughout the Triangle Area, while new construction works to meet demand.

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 July, 2023 are:

Homes in Raleigh sold for 100 7% of the asking price in this very active seller's market This marks a 4% decrease 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 over $600K--a regional record

July's sales results saw housing inventory in Raleigh's market dip slightly, with just over 756 homes available for sale, an 8.7% decrease.

The shortest average time to have an offer accepted on a home in Raleigh is 17 days, a 142.9% increase (but just half of Q1's 322% increase). We can interpret this to demonstrate a market that is beginning to show signs of catching it's breath from a frenetic few years of demand

THE TRIANGLE AREA | RALEIGH RESIDENTIAL SALES SUMMARY

Raleigh’s real estate market has been red hot, with prices at record highs. Home values have been rising in parallel in June, pushing the Average Sales Price of Raleigh homes to $606,256–marking another historic high in Raleigh with average home prices exceeding $600,000

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