Q3 Market Report & Area Results

Issue 4, Q3 2022

Serving Charlotte Region

Raleigh, Durham & Triangle Area

Winston Salem & Triad Region

Asheville Hendersonville

Local Knowledge. Valuable Insight. Impeccable Service.

Dear Friends, Clients, Colleagues,

It is with great pride I officially welcome you to our Q3 Market Report as Carolina Mountain Sales, an ERA Live Moore Real Estate company! Our much anticipated and long awaited rebranding was successfully launched at in our corporate office this past September

What else has us excited? Fall has arrived here in the Carolinas Peak color has the landscape awash with the russets, ambers, and copper colors of the season; in other words, "it's sweater weather, y'all!". Along with fall comes much speculation about the current state of our housing market There's no question we are in a period of change

While we've seen the effects of the slowdown in many aspects of real estate, we can also point to areas that will appeal to buyers and sellers alike. Sellers can take comfort in a consistently rising Median Sales Price, while buyers will like the gradual rise in inventory and 13% increase in Days on Market (Asheville Region) to 26

While we are confident the market trends we have seen in the third quarter will continue into the fourth quarter, it is important to note we are still ahead of what we were seeing in 2019 before the pandemic caused a global shift

Throughout our markets this year, we will continue to instill our commitment to our agents and consumers, celebrating our vision, "We Empower Dreams Through Real Estate," and our company values; Empower. Excellence. Belong.

It's important for us to understand your needs and help make your real estate dreams a reality

When considering your real estate needs as we move closer to 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 | REALTOR® Carolina Mountain Sales

"While we are confident the market trends we have seen in the third quarter are carrying into the fourth quarter, it is important to note we are still ahead of what we were seeing in 2019 before the pandemic caused a global shift." -

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

ASHEVILLE AREA

RESIDENTIAL SALES SUMMARY

Fall's arrival brings more change in a market experiencing the after-effects of unprecedented demand during the pandemic years. We continue to see a reduction in Closed Sales across the Asheville region, with buyers taking their time before deciding to buy. Greater inventory has contributed to the longer Days on the Market. Mortgage rates trending upwards bodes well for buyers, while sellers can take comfort in the 13%+ increase in Median Sales Price. A move toward a more balanced market is the theme of Q4, as we expect the demand from homebuyers to remain strong.

This rising sales price continues to put homes further out of reach for many first-time homebuyers. On the other hand, Sellers are consistently getting the asking price or slightly less (97.1%) in a seller's market that is expected to continue through Q4 of 2022.

Key observations from this third quarter of 2022 are: the third quarter of 2022. A slight (-1.4%) decrease from the previous year.

Homes in Asheville have steadily sold for 97.1% of the asking price in this active seller's market during

Continuing the inventory theme, Q3 sales results saw inventory fall by 10% in the Asheville area, with the Month's Supply reaching 2.1 in Asheville, which is .5% higher than last year's result.

The shortest average time to have an offer accepted on a home in Asheville during Q3 is 26 days, a reduction of more than 13% on 2021 third-quarter results. A drop, but not as steep as previous quarters in 2022.

Closed sales are down 10.1% in the third quarter of 2022–likely due to further anticipated interest rate hikes and a continued and quite considerable lack of inventory.

ASHEVILLE

RESIDENTIAL SALES SUMMARY

Asheville continues to see Average and Median Sales Prices increase with Month's Supply starting to gain. With such a low inventory, it's no surprise that Closed Sales have dropped more than 13.6% on Q3 2021 figures. Expect more of the same in Q4 2022, with prices continuing to rise and both inventory and Days on Market continuing to drop, unlike other NC metro areas.

Asheville (Region)

In the pastoral setting of Buncombe County, Asheville's home county, the Q3 Average Sales Price for homes was up 12.9% year-on-year. On average, homes in Buncombe County are on the market for 23 days, more than 10.8% 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

The third quarter of 2022 for the Charlotte Region residential real estate market continued to highlight the strong buyer demand. Median Sales Prices continued to surge upward, with a 15.6% increase in year-on-year sale prices! We're starting to see the uptick in housing supply and Charlotte's housing inventory has risen by a staggering 32.5% based on 2021's numbers. Homes that are on the market are still experiencing record low Days on Market and sellers are getting over asking price for their homes, on average.

The Average Sales Price also jumps up in the Charlotte area and Mecklenburg County, where we see Inventory and Month's Supply begin to surge upwards. Between buyer demand and the rising inventory, Charlotte's balanced market has something for everyone!

Key observations from the third Quarter of 2022 are:

Homes in the Charlotte region have, on average, sold for 98.7% of the asking price in this active seller's market during the third quarter of 2022. A slight decrease on Q3 2021.

Third quarter sales results saw inventory in the Charlotte area jump ahead by 32.5%, with Month's Supply at 1.6, a 49% increase year-over-year!

The shortest average time to have an offer accepted on a home in Charlotte (on average) is 19 days, over 25% lower than 2021 results.

In both Charlotte City and Mecklenburg County, home prices continue to rise in double-digit percentages over last year's Q3 results. Charlotte's Average Sales Price is now $455,356, an increase of more than 16%!

CHARLOTTE REGION

RESIDENTIAL SALES SUMMARY

Another double-digit Median and Average Sales Price increase, a jump in inventory, and a slow down in Closed Sales define much of the Charlotte Region and establish a baseline for our other markets.

The Median Sales Price in Q3, 2022 for a single family home in Charlotte was $385,000 for a year over year increase of 15.6%

As of October, 2022 the Average Month's Rent in Charlotte for a 2 bedroom was $1,695

The Median Sales Price in Q3, 2022 for a single family home in Mecklenburg County was $420,000 for a year over year increase of 17.5%

MECKLENBURG CO.

RESIDENTIAL SALES SUMMARY

Charlotte's home county is also experiencing double-digit Median and Average Sales Price increases, year-on-year, with a rise in inventory and a reduction in Closed Sales. 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 a double-digit increase in Median and Average Sales Price.

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 Q3 of 2022, the Median Sales Price in Winston-Salem, NC was $275K, trending up 18.5% 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!

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 Q3 2022 Median Sales Price of $305,000, 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 99.9% 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 a reduction in the number of homes available for buyers seeking value and proximity to Winston Salem.

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 this quarter, pushing the Average Sales Price of Raleigh homes to $516,551–marking a year of Raleigh average home prices exceeding $500,000.

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.

RESIDENTIAL SALES SUMMARY