Issue 3, Q3 2023 Serving Charlotte Region Winston Salem & Triad Region McDowell and Burke Counties Asheville Hendersonville Raleigh, Durham & Triangle Area
Q3 Market Report & Area Results Prepared for the Charlotte region and all markets we serve.
We Empower Dreams Through Real Estate℠.
TABLE OF CONTENTS 01
Letter from our President, Relocation & Corporate Services
02
Charlotte (city) Residential
05
Mecklenburg Co. Residential
06
Charlotte Area Counties
08
Winston Salem & Triad Region
12
McDowell Co. & Burke Co. Residential
14
Asheville Region & Hendersonville
17
Raleigh, Durham & Triangle Region
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
Charlotte Skyline Dear Friends, Clients, Colleagues, In the first three quarters of 2023, the real estate market has highlighted the need for buyers and sellers alike to plan effectively and employ savvy strategies in order to achieve a successful closing. Throughout 2023, we've observed a cooling inflation rate and the Fed's own projections showing that rate cuts are not on the table until at least 2024, with a median forecast of 5.1% for the end of 2023 and 3.9% for the end of 2024. In Charlotte and the markets we serve throughout North Carolina, the demand for housing remains steady, driven by our appealing lifestyle, robust job market, and favorable climate. The fall season’s curb appeal is on full display, with a rich tapestry of autumnal hues and cozy front porches animating residential neighborhoods. It often creates a shorter window of opportunity for buyers to make offers on homes, while many are spending a bit longer on the market. Prices have remained relatively stable compared to the second quarter, indicating a market in gradual transition. As we transition from fall to winter, buyers may be exploring creative ways to secure a new home before the start of 2024, while sellers are looking for unique yet proven strategies to stand out in a competitive market. At ERA Live Moore, it's our privilege to share the unique stories of each home using technology and innovative strategies to help our sellers achieve their real estate goals. For buyers, we're dedicated to exploring every avenue to make homeownership a reality.
During this season of gratitude, we're thankful that you've chosen ERA Live Moore agents as your trusted real estate advisors. Our professional REALTORS® are always available to guide you through the entire process and address any questions you may have. Your success is our top priority!" Brookelynn Cardenas Vice President, Relocation and Corporate Services
"As we transition from fall to winter, buyers may be exploring creative ways to secure a new home before the start of 2024, while sellers are looking for unique yet proven strategies to stand out in a competitive market." –Brookelynn Cardenas, Vice President, Relocation and Corporate Services
ERA Live Moore Real Estate Q3 | 2023. P1
CHARLOTTE AREA RESIDENTIAL SALES SUMMARY In the Charlotte market, we're observing a steady pattern in Median Sales Price since the beginning of the year, with no significant upward movement. As we approach the fourth quarter, the growth projections remain modest. This data indicates a stable and predictable real estate landscape in the coming months. Like many major metros across the nation, North Carolina's housing market is undergoing a period of stabilization after the remarkable growth seen from late 2020 to 2022. Throughout 2023, we've seen an increase in inventory (with an exception in Q3), and the average time it takes to sell a home is gradually extending. For those considering selling their homes, this is indeed a favorable time to do so, although it's important to be prepared for potentially longer selling times. On the other hand, for prospective buyers, the key is to act swiftly to secure your dream home in this evolving market. Timing is essential to make the most of the current opportunities. Key observations from the third Quarter of 2023 are: Homes in the Charlotte region have, on average, sold for 98.1% of the asking price in this active seller's market during the third quarter of 2023. Down -0.6% on Q3, 2022. Third quarter sales results saw inventory in the Charlotte area drop just over 22% over Q3 2022, with Month's Supply coming in at 1.7, a -4.4% decrease. The shortest time to have an offer accepted on a home in Charlotte (on average) is 29 days in Q3, over 56% higher than Q3, 2022 results! In Mecklenburg County, home prices continue to rise, with the Median Sales Price increasing 1.7% over last year's Q3 results, at $427,000. Charlotte's Median Sales Price meanwhile remains unchanged, at $385,000.
ERA Live Moore Real Estate Q1 | 2023.
P2
CHARLOTTE REGION RESIDENTIAL SALES SUMMARY Modest or consistent median and Average Sales Price increases, 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 Q3 2023 for a single family home in Charlotte was $385,000 for a year over year decrease of 0%
Charlotte Occupied Housing Units 53% of homes are owner-occupied households and 47% are renter-occupied households
As of October 2023 the Average Month's Rent in Charlotte for a 2 bedroom was $1,829
The Median Sales Price in Q3 2023 for a single family home in Mecklenburg County was $427,000 for a year over year increase of 1.7%
MECKLENBURG CO. RESIDENTIAL SALES SUMMARY Charlotte's home county shows a 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.
Cabarrus Co.
Union Co.
P9
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.
P10
THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY In Q3 of 2023, the Median Sales Price in Winston-Salem, NC was $287,000K, trending up 4.4% 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 Q3 2023 Median Sales Price of $313,500, 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 98.9% 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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ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase and Month's Supply rising 20.7%. With such a low inventory, it's no surprise that Closed Sales have dropped more than 16% on Q3 2022 figures. Expect more of the same in Q4 2023, with prices continuing to rise and Days on Market continuing to increase, similar to other NC metro areas.
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P2
In the pastoral setting of Buncombe County, Asheville's home county, the Q3 Average Sales Price for homes was up 7.2% year-on-year! On average, homes in Buncombe County are on the market for 34 days, more than 44% 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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RALEIGH & TRIANGLE AREA RESIDENTIAL SALES SUMMARY At the end of September, 2023 the Triangle Area's residential real estate market remains steady, with continued buyer demand and low inventory putting upward pressure on home prices. Presently, New Inventory is down year-over-year, and home prices are still rising, so buyers have time, but should be prepared to act when they find the right home. For the remainder of 2023, buyers can expect continued choice in homes on market, with a leveling of mortgage rates likely as we close out the year. Prices should stay strong compared to the current national home price decline. Single-family homes and townhomes have never been more popular throughout the Triangle Area, while new construction continues to work to meet demand. In the Raleigh area, buyers will continue to compete for homes into the fourth quarter. Take note: The selection of homes to choose from has decreased year-over-year, with a decreasing inventory and a reduction in the number of days on market. Key observations from September, 2023 are: Homes in Raleigh sold for 99.1% of the asking price in this very active seller's market. This marks a -.3% 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 $516,304K, a -0.1% reduction on 2022. September’s sales results saw housing inventory in Raleigh's market dip slightly, with just over 1,004 homes available for sale, an -16.5% decrease. The shortest average time to have an offer accepted on a home in Raleigh is 20 days, a -9.1% decrease. We can interpret this to mean the Raleigh market is selling homes faster in September 2023, than last year’s results, showing an upward momentum as we move into the fourth quarter of 2023.
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 marginally, pushing the Average Sales Price of Raleigh homes to $516,344–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 Average Sales Prices increase in September by more than 9% on 2023's figures.
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THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY
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Awards & Recognition.
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