Carolina Mountain Sales Annual Report and Q4 Market Results

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,

As we reflect on the past year, we are proud to present our annual market report, highlighting the achievements and successes in the real estate industry in 2022. Through market analysis, strategic planning, and the dedication of our team of professionals, we were able to provide valuable services to our clients and make a positive impact on the communities we serve We continue to be grateful for your support and look forward to another successful year Thank you for choosing us as your trusted real estate partner!

As we move forward into the first quarter of 2023, we are all aware that the real estate market is poised to experience some changes and trends–many of which could benefit buyers and sellers! Some trending predictions include:

Increased demand for housing as the economy continues to recover from the pandemic and more people are looking to purchase homes

Interest rates remain low, making it a favorable time for buyers to secure mortgages

The continued growth of technology in the real estate industry makes it easier for buyers to search for and purchase homes remotely. (visit ERALiveMoore.com!)

The potential for more remote work and virtual tours will become a norm in the industry

The potential for an increased focus on sustainable and energy-efficient homes as environmental concerns become more prominent

Keep in mind that these are predictions, and it's essential to check the local market conditions and trends and get a professional opinion–that's where we come in

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

Carolina Mountain Sales

an ERA Live Moore Company

"As we move forward into the first quarter of 2023, we are all aware the real estate market is poised to experience some changes and trends–many of which could benefit buyers and sellers!" -Amanda Holland, Broker-InCharge, Carolina Mountain Sales

ASHEVILLE RESIDENTIAL SALES SUMMARY

Asheville continues to see Average and Median Sales Prices increase with Month's Supply rising 32.3%. With such a low inventory, it's no surprise that Closed Sales have dropped more than 29% on Q4 2021 figures. Expect more of the same in Q1 2023, with prices continuing to rise and both inventory and Days on Market continuing to drop, unlike other NC metro areas.

Asheville (Region)

IIn the pastoral setting of Buncombe County, Asheville's home county, the Q4 Average Sales Price for homes was up 1.3% year-on-year. On average, homes in Buncombe County are on the market for 34 days, more than 24% 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

Wrapping up the year in Charlotte's real estate market, we continued to see a reduction in Closed Sales across the Charlotte region in the fourth quarter, with buyers in no hurry to purchase, fueled by increasing inventory that affords buyers more time before deciding to buy. Lower mortgage rates bode well for buyers, while sellers can take comfort in the 9 8%+ increase in Median Sales Price A move toward a more balanced market is the theme in 2023, as we expect the demand from homebuyers to remain steady.

Key observations from the fourth Quarter of 2022 are:

Homes in the Charlotte region have, on average, sold for 95 7% of the asking price in this active seller's market during the fourth quarter of 2022 Down -4 6% on Q4 2021

Fourth quarter sales results saw inventory in the Charlotte area rise a staggering 54% over Q4 2021, with Month's Supply coming in at 1 6

The shortest time to have an offer accepted on a home in Charlotte (on average) is 34 days, over 76 6% higher than 2021 results

In both Charlotte City and Mecklenburg County, home prices continue to rise, with median sales prices increasing 9 8% over last year's Q4 results Charlotte's Average Sales Price is now $446,386, an increase of more than 11%!

CHARLOTTE REGION RESIDENTIAL SALES SUMMARY

Median and Average Sales Price increases, 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 Q4, 2022 for a single family home in Charlotte was $378,940 for a year over year increase of 9.8%

Charlotte Occupied Housing Units** 53% of homes are owner-occupied households and 47% are renter-occupied households

As of January, 2023 the Average Month's Rent in Charlotte for a 2 bedroom was $1,808

The Median Sales Price in Q4, 2022 for a single family home in Mecklenburg County was $415,830 for a year over year increase of 11.1%

MECKLENBURG CO. RESIDENTIAL SALES SUMMARY

Charlotte's home county is 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 ]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 Q4 of 2022, the Median Sales Price in Winston-Salem, NC was $270K, trending up 12.5% 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!

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 2022 Median Sales Price of $282,500, 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 7% 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 & TRIANGLE AREA RESIDENTIAL SALES SUMMARY

At the end of December, 2022 the Triangle Area's residential real estate market remains strong, with steady demand and low inventory continuing to put pressure on home prices. 2023 might be the year the Triangle housing market settles down and takes some time to cool off. With new inventory and prices still rising, buyers shouldn't be too discouraged. Buyers can expect more homes to choose from and mortgage rates slowly going down. Prices will likely stay strong compared to a national home price decline. Single-family homes and townhomes have never been more popular.

Throughout the Raleigh area, buyers continue to compete for homes, however 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 December, 2022 are:

Homes in Raleigh sold for 98.1% of the asking price in this active seller's market during

December. A 5.1% decrease from the previous year.

December's sales results saw housing inventory in Raleigh's market, surge forward more than 104% on 2021's results! This represents a growing inventory of homes staying on market longer

The shortest average time to have an offer accepted on a home in Raleigh is 33 days, over 230% higher than December 2021 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 December, pushing the Average Sales Price of Raleigh homes to $510,038–marking more than 12+ months 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

Our Year in Pictures...2022

And new arrivals to the team!

Gatherings and Outings.