Issue 3, Q2 2022 Serving Charlotte Region Raleigh, Durham & Triangle Area Winston Salem & Triad Region Asheville Hendersonville
Moving Real Estate in a New Direction
Q2 Market Report & Area Results Prepared for the Triangle Area and all markets we serve.
TABLE OF CONTENTS 01
Letter from our President & CEO
02
Raleigh (city) & The Triangle Area
07
Charlotte (city) & Region
10
Mecklenburg Co. Residential
11
Charlotte Area Counties
13 17
Winston Salem & Triad Region Asheville 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 Raleigh and the Triangle Region is comprised of the mailing area as reflected in the Paragon MLS & REALTOR® Association. Information is deemed reliable but not guaranteed. Consult your ERA Live Moore Real Estate Sales Associate | Regional REALTOR® Association for more information. Copyright 2022 ERA Live Moore Real Estate. Each Office is Independently Owned & Operated
Dear Friends, Clients, Colleagues, I hope you are enjoying your summer so far. Whether you're home or abroad, people are on the move. As we move into late summer, it's more important than ever to recharge and relax before busy fall schedules become the order of the day. Our major markets continue to experience forward momentum, and we have begun to note the early signs of a market more interested in maintaining steady (not frenetic) growth. The third quarter of 2022 continues this theme, with sellers eager to put their homes on the market before schools start or prepare to list in the early fourth quarter when autumn brings an enviable curb appeal charisma to residential neighborhoods throughout the markets we serve. If you are looking to purchase a home in the Carolina's major metro areas, expect to be still competing with many other qualified buyers. Rates are ticking up, but the housing shortage is the real issue. While rates are not as favorable as they have been, they are right around where they were pre-pandemic. Sellers, your home will continue to see a lot of equity gains this year, but make sure you are working with a real estate professional and pricing expert to ensure your home is priced competitively for the market! 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 in 2022, 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 Wilkinson ERA guide you through the entire process–we are always available to answer any questions you may have! Eb Moore, President & CEO Wilkinson ERA Real Estate & Our Family of Companies.
"Sellers..make sure you are working with a real estate professional and pricing expert to ensure your home is priced competitively for the current market!" -Eb Moore, President & CEO, Wilkinson ERA Real Estate
ERA Live Moore Real Estate Q2 | 2022.
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TRIANGLE AREA RESIDENTIAL SALES SUMMARY At the end of June, 2022 the Triangle Area's residential real estate market begins to tell a story about a leveling out of inventory and steady buyer demand. Throughout the Raleigh area, buyers continue to compete for homes, often resulting in bidding wars that clearly place sellers firmly in the driver's seat as we head towards the end of 2022. During June, we witnessed a considerable rise in Median and Average Sales prices in all of the Triangle Area markets. Buyer demand and the low inventory have begun to gradually shift, demonstrating a rise in both Month's Supply and Inventory throughout Raleigh and the surrounding cities and counties. Key observations from June, 2022 are: Homes in Raleigh sold for 104.9% of the asking price in this active seller's market during March–barely a .1% decrease from the previous month June's sales results saw inventory in all of the markets we serve, rise to 1 month or more, breaking the unprecedented drop in recent months. The shortest average time to have an offer accepted on a home in Raleigh is 7 days, over 30% faster than June 2021 results. Closed sales are down a remarkable 22.7% in June 2022, likely due to continued interest rate hikes, and economic & geo-political instability, despite a rising inventory adding a greater selection for buyers.
ERA Live Moore Q1 | 2022.
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THE TRIANGLE AREA | RALEIGH RESIDENTIAL SALES SUMMARY Raleigh’s real estate market is already red hot, with prices at record highs and no sign of them coming down any time soon, solidifying Raleigh's position as the #3 hottest market in the U.S. Home values are forecasted to continue to rise in the capital city’s real estate market, pushing the Average Sales Price of Raleigh homes to $542,611–marking a year of Raleigh home prices exceeding $500,000.
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The Median Sales Price in June, 2022 for a single family home in Raleigh is $445,000 for a year over year increase of 16.3%*
Raleigh Occupied Housing Units** 49% of homes in Raleigh are renter-occupied households
As of July, 2022 the Average Month's Rent in Raleigh is $1,631
The Median Sales Price in June, 2022 for a single family home in Durham is $430,000 for a year over year increase of 22.9%
THE TRIANGLE AREA | DURHAM RESIDENTIAL SALES SUMMARY All of the Triangle Area real estate markets remain hot, with the areas of Durham and Wake County showing particular demand. That's positive news for sellers, with equity occupying the most popular seat at the table. For buyers, inventory and rapidly rising sales prices will add a unique challenge with little relief in sight–in fact, quite the opposite as prices are expected to continue an upward trend throughout 2022.
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THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY
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CHARLOTTE AREA RESIDENTIAL SALES SUMMARY The second 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 20% increase in year-onyear sale prices! We're starting to see the uptick in housing supply and Charlotte's housing inventory has risen by more than 18% 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 increase, albeit slowly. Between buyer demand and the low inventory, homes priced right for the market will not last! Key observations from the second Quarter of 2022 are: Homes in the Charlotte region have, on average, sold for 102.5% of the asking price in this active seller's market during the second quarter of 2022. A slight increase on Q2 2021. Second quarter sales results saw inventory in the Charlotte area rise 12.7%, with Month's Supply at 1.1, an 18.2% increase year-over-year. The shortest average time to have an offer accepted on a home in Charlotte (on average) is 15 days, over 12% lower than 2021 results. In both Charlotte City and Mecklenburg County, home prices continue to rise in double-digit percentages over last year's Q2 results. Charlotte's Average Sales Price is now $462,378, an increase of more than 17.5%!
ERA Live Moore Real Estate Q2 | 2022.
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CHARLOTTE REGION
RESIDENTIAL SALES SUMMARY A double-digit Median and Average Sales Price increase, a rise in inventory, and a slight cooling off of Closed Sales defines much of the Charlotte Region and establishes a baseline for our other markets.
Wilkinson ERA Real Estate Q2 | 2022.
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The Median Sales Price in Q2, 2022 for a single family home in Charlotte was $390,000 for a year over year increase of 20%
Charlotte Occupied Housing Units** 53% of homes are owner-occupied households and 47% are renter-occupied households
As of July, 2022 the Average Month's Rent in Charlotte was $1,639
The Median Sales Price in Q2, 2022 for a single family home in Mecklenburg County was $428,830 for a
year over year increase of 22.5%
MECKLENBURG CO.
RESIDENTIAL SALES SUMMARY Charlotte's home county is also experiencing double-digit Median and Average Sales Price increases, year-on-year, and the beginning of a rise in inventory and a slight cooling in Closed Sales. The county, once a respite for buyers seeking affordability, now holds a higher Average Sales Price than the Charlotte Region.
Wilkinson ERA Real Estate Q2 | 2022.
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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 a double-digit increase in Median and Average Sales Price.
Cabarrus Co.
Union Co.
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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 a variety of price points with something for everyone- from charming rural communities to vibrant market towns and commercial areas.
York Co.
Lancaster Co.
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THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY In Q2 of 2022, the Median Sales Price in Winston-Salem, NC was $281K, trending up 22.2% 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!
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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 Q2 2022 Median Sales Price of $307,900, 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!
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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 102.8% 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 homebuyers enjoy a relatively low sales price compared to larger metro areas in North Carolina and a slightly higher inventory of homes available for buyers seeking value and proximity to Winston Salem
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ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase with Months Supply still dropping, based on strong buyer demand. With such a low inventory it's no surprise that Closed Sales have dropped more than 10% on Q2 2021 figures. Expect more of the same in Q3 2022, with prices continuing to rise and both inventory and Days on Market continuing to drop, unlike other NC metro areas.
Asheville (Region)
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In the pastoral setting of Buncombe County, Asheville's home county, the Q2 Average Sales Price for homes was up 18% year-on-year. On average, homes in Buncombe County are on the market for 22 days, more than 40% faster 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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