Issue 4, Q4 2023 Serving Charlotte Region Winston Salem & Triad Region McDowell and Burke Counties Asheville Hendersonville Raleigh, Durham & Triangle Area
Q4 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 & CEO
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 21
Raleigh, Durham & Triangle Region 2023 Year in Review
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 2024 ERA Live Moore Real Estate. Each Office is Independently Owned & Operated
Charlotte Skyline Dear Friends, Clients, and Colleagues, We are excited to kick off 2024 with you! It's already shaping up to be a great year for our real estate market here in North Carolina. We're seeing some positive signs early on, and we have a good feeling about what's to come. Last year had its ups and downs – North Carolina home prices went up by 3.9%, but we also saw fewer homes sold and on the market. As we step into 2024, these past trends are setting us up for an interesting year, full of potential. In North Carolina, it's easy to see why people love living here. Our state's housing market is buzzing with activity! It's leaning towards a seller's market now, with home prices on the rise and fewer houses available for purchase. This trend mirrors our state's lively economy, job diversity, and the high quality of living from our mountains to the coast. North Carolina is drawing in folks looking for a great place to call home and investors seeking promising opportunities. ERA Live Moore’s 2023 Annual Market Report covers all our major markets and offers valuable insights into North Carolina’s dynamic real estate landscape in North Carolina. Statistics compiled for the year reveal a nuanced market overall in 2023. Despite the upward trend in home prices, North Carolina real estate experienced a notable decrease in both home sales (down by 13.9%) and inventory (a 5.7% decline). This mix of factors presents a complex environment for buyers, sellers, and investors alike in 2024.
Looking further ahead this year, we anticipate a continued evolution in market dynamics. Factors such as economic policy changes, interest rate adjustments, and election year developments will play significant roles. Whether you're looking at investment opportunities, considering selling, or exploring new markets, our insights are tailored to help you make the most informed decisions. Our professional REALTORS® are always available to guide you through the entire process and address any questions you may have. At ERA Live Moore, we empower dreams through real estate. Eb Moore, President & CEO ERA Live Moore Real Estate & Our Family of Companies. “It's already shaping up to be a great year for our real estate market here in North Carolina. We're seeing some positive signs early on, and we have a good feeling about what's to come.” –Eb Moore, President & CEO ERA Live Moore Real Estate & Our Family of Companies
ERA Live Moore Real Estate Q4 | 2023. P1
CHARLOTTE AREA RESIDENTIAL SALES SUMMARY In 2023, the Charlotte housing market navigated a challenging landscape characterized by high mortgage rates, a significant reduction in housing inventory, and continuously rising sales prices. Market dynamics were further influenced by the reluctance of many homeowners to relinquish their low-interest-rate mortgages acquired during the pandemic, resulting in a limited number of homes for sale and an upward pressure on prices. The year saw a decrease in both pending and closed sales, reflecting the overall sluggishness in the previously owned homes sector. In contrast, new residential homes experienced an uptick in sales, driven by the scarcity of existing-home inventory. The market also observed a downtrend in active and new listings, contributing to the supply challenges. While the overall median sales price exhibited a marginal decline, there was a divergence in the price trends of different housing types, with single-family homes experiencing a slight decrease and townhouse-condo prices increasing. Key observations from the fourth Quarter of 2023 are: Homes in the Charlotte region have, on average, sold for 96.9% of the asking price in this active seller's market during the fourth quarter of 2023. Up 1.3% on Q4, 2022. Fourth quarter sales results saw inventory in the Charlotte area drop just over 15% over Q4 2022, with Month's Supply coming in at 1.7, a -4.7% decrease. The shortest time to have an offer accepted on a home in Charlotte (on average) is 33 days in Q4, 3.6% lower than Q4, 2022 results! In Mecklenburg County, home prices continue to rise, with the Median Sales Price increasing 1.6% over last year's Q4 results, at $422,000. Charlotte's Median Sales Price meanwhile is at $375,000, down just 1.%.
ERA Live Moore Real Estate Q1 | 2023.
P2
CHARLOTTE REGION RESIDENTIAL SALES SUMMARY Lower median and a modest Average Sales Price gain, 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 Q4 2023 for a single family home in Charlotte was $375,000 for a year over year decrease of 1%
Charlotte Occupied Housing Units 53% of homes are owner-occupied households and 47% are renter-occupied households
As of December 2023 the Average Month's Rent in Charlotte for a 2 bedroom was $2,022
The Median Sales Price in Q4 2023 for a single family home in Mecklenburg County was $422,000 for a year over year increase of 1.6%
MECKLENBURG CO. RESIDENTIAL SALES SUMMARY Charlotte's home county shows a modest 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.
P6
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 everyone- from charming rural communities to vibrant market towns and commercial areas.
York Co.
Lancaster Co.
P7
THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY In Q4 of 2023, the Median Sales Price in Winston-Salem, NC was $275,000, trending up 1.9% 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!
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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 Q4 2023 Median Sales Price of $295,000, 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 97.9% 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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P13
ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase and Month's Supply rising 22.4%. With such a low inventory, it's no surprise that Closed Sales have dropped more than 8.3% on Q4 2022 figures. Expect more of the same in Q1 2024, with prices continuing to rise and Days on Market continuing to increase, similar to other NC metro areas.
Asheville (Region)
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P14
In the pastoral setting of Buncombe County, Asheville's home county, the Q4 Average Sales Price for homes was up 19.2% year-on-year! On average, homes in Buncombe County are on the market for 37 days, 8.1% 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 In 2023, the Raleigh Triangle Region faced a challenging housing market, with high mortgage rates and low inventory pushing homeownership further out of reach for many. This resulted in sluggish sales of previously owned homes, contrasted by an increase in new residential home sales due to the limited availability of existing homes. Homeowners, benefiting from lower mortgage rates in the previous years, were hesitant to sell, further constraining the housing supply and contributing to rising prices. Despite a decrease in both under-contract and closed sales, the market ended the year with a glimpse of optimism. The Federal Reserve's signals of potential interest rate cuts in 2024 may encourage both buyers and sellers to re-enter the market. However, the path towards improved affordability and a balanced market remains gradual, with analysts offering varied predictions on future home price trends.
Key observations from December, 2023 are:
Homes in Raleigh sold for 96.7% of the asking price in this very active seller's market. This marks a 1.9% increase 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 $542,916, a 6.6% increase on 2022. December’s sales results saw housing inventory in Raleigh's market dip slightly, with just over 833 homes available for sale, a 16.6% decrease. In December, the shortest average time to have an offer accepted on a home in Raleigh is 28 days, a 15.2% decrease. The Raleigh market is selling homes slower in December 2023 than 2022's results.
THE TRIANGLE AREA | RALEIGH RESIDENTIAL SALES SUMMARY Raleigh’s real estate market continues to lead the state in demand and sales pace. Home values have been rising marginally, pushing the Average Sales Price of Raleigh homes to $542,916– 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 Median Sales Prices increase in December by 1.6% on 2023's figures.
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THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY
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3 2 20 IN W E I V RE
Here’s looking at 2023. As 2024 gathers momentum, let's look at some of ERA Live Moore’s top moments of 2023!
We began 2023 by recognizing agents' previous year's achievement!
2023 ERA CIRCLE OF SUCCESS - LEADERS' CIRCLE AWARDEES $10,000,000 & Above
Ben Woolf
Bob Bunzey
Deepthi Nagaveerappa
Dwayne Leatherwood
Gina Compton
Lisa McRorie
Lorie Stadick
Monte Grandon
Sherri Pegg
Tami Newman
Melissa Polce
Fader RE (team)
- CIRCLE OF ACHIEVEMENT AWARDEES $6,000,000 & Above
Ali Reynolds
Carolyn Pardue
Heather Strowd
John Quinn
Cat Felicia Earl Whittington Dina Stepanova
Jacque Chelsi Mentink & Poteat
June Weitz
Jay Grimmett
Kelly Warren Kristin Trapp
Jean Bernal
Gina Creson
Spears Realty Group (team)
Jenny Greenspon
Laura Edmonds Mark Lavin
Nigel Brookes Patrick Gorman Zach Faske
- CIRCLE OF HONOR AWARDEES $3,000,000 & Above
Alexis Burgos
Cori James
Gerald Moran
Leslie Baird
Nike Thompson
Terrie Stackhouse
Amanda Greene
Dan Dooley
Grady Peterson
Leslie Gough
Pam Boyle
Tram Luong
Angela Rose
Dave McCrostie
Hailey Edwards
Lisa-Leigh Schwartz
Pamela Carter
Travis Rose
Quintonio Byers
Valeriy Solodyankin
Ray Williamson
Zach Stamey
Antonya Windham
Davone Lisa Nguyen
Heather Mento
Luda Cooper
Austin Baity
Douglas Coleman
Jeff Barkley
Mankento Tate
Ben Wood
Elizabeth Coapman
Kathleen Brady
Marie Moss
Bobby Nguyen
Elizabeth Lovo
Kebba Komma
Matthew Woodhouse Sabrina Brown
Camille Estes
Emilie Burgin Williams
Keli Smith
Michael Jennings Jr.
Sharon Andrews Sheryl Allen Teresita Rodriguez-Wright
Cenaira James
Fannie Fleming
Laura Arthur
Michele Pappas
Corey Maman
Frankie Pickens
Laurie Youngblood
Michelle Lamb
Robin Faison
CONGRATULATIONS TO OUR AWARD-WINNING BROKER | REALTORS®
FUEL 2023 was full of learning, networking, and new tools for our agents!
ERA Live Moore's Broker | Owner, Tania Moore discussed the process of advancing Diversity, Equity, and Inclusion in the real estate industry on the "Client of the Future" panel at ERA® FUEL 2023.
ERA's 2023 Next Gen Conference
ERA Live Moore joined other ERA affiliates and leadership, sharing our collective success, and highlighting the attributes of our NC Real Estate Market.
We shared quarterly results from our major markets.
ERA LIVE MOORE
2023 RECAP
From Moxi Mondays to Masterminds and Giving Tuesday, Education and Community go hand-in-hand at ERA Live Moore. Together, we make an impact while making an income!
ERA Live Moore agents are united under the power and umbrella of one brand! We gathered in October to recognize our agents' success and achievements.
Celebrating the holidays with our ERA Live Moore colleagues. Sharing our success and fostering relationships.
Meet the newest members of ERA Live Moore’s Executive Team! We welcomed two talented new members to ERA Live Moore in 2023. Both with over a decade of real estate experience, Flint brings a growth mindset perfect for agents wanting to take their business to the next level, while Brookelynn is set to position our relocation services as both an opportunity and a service to our agent population.
Flint Foley (VP of Growth, Charlotte Market)
Brookelynn Cardenas (VP Relocation & Business Development)
WE EMPOWER DREAMS THROUGH REAL ESTATE ℠ EMPOWER. EXCELLENCE. BELONG.
20+
years in business
5+
markets served
600+
10+
agents
offices
2,600
annual closed sales
$1B+ sales volume
RISMedia’s 2023 Power Broker Report Ranks ERA Live Moore Real Estate Among the Top 1% of Real Estate Companies in the US. RealTrends 2023 Top 500 Rankings Ranks ERA Live Moore in the nation’s top real estate brokerages: #240 by sides and #270 by volume and companies selling in excess of $1B.
Community Involvement. From Children's Home Society of North Carolina and Make-A-Wish, to The Blood Connection drives, Toys for Tots, Habitat for Humanity, Mountain Child Advocacy, Mountain Pet Rescue, Steve’s Coats for Kids, and countless other charitable organizations, ERA Live Moore is dedicated to giving back in the communities we serve.
Awards & Recognition.
o 2024 Anywhere Leads Network Platinum Awardee o 2024 Anywhere Leads Network Gold Awardee o 2023 Anywhere Leads Network Platinum Awardee o 2022 ERA Unity Award Winner o 2022 ERA Marketing Excellence Award Winner o #1 ERA Real Estate Company in the Carolinas o #3 ERA Real Estate Company Nationwide
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