Issue 2, Q1 2022 Serving Charlotte Region Raleigh, Durham & Triangle Area Winston Salem & Triad Region Asheville Hendersonville
Moving Real Estate in a New Direction
Q1 Market Report & Area Results Prepared for the Charlotte region and all markets we serve.
TABLE OF CONTENTS 01
Letter from our President & CEO
03
Charlotte (city) Residential
05
Mecklenburg Co. Residential
06
Charlotte Area Counties
08
Winston Salem & Triad Region
12
Asheville Region & Hendersonville
15
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 Wilkinson ERA Sales Associate | Charlotte Regional REALTOR® Association for more information. Copyright 2022 Wilkinson ERA Real Estate. Each Office is Independently Owned & Operated
Dear Friends, Clients, Colleagues, Spring is in the air and so is real estate! There's just something about this season, as we "spring forward" during this symbolic time of growth and renewal; of change and progress. Our major markets have experienced continued momentum as we catch our stride in this second quarter of 2022. So where is the market headed as we march towards the mid-year mark? We can make a confident prediction that housing sales will remain solid, but as we head into the third and fourth quarters, these figures may fluctuate as demand and mortgage rates impact the housing markets throughout our major metro areas in North Carolina. It's still a strong seller's market as buyers seek relief from rising prices. Conditions in our local markets will determine whether buyers will get a reprieve in 2022. 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! We wish you good health and prosperity in 2022. Eb Moore, President & CEO ERA Live Moore Real Estate & Our Family of Companies.
"There's just something about this season, as we "spring forward" during this symbolic period of growth and renewal; of change and progress." -Eb Moore, President & CEO, ERA Live Moore Real Estate
Wilkinson ERA Real Estate Q1 | 2022.
P1
CHARLOTTE AREA RESIDENTIAL SALES SUMMARY The first quarter of 2022 for the Charlotte Region residential real estate market continued to highlight the strong buyer demand and the lack of available homes for sale. Across the board, Charlotte's housing inventory has continued to shrink, based on 2021's numbers. Homes that are on the market are experiencing record low Days on Market and sellers are getting the asking price or more, for their homes. The Median Sales Price also jumps up in the Charlotte area and Mecklenburg County, where we see Inventory and Month's Supply take a bigger dip than the city. Between buyer demand and the low inventory, homes priced right for the market are likely to last hours, not days, on the market before going under contract. Key observations from the first Quarter of 2022 are: Homes in Charlotte have steadily sold for 100.9% of the asking price in this active seller's market during the first quarter of 2022. A slight increase on Q1 2021. Once again, first-quarter sales results saw inventory in the Charlotte area fall under 1 month or less, the lowest supply on record, and unprecedented in recent years. The shortest average time to have an offer accepted on a home in Charlotte is 22 days, over 19% lower than 2021 results. In both Charlotte City and Mecklenburg County, home prices continue to rise in double-digit percentages over last year's Q1 results. Charlotte's Average Sales Price is now $411,046, an increase of more than 16%!
Wilkinson ERA Real Estate Q1 | 2022.
P2
CHARLOTTE REGION
RESIDENTIAL SALES SUMMARY A double-digit Median and Average Sales Price increase, a continued drop in inventory, and a slight leveling off of Closed Sales defines much of the Charlotte Region and establishes a baseline for our other markets.
Wilkinson ERA Real Estate Q1 | 2022.
P3
MECKLENBURG CO.
RESIDENTIAL SALES SUMMARY Charlotte's home county is also experiencing double-digit Median and Average Sales Price increases, year-on-year, as well as a steep reduction in inventory, and a slight cooling in Closed Sales. The county, once a respite for buyers seeking affordability, now performs neck-and-neck with the City of Charlotte.
Wilkinson ERA Real Estate Q1 | 2022.
P5
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 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 a variety of 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 Q1 of 2022, the Median Sales Price in Winston-Salem, NC was $243K, trending up 16.3% 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!
P8
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 Q1 2022 Median Sales Price of $260,500, it's one of North Carolina's more affordable metro areas. Like the rest of the Piedmont Triad, there's less than one month of inventory available!
P9
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 101% of List Price.
P10
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
P11
ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase with Months Supply nearly depleted by buyer demand. With such a low inventory it's no surprise that Closed Sales have dropped more than 6.4% on Q1 2021 figures. Expect more of the same in Q2 2022, with prices continuing to rise and both inventory and Days on Market continuing to drop.
Asheville (Region)
P12
In the pastoral setting of Buncombe County, Asheville's home county, the Q1 Average Sales Price for homes was up 13.4% year-on-year. On average, homes in Buncombe County are on the market for 34 days, more than 31% 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.
P13
P14
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 $518,012–the first quarter Raleigh's home prices have exceeded $500,000.
P15
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.
P16
THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY
P17
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