Issue 1, 2022 Serving Charlotte Raleigh & Durham Winston Salem Asheville Hendersonville
Moving Real Estate in a New Direction
Annual Report & Q4 Market Results Prepared for the Charlotte region and all markets we serve.
TABLE OF CONTENTS 01
Letter from our
03
Charlotte (city)
05
Mecklenburg Co.
06
Charlotte Area
08
Winston Salem &
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President & CEO
Residential
Residential
Counties
Triad Region
Asheville Region
14
Raleigh &
18
A Year of Giving:
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.
Durham
Company Review
Each Office is Independently Owned & Operated
2020 ERA Annual Conference. L to R: Eb Moore, Sherry Chris, Tania Moore, TIm Jones
Dear Friends, Clients, Colleagues, Welcome to our 2022 Annual Market Report prepared for Wilkinson ERA Real Estate and our family of companies. We continue to be grateful to have the privilege of working with you in the markets we proudly serve throughout the Carolinas. As we begin 2022, we provide an in-depth look at the most recent quarter of activity, Q4, 2021. It has been another year of extremes throughout our major markets in North Carolina–the ongoing COVID-19 pandemic and rising unemployment rate have inhibited a stronger economic recovery, while real estate continues its record growth. In many respects, our markets mirror the low inventory and rising prices of 2020 with the early signs of a slight cooling, as evidenced by longer days on market, rising sales prices, and the continued dominance of a strong seller's market. The biggest impact we predict for 2022? First-time homebuyers will feel the biggest pinch, placing desirable metro NC markets out of reach for many. Rising mortgage rates predicted this year by The Fed, place added pressure on homebuyers "on the fence". Throughout our markets in 2021, we reinstilled our commitment to our agents and consumers, celebrating our new vision, "We Empower Dreams Through Real Estate" and our new 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 Wilkinson ERA Real Estate & Our Family of Companies.
"Charlotte and our area markets continue to demonstrate longterm strength and resilience, despite inventory constraints." -Eb Moore,President & CEO, Wilkinson ERA Real Estate
Wilkinson ERA Real Estate Annual Report | 2022.
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CHARLOTTE AREA RESIDENTIAL SALES SUMMARY The fourth quarter of 2021 for the Charlotte Region residential real estate market continued to tell a story about low inventory and record buyer demand. Throughout the Charlotte area, buyers competed for homes, often resulting in calls for the highest and best offers and bidding wars. As we gain traction in this first quarter of 2022, we can see a considerable rise in Median Sales Price and Price Per Square Foot in many of our regions in North Carolina. Buyer demand and the low inventory have resulted in record lows in Charlotte and the surrounding counties. Key observations from this last Quarter of 2021 are: Homes in Charlotte have steadily sold for 100.3% of the asking price in this active seller's market during the fourth quarter of 2021. A slight decrease from the previous quarter. 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 19 days, over 26% lower than 2020 results. Closed sales are down slightly in the fourth quarter of last year–likely due to forthcoming interest rate hikes, the holiday season, and a considerable lack of inventory.
Wilkinson ERA Real Estate Annual Report | 2022.
P2
CHARLOTTE REGION
RESIDENTIAL SALES SUMMARY A double-digit Median and Average Sales Price increases, a steep drop in inventory, and a slight cooling in Closed Sales offer a picture of the Charlotte Region and a baseline for most of our other markets.
Wilkinson ERA Real Estate Annual Report | 2022.
P3
MECKLENBURG CO.
RESIDENTIAL SALES SUMMARY Charlotte's home county is facing doubledigit Median and Average Sales Price increases, a steep drop in inventory, and a slight cooling in Closed Sales offer a picture of the Charlotte Region and a baseline for most of our other markets.
Wilkinson ERA Real Estate Annual Report | 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 pretty towns of Mt. Pleasant, Midland, & Kannapolis. Union County features the charming town of Waxhaw–growing in both popularity and Median 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.
P7
THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY In Q4 of 2021, the median sales price in Winston-Salem, NC was $240K, trending up 14.3% 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 ranks 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 Q4 2021 Median Sales Price of $256,000, 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!
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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 and a 99.9% of List Price Received for sellers.
P10
ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase with Months Supply nearly decimated by buyer demand. With such a low inventory it's no surprise that Closed Sales have dropped more than 4% on 2020 figures. Expect more of the same in 2022, with prices continuing to rise and both inventory reducing and Days on Market increasing, likely in tandem with mortgage rate hikes.
Asheville (Region)
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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 predicted to go even higher this year, setting the scene for Raleigh as the #3 hottest market in the U.S. Home values are forecasted to soar nearly 24% in the capital city’s real estate market, pushing a typical home value to well over $450,000!
P14
THE TRIANGLE AREA | DURHAM RESIDENTIAL SALES SUMMARY All of the Triangle 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 in 2022.
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THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY
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THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY, Cont'd.
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