2014 Lake Norman Real Estate Market Review
Lake Norman Homes
The Lake Norman real estate market saw its 5th straight year of increased closed sales. And the highest number of closed sales since 2006. To say that the Lake Norman real estate market is recovering is an understatement. We are seeing multiple offers and offers over list price in a lot of Lake Norman communities.
The median sales price saw a moderate increase from 2013 (2.5%) but reached its highest level since 2007.
The average sales price also saw a moderate increase from 2013 (3.7%) and reached its highest level since 2007.
The average days on the market decreased 12.6% from 2013 and reached the lowest level since 2009.
The average price per square foot saw a moderate increase (3.5%) from 2013 and reached its highest level since 2008.
Lake Norman home owners also saw an increase (1%) in the average % of asking price, with homes selling for 94.1% of the original list price. This was also the highest % of original price since 2007.
So, in review, every statistical indicator for the Lake Norman real estate market saw an increase from 2013 with many reaching the highest they’ve been since before the market crashed in 2008.
I expect to see similar gains in 2015. Homeowners may see some other changes in the real estate landscape as well. Millennials may begin buying more homes and signs point to an upswing in new construction homes. Interest rates have stayed low, median home prices have gone up and foreclosure inventories are down. If trends continue as expected, the market will continue to recover through 2015.