2014 Lake Norman Waterfront Real Estate Market Review
Lake Norman Waterfront Homes
The Lake Norman waterfront real estate market saw its 6th straight year of increased closed sales. And the highest number of closed sales since 2005. The recovery is well under way. The properly priced waterfront homes are receiving multiple offers and do not stay on the market very long.
The median sales price saw a moderate increase from 2013 (5.3%) but reached its highest level since 2009.
The average sales price saw a strong increase from 2013 (6.8%) and reached its highest level since 2009.
The average days on the market decreased 19.6% and was the lowest market time since 2009.
The average price per square foot saw a slight increase (2.3%) from 2013 but reached its highest level since 2008.
Lake Norman waterfront home owners also saw a slight increase (.6%) in the average % of asking price, with homes selling for 91.2% 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 waterfront real estate market saw an increase from 2013 with several reaching the highest they’ve been since before the market crashed in 2008.
I expect to see similar gains in 2015. Interest rates have stayed low and are expected to stay under 5% this year, median home prices have gone up and foreclosure inventories are down. If trends continue as expected, the market will continue to recover through 2015.