Lake Norman Real Estate Market Update August 2019

Sep 27, 2019

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Lake Norman Real Estate Update August 2019

Lake Norman Homes

In August 2019 208 homes sold in the Lake Norman area, a 4.8% increase from the 198 homes sold in July 2019. The August 2019 sales figures decreased 17.5% from August 2018 when 252 homes sold in the Lake Norman real estate market.

The average sales price increased by 4.8% from $534,567 in July to $560,099 in August 2019. The August 2019 average sales price increased 5.5% from the August 2018 average sales price which was $531,141.

Average days on the market increased by 3% from 67 days on the market in July to 69 days on the market in August 2019. The August 2018 average days on the market were 80, a 13.8% decrease in market time from last year.

Currently, there are 696 active homes for sale in the Lake Norman MLS area, down 9% from August. The average list price is $791,657 up 1.6% from the August average list price of $779,377. The average days on the market are 152. There are 395 Lake Norman homes currently under contract, up 12.2% from August. Based on this data we are currently in a seller’s market, 3.3 months of inventory, in the Lake Norman single-family real estate market.

Stay up to date on the Lake Norman real estate market with our FREE market updates:LakeNormanHomePrices.com

Lake Norman Condos & Townhomes

In August 2019 54 condos/townhomes sold in the Lake Norman area, a 28.6% increase from the 42 condos or townhomes sold in July 2019. August 2019 sales figures increased 14.9% from August 2018 when 47 Lake Norman condos sold.

The average sales price increased by 3.6% from $268,126 in July to $277,715 in August 2019. The August 2019 average sales price increased 11.2% from the August 2018 average sales price which was $249,700.

Average days on the market increased by 12.8% from 47 in July to 53 in August 2019. The August 2018 average days on the market were 45, a 17.8% increase in market time from one year ago.

Currently, there are 79 active condo/townhome listings for sale in the Lake Norman MLS area, a 6.8% increase from the 74 active condos for sale in August. The average list price is $368,748, down 2.9% from August’s average list price of $379,806. The average days on the market are 89. There are 61 Lake Norman condos/townhomes currently under contract, a 7% increase from August. Based on this months data we are currently in seller’s market, only 1.5 months of inventory, in the Lake Norman condo market.

Stay up to date on the Lake Norman real estate market with our FREE market updates: LakeNormanHomePrices.com

Lake Norman Land & Lots

In August 2019 22 lots sold in the Lake Norman area, a 4.3% decrease from the 23 lots sold in July 2019. August 2019 sales figures increased 10% from August 2018 when 20 Lake Norman lots sold.

The average sales price increased by 101% from $144,830 in July to $290,705 in August 2019. The August 2019 average sales price increased 85.6% from the August 2018 average sales price which was $156,593.

Average days on the market increased by 67.3% from 107 in July to 179 in August 2019. The August 2018 average days on the market were 114, a 57% increase in market time versus the same time period last year.

Currently, there are 527 active lot listings for sale in the Lake Norman MLS area, a decrease of .8% from August. The average list price is $315,0643, up 3.9% from August’s average list price of $303,294. The average days on the market are 455. There are 81 Lake Norman area lots currently under contract, a 15.7% increase from August. Based on this data, 24 months of inventory, we are in a buyers market for Lake Norman lots & land.