Lake Norman Luxury Market Continues
Remain Active
Cornelius
Davidson
Mooresville
West Shore
North Shore
Concord & Kannapolis
Conditions are Tapering in the Luxury Market
Luxury market conditions around Lake Norman continued to be increasingly location specific, meaning one area or price point might show rising inventories while another remains scarce with favorable selling conditions. While sell-through in most ranges and areas remains off from last year ' s peak numbers, the region remains significantly higher in terms of both unit sales and price levels than pre-Covid. The million-dollar and ultra-luxury market footprints have expanded considerably, with multi-million dollar transactions occurring in areas like Davidson, the North Shore area above the 150 bridge, and spreading into Cabarrus County
While closings were down in the mid-market price segment, inventory remained balanced to pending contracts, indicating less than 60 days worth of supply Moving above $1 million in list price, gradual increases in inventory are beginning to bubble up, particularly in the ultra-luxury range of over $2 million Newly remodeled homes continue to command significant premiums and sell quickly, often with multiple offers.
Cornelius
Maintaining the price level expansion it garnered during Covid, Davidson saw 23 homes close above $1 million in list price, with another 3 homes under contract in the ultra-luxury range above $2 million in list price
New construction spec houses are cresting $3 million in some instances, and in general, while the interest rate sensitive ranges below $1 million have seen some decline, the area still displays 30-90 days worth of inventory depending on price point.
Mooresville produced mixed results within the various price segments of the luxury market. The mid-market segment showed a fairly significant decline in sold units this quarter compared to last year. Yet, the ultra-luxury segment between $2 million and $4 million in list price jumped from 11 to 17 closings in the quarter as the upper ranges continued to show strength at The Point and down Brawley School Road. 6 homes over $4 million in list price were pending at the time of this report.
The West Shore area bucked the regional and national trend in the mid-market range, actually seeing a significant increase in sell-through between $600,000 and $1 million in list price, with 58 closings in the second quarter vs 47 last year Pending contracts on 30 homes, while 30 remained in active inventory, indicated roughly 45 days worth of supply in this range Moving up the food chain, the West Shore is seeing some slight build up in inventory over $1 million in list price, yet conditions remain relatively balanced between supply and demand.
The North Shore area above the 150 bridge displayed more of a return to pre-covid conditions in terms of demand and supply in the midmarket price range. Closings declined by 50%, causing inventory to double pending contracts and leaving the area and price range with about 90 days of supply The area did see 21 closings over $1 million in price, while off from last year, another pretty active quarter compared to pre-Covid days
While Cabarrus County showed a decline from last year ' s second quarter closings, the area continues to attract high levels of activity in the range just below $1 million in price and is emerging above $1 million in list price with six homes closed in the second quarter.
While conditions are tapering somewhat in the luxury market, it's clear that both unit sell-through and pricing levels are both likely to remain at much elevated levels to pre-Covid periods. In all three luxury segments, over $1 million in list price, unit sell-through has almost tripled from 2019, and while it may be off slightly from last year at this time, deals are still occurring at a significantly higher pace than pre2020 This heightened profile for Lake Norman and Charlotte on the national level has now clearly driven demand for luxury homes to much higher levels, particularly remodeled modern or newly constructed properties.
Charlotte 1515 Mockingbird Lane, Suite 900
Charlotte, NC 28209
Lake Norman 21025 Catawba Avenue, Suite 101
Cornelius, NC 28031
North Shore
350 Morrison Plantation Parkway, Suite C1
Mooresville, NC 28117
Asheville
18 S Pack Square
Asheville, NC 28801
Wilmington 527 Causeway Drive
Wrightsville Beach, NC 28480
Highlands Cashiers 210 North Fifth Street
Highlands, NC 28731
