EMERGING MARKET REPORT
CONTENTS Introduction Charlotte’s Surging Surrounding Areas Lancaster and Lancaster County Monroe Gastonia Clover/York Kings Mountain/Shelby Ones to watch: China Grove/Locust Lake Norman’s Surrounding Surprises Hickory Statesville Troutman Bubbling Up on The Radar Lincolnton Newton/Conover and Maiden
INTRODUCTION The region’s inbound migration, which is number one in the nation on a per capita basis, is combining with Covid related housing trends to expand the region’s already growing footprint into an assortment of areas. 5 years ago, these areas would have seemed too rural to attract much of an audience. Outdoor and entertainment amenities such as hiking, The US National Whitewater Center, the new casino in Kings Mountain, and the region’s numerous small mill towns and remaining rural farm and development land are experiencing signs of the region’s popularity. At Ivester Jackson I Christie’s, we have always been at the forefront of regional trends. In this report, we evaluate both surging areas and areas that we believe will surge over the next 5 years based on early signs. Let’s take a look at each area and discuss the reasoning behind our assumptions.
CHARLOTTE’S SURGING SURROUNDING AREAS Downtown Gastonia
City of York
Lancaster & Lancaster County Monroe Gastonia Clover/York Kings Mountain/Shelby
LANCASTER Over the last 90 days, this area saw 56 closings over $400,000 in value, compared to 32 in the same period last year. Neighboring Union County has exploded, with wealth shifting. We are beginning to see mid-market development and activity in the Lancaster area between $400,000 and $1 million in home values with neighborhoods like Treetops, Walnut Creek, and, Millstone reaching up into the $800,000s. With low taxes and a 30-minute drive to South Charlotte, this area is on its way and prices will begin to push into the higher ranges over the next 5 years.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings 60
40
56
32
20
0
Lancaster
MONROE This suburb that has previously been ignored by development, is now seeing a resurgence, with communities like Sabella Estates, Harkey Creek, and others pushing values up above $500,000. The area’s bypass makes the region more accessible to Charlotte. Closed home sales in Monroe skyrocketed from 27 units over $400,000 in the winter of 2021, to 97 over the last 90 days.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings
97
100
75
50
25
0
27
Monroe
GASTONIA Gastonia is another surging community bustling with infill in the city center with a new baseball complex, hotels, and more. This area saw sales in the $400,000s and up, with a market surge from 15 the previous winter, to 59 in the last 90 days. Neighboring Belmont has blossomed over the past 5 years, and it is Gastonia’s turn at redevelopment and repurposing of old buildings and housing renovations.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings
59
60
40
20
0
15
Gastonia
CLOVER/YORK Lake Wylie is another area capitalizing on proximity to amenities. This area experienced a surge from 54 sales to 88 in the $400,000+ range, including several deals over the million mark on the shores of Lake Wylie. Neighborhoods like Timber Lake experienced sales in the $400k to $500k range, while Handsmill experienced sales in the $500k to $700k range.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings 100
88
75
56 50
25
0
Clover/York
KINGS MOUNTAIN/SHELBY This area boasts one of the region's most high-profile projects, the new Kings Mountain casino, while also quietly harboring one of the region’s best-kept secrets in waterfront living, Moss Lake. Don’t let the name fool you, this scenic reservoir features fantastic water activities, and prices come in well below neighboring lake communities, with recent closings in the $495,000 to $1.25 million range. Under an hour from Charlotte, this area saw 22 closings over $400,000 in the past 90 days compared to 11 in the same prior-year period.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings 25
22
20 15
11 10 5 0
Kings Mountain/Shelby
AREAS TO WATCH: CHINA GROVE/LOCUST With the light rail’s expansion into the University area, development in exploding Cabarrus County is already hot around Concord, Harrisburg, and the old Philip Morris facility. A couple of long-term plays may exist in Locust and China Grove, where sell-through above $400,000 bubbled up from 2 units to 11, and 4 units to 12, in each respective area. These hefty jumps, while small in unit totals, point to improving comfort levels with home prices above the $500,000 range in both areas.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings 15
25
12 10
5
2021 Last 90 Days Closings 2022 Last 90 Days Closings
11
20 15 10
4
5 0
2
0
China Grove
Locust
LAKE NORMAN’S SURROUNDING SURPRISES Downtown Hickory
Hickory Statesville Troutman
Downtown Statesville
HICKORY With a rebounding economy and two of North Carolina’s hottest real estate markets, Asheville and Charlotte, just an hour away in either direction, the long-term benefits of Hickory can no longer be ignored. Similar to Moss Lake in Shelby, Lake Hickory’s options are attractively priced relative to nearby Lake Norman. There is an abundance of hiking and other outdoor activities along the nearby Blue Ridge Mountains. Hickory's downtown area is seeing a resurgence featuring farm-to-table dining and brewery options. With 50 closings over $400,000 in the past 90 days vs 37 last year in the same period, including two deals in the $1.2 to $1.4 range on the waterfront, Hickory clearly has momentum in its favor.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings
50
50 40
37
30 20 10 0
Hickory
STATESVILLE Statesville is another town seeing a solid uptick in the repurposing of downtown buildings and remodeled housing. This area is large enough that many areas will take several years to transition, but as pockets emerge in areas around downtown, this town should have charming and historic flip options moving forward. Statesville’s over $400,000 market has jumped from 20 closings in the winter of 2021, to 31 in the last 90 days, a 50% increase year over year.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings 40
31
30
20
20
10
0
Statesville
TROUTMAN Troutman’s waterfront area has emerged over the past 3 years. This area just saw an Ivester Jackson record 2.5 million dollar sale this month along the shoreline. That said, the town area, as well as the outlying farmland is undergoing change that should drive values upward over the next 5 years. Troutman had 21 homes sold last winter over $400,000. This year, the number jumped to 34, a 50+% increase.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings 40
34 30
20
21
10
0
Troutman
BUBBLING UP ON THE RADAR Downtown Lincolnton
Lincolnton Newton-Conover-Maiden
Downtown Conover
LINCOLNTON Lincolnton’s historic town courthouse square offers a charming small-town atmosphere. Residents have already discovered its walkability, with mill house flips within close proximity to a new brewery, dining, and gourmet butchery pushing up from the low $100,000 range to the $350,000 plus range. New development outside of town between Lincolnton and Lake Norman is beginning to push up into the luxury range, as new homes in Lions Gate are now over the $700,000 range. Rural land options are still available along with access to both highway 321 and 16, providing easy access to Charlotte and Hickory.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021
2021 Last 90 Days Closings 2022 Last 90 Days Closings 25
21 20 15 10
9
5 0
Lincolnton
NEWTON/CONOVER AND MAIDEN The completion of Highway 16 to Newton/Conover runs directly past rural Maiden. While that area has yet to see a great deal of luxury activity, access to the airport allowed one CEO from Minnesota to purchase a farm for just under $1 million. Newton and Conover both feature small yet ripening town main streets in which repurposing has already occurred. A historic street-front loft building was recently converted into an $800,000 loft residence. These towns saw sell-thru above $400,000 double from 7 units in winter of 2021, to 15 units the past 90 days. These areas provide another long-term option and given the heightened activity to the north in Hickory, and to the east in Sherrills Ford and Denver, this area is ideal for patient investors.
Emerging Markets Last 90 Days Sell Thru Over 400,000 Last 90 Days vs Same Period 2021 2021 Last 90 Days Closings 2022 Last 90 Days Closings 15
2021 Last 90 Days Closings 2022 Last 90 Days Closings 6
6
6
15 10
4
7 5
0
2
Newton/Conover
0
Maiden
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