Q1 2022
Q4 Market Report
contents April 2022
Overall Market Report Despite Rate Increases & Higher List Prices, Lake Norman Luxury Market Sustains Activity
Community Updates Cornelius Davidson Mooresville West Shore North Shore Concord & Kannapolis
Forecast Limited inventory continues to drive sell through, as interest in the Charlotte region expands outward into previously more rural areas.
Podcast & Videos From market forecasts, interviews, and house marketing ideas, join the team at Ivester Jackson I Christie's for latest in Carolinas luxury real estate content.
Despite Rate Increases & Higher List Prices, Lake Norman Luxury Market Sustains Activity With mortgage rates climbing into the 5% range and back-to-back years of double-digit appreciation impacting list prices, Lake Norman’s luxury market might have encountered a pause. Thus far, limited inventory conditions appear to be trumping other issues, as sell-through in the area continued at an active pace, with interest spreading out across the entire north Charlotte and Lake Norman regions. Showing activity in the mid-market luxury range between $500,000 and $1 million in list price increased 12% over the past 90 days in comparison to last year’s same period which saw some of the lowest mortgage rates in history. The million-dollar range remained hot, with showing requests increasing almost 30% over last spring between $1 million and $2 million. The ultraluxury range remained active above $2 million as well.
Hot spots around the lake included the $1 million range in the North Shore communities above Highway 150, as 26 houses in that range show pending contracts, and four recent closings over $2 million including an Ivester Jackson $2.65 million sale in the first quarter. Cabarrus County also sizzled in the range just below $1 million in list price, as new construction communities came online in the $700,000 to $1 million range resulting in 141 closings and 168 pending contracts.
LAST 60 DAYS
Showings in the Lake Norman Region
LAST 60 DAYS
Showings in the Lake Norman Region
Lake Norman LAKE NORMAN SEES HISTORIC RECORD ACTIVITY WHILE INVENTORY SHRINKS
Continued scarcity on the inventory side drove conditions in Lake Norman’s high demand areas while also pushing buyers into new areas in record numbers.
Cornelius Traditionally high-demand Cornelius remained tight in terms of inventory below $2 million, with just 20 active homes, 34 pending contracts, and 38 closings in Q1. The community saw 7 closings above $2 million. As we head into Q2, there are eight homes pending, and 10 homes active above $2 million.
LAST 60 DAYS
Cornelius Q1 Home Sales
18434 Peninsula Cove Lane | $4,500,000
18910 Balmore Pines Lane | $2,700,000
16715 100 Norman Place | $1,840,000
19124 Peninsula Point Drive | $4,200,000
Carlow Road | Sold Privately
Staghorn Court | Sold Privately
19513 Natalie Road | $970,000
20705 Bethel Church Road | $4,000,000
18726 Old Statesville Road | $849,000
Davidson Davidson pierced the $2 million dollar range twice in the first quarter as two estate homes closed on the outskirts of town. The community also shows another six homes over $2 million pending current contracts. As Charlotte, Lake Norman, and Davidson grow together, it is easier to make relative value comparisons for buyers in the estate property segment looking in all three areas. Davidson ended the quarter with 61 pending luxury contracts and just 16 active homes in inventory.
LAST 60 DAYS
Davidson Q1 Home Sales
489 South Main Street #6 | $1,095,000
485 South Main Street #5 | $949,000
311 South Street | $475,000
2441 Shiloh Church Road | $869,000
Mooresville Mooresville saw another spike, with luxury closings rising to 148 in Q1 vs 111 in last year’s Q1. Ten homes closed over $2 million in list price, and an impressive 35 homes listed between $1 million and $2 million in list price currently show pending contracts waiting to close.
LAST 60 DAYS
Mooresville Q1 Home Sales
143 Mayfair Road | $1,979,000
116 Dellbrook Street #A | $415,000
168 Pinnacle Lane #37 | $1,900,000
West Shore The West Shore area posted another strong Q1, with 65 luxury homes closing, including nine over $1 million and another four over $2 million. The area currently shows 37 luxury homes listed for sale with 61 under pending contracts, roughly 30-45 days in inventory.
LAST 60 DAYS
West Shore Q1 Home Sales
8343 Norman Estates Drive | $2,950,000
7228 Lynbrook Creek Road | $775,000
7445 Tallwood Drive | $2,530,000
4638 Mariner Lane | $650,000
7334 Lakeridge Drive | $3,300,000
4646 Sierra View Drive | $2,995,000
North Shore The communities above the Highway 150 bridge continue to have break-out results, as tight inventory conditions and improved amenities and road access have spurred interest in areas like Troutman and Sherrills Ford. The area shows a ground-breaking 26 homes under contract over $1 million as we head into Q2, and another 52 homes pending just below $1 million in list price. Four homes closed over $2 million at the north end of the lake in Q1.
LAST 60 DAYS
North Shore Q1 Home Sales
180 Eagle Chase Lane | $2,650,000
5400 Little Parkway | $1,750,000
Concord & Kannapolis Development has expanded rapidly in Cabarrus County over the past year, as spillover from Charlotte, Cornelius, and Davidson, combined with relatively lower land prices to drive new construction and luxury sell-through. A remarkable 145 homes closed in Q1 listed at over $500,000, compared to 43 in last year’s same quarter. An additional 173 homes are currently under pending contracts right now, which is an incredible expansion in the upper-end price points, particularly the $700,000 to $1 million range.
LAST 60 DAYS
Concord & Kannapolis Q1 Home Sales
9375 Harris Road | $1,150,000
5999 Brookstone Drive NW | $390,500
Lake Norman Market Forecast Limited inventory continues to drive sell-through, as interest in the Charlotte region expands outward into previously more rural areas. This is evidenced by the aggressive expansion of sell-through activity in the North Shore and West Shore areas of Lake Norman, as well as Cabarrus County. The luxury ceiling has also been pierced in many areas, with estate homes occasionally cresting $6-7 million dollars in closed value, and active listings now exceeding $10 million starting to bubble onto the market on occasion. This activity remains tied to the financial markets and asset valuations which for the time being have shown incredible resilience.
The mid-market range is finally starting to see stretches in which new inventory is coming on at a pace slightly ahead of pending contracts being placed, which should eventually start to push inventory levels below $1 million in list price to higher levels after two years of steep declines. With treasury yields climbing higher, the prospect of higher mortgage rates looms in the second half of the year. This, combined with inflation, may finally slow the housing market a little. For now, the summer appears to be on the verge of another active property market, albeit with a little more in terms of possible headwinds beginning to manifest.
Harnessing the Power of the Community to End Homelessness Ivester Jackson Christie's Team Captains Lori Ivester Jackson (Lake Norman Region) Lisa McCrossan (Charlotte Region)
How It Works Everyone involved in each home transaction is asked to donate a gift of $10 or more to the Homeowners Impact Fund. This includes the agents, buyer, seller, lender, title company, and closing attorney, for a goal of collecting $70 or more per closing.
Our Offices Lake Norman Office 21025 Catawba Ave #101 Cornelius, NC 28031 (704)- 655-0586
Charlotte Office 1515 Mockingbird Lane Suite 900 Charlotte, NC 28209 (704)-817-9826
Lake Norman North Shore Office 350 Morrison Plantation Parkway, Suite C1 Mooresville, NC 28117 (980)-435-5169
Asheville Office Ivester Jackson Blackstream 18 S Pack Square Asheville, NC 28801 (828)- 367-9001
Wilmington Office IJ Coastal 527 Causeway Drive Wrightsville Beach, NC 28480 (910)-300-5140
CHARLOTTE | LAKE NORMAN | NORTH SHORE | ASHEVILLE | WILMINGTON
704-655-0586 | IvesterJackson.com