Lake Norman | Q2 2024
Q2 Market Report
July 2024
Overall Market Report
Lake Norman Luxury Market Surges With Historic Significant Sales
Community Updates
Cornelius
Davidson
Mooresville
West Shore
North Shore
Concord & Kannapolis
Forecast
While not quite as robust in some areas as last year ’ s activity, summer showings have continued at a heightened pace relative to historic levels
Lake Norman Luxury Market Surges With Historic Significant
Sales
If anyone needed more proof of Lake Norman’s ascension to premier luxury destination status, this summer’s historic sales activity in the ultra-luxury segment ushers in a new area in property values at Lake Norman.
There are currently three homes pending with list prices exceeding $11 million in value and another at $9 million, all share one common thread: Ivester Jackson Christie’s agents representing either the buyers, the sellers, or both. The luxury market at Lake Norman currently boasts a whopping 40 homes pending over $2 million in value, a record level, even for the summer season. Just 3-4 years ago, the area’s ceiling rested at around $4-5 million with the occasional bump up. Those deals have now become more commonplace.
Interestingly, while the ceiling has been raised, there have been areas in which inventory has climbed in the lower ranges, with most areas now showing roughly 60 to 90 days of inventory after several years of historic lows coming off the frenzied COVID period.
Cornelius
Soon to be the home of Lake Norman and Mecklenburg
County’s highest-priced sale ever, the historically high-demand area currently boasts a 12 million dollar listing under contract with Lori Ivester Jackson, as well as a 9 million dollar listing in which IJ Christie’s agents Nancy & Charlie Zylstra represented the buyers. Inventory in Cornelius has risen slightly, particularly in the lower range below $1 million. Still, the upper levels have been active, with 25 homes trading over the million dollar mark in the quarter vs 22 in last year ’ s Q2.
Cornelius Q2 Home Sales
Davidson
Perhaps the most high-demand area in the mid-market and middle ranges of the million-dollar segment, Davidson’s small-town charm has morphed into one of the region’s most in-demand destinations. Inventory below $2 million in price point remains below 30 days, while the ultra-luxury segment over $2 million has now emerged to rival locations such as the waterfront areas of Lake Norman and high-demand areas in Charlotte like Myers Park and SouthPark. There are currently 63 homes pending in the luxury space vs. 53 in active inventory.
Davidson Q2 Home Sales
Mooresville
Like Cornelius, Mooresville has also recorded record-setting luxury deals. Ivester Jackson agent Laura Pegram put an $11.5 million Kingswood-built property in The Point under contract, a record for that area. There are currently 15 homes pending over $2 million in price in this area.
From an inventory standpoint, the mid and lower luxury price points have returned to more normal inventory levels. Active inventory now sits at an average of around 90 days absorption.
Denver | West Shore
The western shores of Lake Norman saw a decline in sell-through from last year ’ s second quarter, mainly in the interest-sensitive range below $1 million in list price. Activity in the million-dollar range remained steady, with 11 sales for the quarter and 9 pending contracts. The ultra-luxury range saw an increase in inventory to 15 active listings, with 3 under contract. Yet, like other areas of the lake, this area seems poised to push up into new price ranges, given its relative value to other places.
Denver/West Shore Q2 Home Sales
North Shore Troutman/Sherrills Ford
The area above the 150 bridge saw a surge in the lower luxury price points as new construction options attracted buyers in places like Sherrills Ford and Troutman. Sell-throughs below $2 million in list price surged from 51 homes in last year ’ s Q2 to 62 this year, an increase of 20%. The area also shows 4 homes pending above $2 million, while overall inventory has jumped slightly to about 75 days of active inventory.
North Shore Q2 Home Sales
Concord & Kannapolis
The northeastern area of the Charlotte region continues to show steady progress in the luxury ranges.
Riding a boom of new construction in the ranges just below $1 million, the area is now seeing nearly 100 sales per quarter in that price range, and that momentum, as predicted, is starting to push more activity up over the million-dollar threshold. The area saw 10 sales in Q2 over the million mark vs. 6 last year, then added another 10 pending contracts over $1 million going into Q3. Before 2020, this area saw little to no activity over the million mark. From an inventory standpoint, like Davidson, this area absorbs inventory at roughly a 30-day clip.
Concord & Cabarrus Q2 Home Sales
Lake Norman Market Forecast
While not quite as robust in some areas as last year ’ s activity, summer showings have continued at a heightened pace relative to historic levels, certainly enough to maintain current pricing levels and continue elevating them. Given the area, it is difficult to imagine a scenario in which pricing in the ultra-luxury segment is now pushing up over the $10m threshold and does not continue to trend upward significantly in the short term.
North Carolina’s popularity and Lake Norman’s proximity to Charlotte, a world-class airport, and a desirable climate continue to attract unprecedented interest from other areas. In our opinion, this has accelerated dramatically over the past 24 months, with new price point records validating the area ’ s long-term appreciation potential from sophisticated property investors coming from other high-value destinations.
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