Cornelius, NC Real Estate Market Report – January 2024

Chart of Cornelius NC Real Estate Market Trends Report January 2024

Cornelius, NC Real Estate Market Trends For January 2024

When it comes to the real estate market, several key metrics can help buyers and sellers understand the current trends and dynamics. Let’s take a closer look at the correlation between these metrics to gain valuable insights.

Months Supply

Firstly, let’s consider the “Months Supply of Inventory,” which stands at 1.66. This metric represents the number of months it would take to sell all the current homes on the market if no new listings were added. A lower supply indicates a seller’s market, where demand exceeds supply, potentially leading to rising prices and quicker sales.

Next, we have the “12-Month Change in Months of Inventory,” which shows a decline of -26.87%. This decline suggests a significant decrease in the number of months it would take to sell the available inventory compared to the previous year. Such a drop in inventory can be indicative of a highly competitive market, where buyers may face more limited choices and potentially encounter bidding wars.

Days On Market

Moving on, the “Median Days Homes are On the Market” is 38. This metric indicates the average number of days it takes for a home to sell after being listed. A lower median days on the market suggests a faster-paced market where homes are being snatched up relatively quickly. This could indicate strong buyer demand or well-priced listings.

Sale Price Versus List Price

The “List to Sold Price Percentage” is another important metric, currently standing at 96.5%. This percentage represents the ratio of the final sold price to the initial listing price. A higher percentage suggests that homes are generally selling close to or at the asking price. This is great news for sellers as it indicates a market where buyers are willing to pay close to the listing price.

Median Sold Price

Lastly, we have the “Median Sold Price,” which currently sits at $756,250. This figure represents the midpoint of all the sold prices in the market. A higher median sold price indicates a higher average sales price for homes, which can be reflective of a strong market or desirable location.

What The Numbers Mean

For buyers, these metrics indicate a competitive market where they may need to act swiftly and be prepared to pay close to the listing price. However, sellers can take advantage of the current conditions, as the market appears to be favorable for them, with limited inventory and a high likelihood of achieving their desired sale price.

Conclusion

In conclusion, the correlation between these real estate metrics suggests a seller’s market with low inventory, increasing prices, and quick sales. Buyers should be prepared for competition, while sellers can potentially benefit from the current market conditions.

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About the Author

Bill Adams, REALTOR®

Owner/Broker of Allen Adams Realty

Bill Adams, a North Carolina native, is founder and Owner/Broker of Allen Adams Realty, a boutique agency focused on personalized real estate services. The name “Allen Adams Realty” is derived from Bill’s full given name which is William Allen Adams.

Bill, after obtaining both a real estate sales license and an appraisal license, began his real estate career in 1998 after successful careers in the racing and automotive industries. First, a concentration on real estate appraisal services allowed Bill to gain detailed knowledge and insights into the many different facets of the greater Lake Norman and Charlotte metro real estate markets. This allowed Bill to truly understand real estate values and local markets and expand into doing both appraisal and real estate sales. Then in 2004, armed with his experience, knowledge, and expertise, Bill started his own firm and called it Allen Adams Realty. In the early years of his new firm Bill continued to do both real estate appraisal and sales and then after the downturn of the market in the late 2000’s Bill has focused solely on real estate sales.

Bill strives for excellence in all aspects of his relationship with each and every client and prides himself on providing premier dedicated and personal professional service. Bill has successfully represented a wide range of clientele from international high-end luxury buyers to young families buying their first home. Through his wide reaching marketing he has also developed a large part of his business helping those buying second homes on Lake Norman or relocating to the area. Bill’s varied background and seasoned experience has made him a trusted and highly rated expert, which has been validated by being awarded multiple Five Star Professional Award for Real Estate awards. An award given to only the top 7% of real estate agents in the entire Charlotte market area.

On a personal note, Bill has lived most of his life in North Carolina and has lived in the Lake Norman area since 1997. He currently lives in the wonderful small college town of Davidson with his lovely wife Lindsey, beautiful daughter, and beloved dog. Beyond real estate, he enjoys boating on the lake, spending time with friends and family, most all things motorsports, cars, motorcycles, Panthers football, being active, hiking and exploring in the nearby mountains, vacations to the beach, traveling, as well as many other things.