Signs of the real estate market cooling off came to Lake Norman last month, with median home sales increasing at lower rates and a bolstered inventory across local communities.
For Lake Norman homes, the October median sales price of $585,000 was nearly 10 percent higher than a year ago, though there was a 7.1-point drop from the September year-over-year rise. Mooresville saw a 2.4-point drop in its price growth, while Denver tumbled by a 27.5-point mark.
The rate at which prices increased in Denver was far lower in October, at 4.2 percent, compared to a 31.7 percent jump from September’s figures.
October Home Sales Data
|Community||Median Sales Price||New Listings||Days on Market||Inventory (volume)|
|Lake Norman||$585,000 (+9.9%)||187 (-23%)||35 (+52.2%)||390 (+25.4%)|
|Mooresville||$440,000 (+7.5%)||134 (-32.7%)||29 (+107.1%)||295 (+36.6%)|
|Denver||$493,005 (+4.2%)||60 (-16.7%)||35 (+16.7%)||101 (+27.8%)|
– Data from the Canopy Multiple Listing service; percent change is from October 2021.
The amount of time homes are staying on the market rose significantly across the board. Mooresville homes more than doubled to 107 days, and Denver flipped from a 40 percent drop in September to a 16.7 percent rise last month.
Further signifying a changing market, the percentage of original list price received fell from 99 percent in October 2021 to 95.4 percent last month.
After Huntersville median sales prices creeped within $5,000 of Davidson in September, the latter saw a 15.7 percent increase to $658,000. Huntersville jumped 38.6 percent to $576,458.
Lake Norman’s average sales price jumped 30 percent after four homes in Cornelius sold for at least $2.5 million last month.
Mooresville’s price increase from last year was on par with the rest of Iredell County, both in the mid-7s. Iredell’s inventory is robust with a 45.3 percent rise in homes for sale, and a 75 percent jump for the month’s supply.
Denver saw the highest median sales price in the region after rising 4.2 percent in October. That mark came with pending and closed sales almost being chopped in half, and just one fewer listing compared to September.