Fall 2024 Lake Normal Housing Market Report

Are you buying or selling a home in the Lake Norman area? Here’s the truth: the market is changing, and you need to know the facts to make the best decisions. I’ve studied the data and broken it down so you don’t have to. Let’s dive into what’s happening right now:

Prices are moving differently by location. The Lake Norman market includes popular towns like Cornelius, Mooresville, Davidson, Denver, and Huntersville. But did you know prices vary a lot depending on where you look?

In areas like Cornelius and Davidson, prices are higher—especially in the top 25% price segment. Meanwhile, Mooresville and Troutman offer more affordable options, especially in ZIP codes like 28115. But here’s something surprising: unlike most towns, prices in Mooresville (28115) are still climbing.

If you’re buying, this is the time of year to purchase a home while prices are at their seasonal lows in most markets. And if you are selling, it is important to know which market segments are still strong and warrant aggressive pricing.

Is it a buyer’s or seller’s market? The Market Action Index tells us whether the market favors buyers or sellers. A score above 35 means sellers have the upper hand. Here’s the breakdown:

• Cornelius: 44 overall, with a strong seller’s market (score of 52) in the top price segment.
• Mooresville: Scores range from 34 to 43 depending on ZIP codes, showing a slight edge for sellers but starting to lean toward buyers.

If you’re buying in Cornelius, expect sellers to stick to their prices. But in other areas, you might have more room to negotiate.

Inventory is finally up. For months, buyers have had limited options. That’s changing because the inventory has jumped for every town:

• Mooresville: +25%
• Huntersville: +28%
• Cornelius: +30%
• Davidson: +60%

More inventory means more choices for buyers. Sellers, you’ll need to price your home competitively to stand out.

Price cuts are common. It’s normal for sellers to lower prices this time of year. Nationally, about 33% of listings see price reductions. Locally, it’s even higher—up to 50% in some areas. Davidson stands out, with fewer price cuts, showing its market is more stable.

So, what does this all mean for you? If you’re buying, now is the time to act. Prices are leveling out, and inventory is higher. Sellers, if you’re in a strong market like Cornelius, be confident. But in areas with more inventory, be strategic about pricing. If you have any questions, feel free to call or text me at 704-806-2410. Let’s make sure you make the right move in today’s market.