2014 Cornelius Real Estate Market Review

Cornelius Real Estate Market Update August 2014
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With the start of the New Year, it’s now time to look back at the 2014 Cornelius real estate market and see what happened over the last 12 months.

The biggest highlight of the year is that 2014 marks the 6th straight year of recovery as the median sales price increased 6% from the 2013 median sales price. And the average sales price increased 4.5% from the 2014 average sales price.

Although Cornelius volume was steady in 2014, the average and median single family home prices rose over the course of the year.  This rise in pricing was due to a reduction in the number of distressed sales (foreclosures and short sales) and a slight rise in the number of Cornelius luxury home sales.  In fact, the number of home sales over $1M was up 19.5% which is mostly due to a higher number of  waterfront home sales (luxury segment).  With fewer distressed sales and a high number of luxury home sales it is no surprise to see improvements in the Cornelius real estate market.

2015 Cornelius Real Estate Market Predictions

  • Pricing will continue on an upward trend but will rise at a slower pace.  I’m anticipating price increases of 2-5% for single family homes.
  • Mortgage rates will head higher and will be closer to 5% by the end of 2015.
  • A higher number of millennials (born between 1981 and 2000) will enter the real estate market.
  • There will be a rise in new construction starts this year.
  • There will be fewer Short Sales and Foreclosures on the market.
  • Market rents will increase, especially long term rental rates.

Please feel free to call or email me anytime to discuss market conditions in your neighborhood as I would love to talk and provide you with additional insight, discuss listing your property or talk about purchasing real estate in Cornelius and the Lake Norman area.

Stay up to date on the Cornelius real estate market with our free market snapshot reports: Free Cornelius Real Estate Market Updates

 


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