Cornelius NC Real Estate

With the start of the New Year, it’s now time to look back at the 2015 Cornelius real estate market and see what happened over the last 12 months.

The biggest highlight of the year is that 2015 marks the 7th straight year of recovery as the median sales price increased 4.4% from the 2014 median sales price. And the average price per square foot increased for the 6th consecutive year.

Total sales dropped 6.7% to 489 in 2015. Limited inventory was the main reason as interest rates continued to stay near record lows.

The average sales price, $472,718 dropped 6.7% from 2014.

The median sales price, $327,900, increased 4.4% from 2014.

The average price per square foot, $156, increased 3.3% from 2014 and was the 6th straight year with an increase. It was also the highest price per square foot over the last 10 years!

The average days on the market fell to 62, a 15.1% decrease from 2014. It decreased for the 5th year in a row and is the lowest since 2008.

2016 Cornelius Real Estate Market Predictions

• Pricing should have an upward trend.  I’m anticipating price increases of 1-3% for single family homes.
• Mortgage rates will head higher and will be closer to 5% by the end of 2016.
• 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.

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