Cornelius NC Real Estate

2016 Cornelius Real Estate Market Review

With the start of the New Year, it’s now time to look back at the 2016 Cornelius real estate market and see what happened over the last 12 months.

The biggest highlight of the year is that 2016 marks the 8th straight year of recovery as the average sales price increased 8.7% from the 2015 average sales price and reached the highest level on record.

Total sales increased 12.7% to 551 in 2015. This is the highest total since 2006.

The average sales price, $513,984 increased 8.7% from 2015. Its the highest average sales price on record for Cornelius.

The median sales price, $350,000, increased 6.7% from 2015. I do not put much stock in median sales price as it is just the middle homes (#276) selling price and does not take into account location, size, etc.

The average price per square foot, $162, increased 3.8% from 2015 and was the 7th straight year with an increase. It was also the highest price per square foot on record!

The average days on the market increased slightly to 65, a 4.8% increase from 2014.

2017 Cornelius Real Estate Market Predictions

• Pricing should continue to have an upward trend but at a lower rate.  I’m anticipating price increases of 2-4% for single family homes.
• Mortgage rates will head higher and will be closer to 5.25% by the end of 2017.
• 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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