2016 Cornelius Waterfront Real Estate Market Review

Cornelius Real Estate Market Update August 2014
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2016 Cornelius Waterfront Real Estate Market Review

With the start of the New Year, it’s now time to look back at the 2016 Cornelius waterfront 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 16.5% from the 2015 average sales price and reached the highest level on record.

Total sales increased 23.4% to 79 Cornelius waterfront homes sold in 2016. Limited inventory kept this figure down for the year.

The average sales price, $1,365,132 increased 16.5% from 2015. Its the highest average sales price on record for Cornelius waterfront homes.

The median sales price, $1,175,000, increased 20% from 2015. I do not put much stock in median sales price as it is just the middle homes (#40) selling price and does not take into account location, size, etc.

The average price per square foot, $290, decreased 3% from 2015 and was the first decrease after 7 straight years with an increase. Limited inventory affected this as well as the trend towards smaller size homes!

The average days on the market increased from 114 to 147, a 29% increase from 2015.

2017 Cornelius Waterfront Real Estate Market Predictions

  • Pricing should continue to have an upward trend but at a significantly 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 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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