Cornelius, NC Real Estate Market Report Update for April 2024

Cornelius Real Estate Market Trends

The Cornelius real estate market has experienced notable changes from April 2023 to April 2024. Let’s delve into the key metrics and trends shaping the housing landscape in this vibrant town and the Lake Norman Real Estate.

April 2024 Cornelius Real Estate Highlights

New Listings in Cornelius: The number of new listings surged by 36.2%, with 64 new properties hitting the market compared to 47 in April 2023. This increase indicates a more robust supply of homes for potential buyers.
Pending Saless in Cornelius: Pending sales also saw a healthy uptick, rising by 10.4% from 48 in April 2023 to 53 in April 2024. This suggests a strong buyer interest and ongoing demand for homes in Cornelius.
Closed Sales in Cornelius: Contrarily, closed sales dropped by 14.5%, from 55 in April 2023 to 47 in April 2024. This decline could be due to longer transaction times or other market dynamics affecting the completion of sales.
Median Sales Price in Cornelius: The median sales price remained steady at $505,000, reflecting a stable market without significant price volatility.
Average Sales Price in Cornelius: The average sales price experienced a decline of 9.1%, from $812,092 to $737,836. This decrease might indicate a shift towards more mid-range homes being sold compared to higher-end properties last year.
Percent of Original List Price Received in Cornelius: Sellers received 97% of their original listing price on average, a slight dip from 97.3% in April 2023. This minor change shows that the market remains competitive, with homes selling close to their asking prices.
List to Close price in Cornelius: The time from listing to closing extended by 18.8%, taking 82 days on average compared to 69 days last year. This increase might be attributed to more intricate transaction processes or buyer financing challenges.
Days on Market Until Sale in Cornelius: Homes stayed on the market for an average of 39 days, a 5.4% increase from 37 days in April 2023. This slight rise suggests a moderately slower pace in the market.
Cumulative Days on Market Until Sale in Cornelius: The cumulative days on market saw a significant rise of 21.9%, going from 32 days to 39 days. This increase could reflect more homes lingering on the market before finding a buyer.
Average List Price in Cornelius: The average list price soared by 37.7%, from $896,037 to $1,233,634. This substantial hike points to higher-priced homes entering the market.
Inventory of Homes for Sale in Cornelius: The inventory increased marginally by 4.1%, with 76 homes available compared to 73 last April. While the inventory growth is modest, it contributes to a more balanced market.
Months Supply of Inventory in Cornelius: The months supply of inventory grew by 13.3%, from 1.5 months to 1.7 months. This metric indicates a slight shift towards a more balanced market, though it still favors sellers.

Year-to-Date Real Estate Trends in Cornelius (Through April 2024)

New Listings: Up by 13.8%, with 222 new listings compared to 195 last year.
Pending Sales: Increased by 7.3%, reaching 190 compared to 177.
Closed Sales: Rose by 7.5%, with 173 closed sales versus 161 last year.
Median Sales Price: Increased by 10.3%, from $485,000 to $535,000.
Average Sales Price: Up by 4.8%, from $696,801 to $730,028.
Percent of Original List Price Received: Slightly up by 0.1%, at 96.8% compared to 96.7%.
List to Close: Increased by 13.6%, taking 92 days compared to 81 days.
Days on Market Until Sale: Up by 22.5%, with 49 days compared to 40 days.
Cumulative Days on Market Until Sale: A modest rise of 4.9%, from 41 days to 43 days.
Average List Price: Increased by 11.3%, from $925,531 to $1,029,981.

Conclusion

The Cornelius, NC real estate market in April 2024 demonstrates a dynamic environment with increased listings and pending sales but a slight decrease in closed sales. While average sales prices have dipped, the median sales price remains steady, indicating stable demand. Extended market times and higher list prices suggest a more balanced yet competitive market. As we move forward, these trends will be crucial for buyers, sellers, and investors navigating the Cornelius real estate landscape.

Call a Cornelius Real Estate Agent at 704-670-0000 to discuss listing your Home For Sale