Cornelius Real Estate Market: July 2024 Update

The Cornelius, North Carolina Real Estate Market is experiencing significant shifts with July 2024 showing notable growth in key metrics. Whether you're a buyer, seller, or investor, understanding the Cornelius Real Estate trends can help you make informed decisions in this dynamic market.

Surge in New Cornelius Real Estate Listings and Closed Sales
The Cornelius real estate market saw a remarkable 25.9% increase in new listings for July 2024, with 68 homes hitting the market compared to just 54 in July 2023. Closed sales also jumped significantly by 43.2%, with 63 homes sold in July 2024 compared to 44 homes in the same month last year. This indicates a strong demand for properties in the area and suggests the market is quite active.

Rising Sales Prices of Cornelius Homes For Sale
One of the standout trends in July 2024 is the increase in Cornelius home prices. The median sales price rose by 15.7%, reaching $601,500, compared to $520,000 in July 2023. Similarly, the average sales price grew by 9.1%, rising from $1,051,365 to $1,146,690. These figures reflect the continued desirability of Cornelius as a residential area, with prices reflecting a premium for homes in this community.

Slight Decrease in List Price Percentage Received from Cornelius Home Sales
Interestingly, while sales prices are rising, the percent of original list price received has dropped slightly, from 98.6% in 2023 to 96.6% in 2024. This could indicate that buyers are negotiating more aggressively, or that sellers are pricing their homes higher to begin with, leading to some negotiation room.

Faster Sales and Shorter Time on Market of Cornelius Homes For Sale
Homes in Cornelius are moving off the market faster. The average days on market until sale dropped by 17.9%, from 28 days in July 2023 to 23 days in July 2024. The cumulative days on market also decreased by 35.9%, from 39 days to 25 days. This quick turnover highlights the competitive nature of the market, where homes are being snapped up by eager buyers.

Inventory and Supply of Cornelius Real Estate
The inventory of homes for sale in Cornelius rose by 30.7%, increasing from 75 homes in July 2023 to 98 homes in July 2024. The months’ supply of inventory also grew by 23.5%, from 1.7 months to 2.1 months. While inventory levels are rising, the supply is still relatively limited, meaning demand is likely outpacing supply, which helps maintain strong price growth.

In summary, the Cornelius real estate market is thriving, with rising prices, quick sales, and an increasing number of listings. For buyers, the competition remains high, and for sellers, it’s an excellent time to list a property. As the market continues to evolve, staying informed will help ensure success, whether you are buying or selling in this beautiful lakefront town.

If you’re looking to explore your options in Cornelius, contact One Charlotte Realty at 704-670-0000 to discuss how we can help you sell your home for just 1% or find the perfect property.

Search For Cornelius Real Estate