The 2018 Lake Norman home sales report revealed more gains over 2017. While the 2017 housing market was marked by renewed optimism fueled by stock market strength, higher wages and a competitive environment for home sales, 2018 delivered a more seasoned prudence toward residential real estate. Home buyers, now steeped in several years of rising prices and low inventory, became more selective in their purchase choices as housing affordability achieved a ten-year low.
Yet the appetite for home buying remained strong enough to
drive prices upward in virtually all markets across the country.
In fact, national home prices have risen 53 percent from
February 2012 to September 2018. That mark is a less
dramatic but still sizable 40 percent increase when inflation is
factored in.
Salisbury and Statesville saw a sharp increase in the number of closed sales in 2018. Denver, on the west side of Lake Norman, saw a sharp dip in sales as compared to 2017. Homes prices between $150,000 and $200,000 sold the fastest, while homes over $500,000 took the long time to sell.
For more on Lake Norman home prices in 2018, click here.
