2023 Q4 & Annual Market Review ERA Live Moore RELO

Issue 4, Q4 2023 Serving Charlotte Region Winston Salem & Triad Region McDowell and Burke Counties Asheville Hendersonville Raleigh, Durham & Triangle Area

Q4 Market Report & Area Results Prepared for the Charlotte region and all markets we serve.

We Empower Dreams Through Real Estate℠.

TABLE OF CONTENTS 01

Letter from our President, Relocation & Corporate Services

02

Charlotte (city) Residential

05

Mecklenburg Co. Residential

06

Charlotte Area Counties

08

Winston Salem & Triad Region

12

McDowell Co. & Burke Co. Residential

14

Asheville Region & Hendersonville

17 21

Raleigh, Durham & Triangle Region 2023 Year in Review

Data Disclaimer: The source of all data contained in this report is provided by the Canopy REALTOR® Association, Triad Real Estate MLS, & Paragon MLS (Raleigh).

Data provided for Charlotte is comprised of the Charlotte mailing area as reflected in the Canopy REALTOR® Association.

Information is deemed reliable but not guaranteed. Consult your ERA Live Moore Sales Associate | Charlotte Regional REALTOR® Association for more information.

Copyright 2024 ERA Live Moore Real Estate.

Each Office is Independently Owned & Operated

Charlotte Skyline Dear Friends, Clients, and Colleagues, We are excited to kick off 2024 with you! It's already shaping up to be a great year for our real estate market here in North Carolina. We're seeing some positive signs early on, and we have a good feeling about what's to come. Last year had its ups and downs – North Carolina home prices went up by 3.9%, but we also saw fewer homes sold and on the market. As we step into 2024, these past trends are setting us up for an interesting year, full of potential.

In North Carolina, it's easy to see why people love living here. Our state's housing market is buzzing with activity!

It's leaning towards a seller's market now, with home prices on the rise and fewer houses available for purchase. This trend mirrors our state's lively economy, job diversity, and the high quality of living from our mountains to the coast. North Carolina is drawing in folks looking for a great place to call home and investors seeking promising opportunities.

ERA Live Moore’s 2023 Annual Market Report covers all our major markets and offers valuable insights into North Carolina’s dynamic real estate landscape in North Carolina.

Statistics compiled for the year reveal a nuanced market overall in 2023. Despite the upward trend in home prices, North Carolina real estate experienced a notable decrease in both home sales (down by 13.9%) and inventory (a 5.7% decline). This mix of factors presents a complex environment for buyers, sellers, and investors alike in 2024.

Looking further ahead this year, we anticipate a continued evolution in market dynamics. Factors such as economic policy changes, interest rate adjustments, and election year developments will play significant roles.

Whether you're looking at investment opportunities, considering selling, or exploring new markets, our insights are tailored to help you make the most informed decisions.

Our professional REALTORS® are always available to guide you through the entire process and address any questions you may have. At ERA Live Moore, we empower dreams through real estate.

Brookelynn Cardenas Vice President, Relocation and Corporate Services “It's already shaping up to be a great year for our real estate market here in North Carolina. We're seeing some positive signs early on, and we have a good feeling about what's to come.”

–Brookelynn Cardenas, Vice President, Relocation and Corporate Services ERA Live Moore Real Estate Q4 | 2023. P1

CHARLOTTE AREA RESIDENTIAL SALES SUMMARY In 2023, the Charlotte housing market navigated a challenging landscape characterized by high mortgage rates, a significant reduction in housing inventory, and continuously rising sales prices.

Market dynamics were further influenced by the reluctance of many homeowners to relinquish their low-interest-rate mortgages acquired during the pandemic, resulting in a limited number of homes for sale and an upward pressure on prices.

The year saw a decrease in both pending and closed sales, reflecting the overall sluggishness in the previously owned homes sector. In contrast, new residential homes experienced an uptick in sales, driven by the scarcity of existing-home inventory. The market also observed a downtrend in active and new listings, contributing to the supply challenges. While the overall median sales price exhibited a marginal decline, there was a divergence in the price trends of different housing types, with single-family homes experiencing a slight decrease and townhouse-condo prices increasing.

Key observations from the fourth Quarter of 2023 are: Homes in the Charlotte region have, on average, sold for 96.9% of the asking price in this active seller's market during the fourth quarter of 2023. Up 1.3% on Q4, 2022.

Fourth quarter sales results saw inventory in the Charlotte area drop just over 15% over Q4 2022, with Month's Supply coming in at 1.7, a -4.7% decrease.

The shortest time to have an offer accepted on a home in Charlotte (on average) is 33 days in Q4, 3.6% lower than Q4, 2022 results!

In Mecklenburg County, home prices continue to rise, with the Median Sales Price increasing 1.6% over last year's Q4 results, at $422,000. Charlotte's Median Sales Price meanwhile is at $375,000, down just 1.%.

ERA Live Moore Real Estate Q1 | 2023.

P2

CHARLOTTE REGION RESIDENTIAL SALES SUMMARY Lower median and a modest Average Sales Price gain, a drop in Inventory, and a slow down in Closed Sales continue to define much of the Charlotte Region and establish a baseline for our other markets.

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P3

The Median Sales Price in Q4 2023 for a single family home in Charlotte was $375,000 for a year over year decrease of 1%

Charlotte Occupied Housing Units 53% of homes are owner-occupied households and 47% are renter-occupied households

As of December 2023 the Average Month's Rent in Charlotte for a 2 bedroom was $2,022

The Median Sales Price in Q4 2023 for a single family home in Mecklenburg County was $422,000 for a year over year increase of 1.6%

MECKLENBURG CO. RESIDENTIAL SALES SUMMARY Charlotte's home county shows a modest Median and Average Sales Price increase, year-on-year, with a drop in inventory and a reduction in Closed Sales that closely tracks with Charlotte. The county, once a respite for buyers seeking affordability, now holds a higher Average Sales Price than the Charlotte Region.

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P5

CHARLOTTE-AREA COUNTIES RESIDENTIAL SALES SUMMARY Cabarrus County is one of Charlotte's largest neighboring counties and home to the county seat of Concord and the pretty towns of Mt. Pleasant, Midland, & Kannapolis. Union County features the charming and in-demand town of Waxhaw–growing in both popularity and Increasing in Average Sales Price.

Cabarrus Co.

Union Co.

P6

CHARLOTTE-AREA COUNTIES, Cont'd.

RESIDENTIAL SALES SUMMARY The major metro area surrounding Charlotte includes seven different counties, each with its distinctive towns, cities, and townships. Charlotte’s surrounding counties provide greater inventory at various price points with something for everyone- from charming rural communities to vibrant market towns and commercial areas.

York Co.

Lancaster Co.

P7

THE TRIAD | WINSTON SALEM RESIDENTIAL SALES SUMMARY In Q4 of 2023, the Median Sales Price in Winston-Salem, NC was $275,000, trending up 1.9% year-over-year. This laid-back city poised for continued growth is located in Forsyth County in the north-central part of North Carolina. The metro area lies along the Carolina Core in the heart of North Carolina, a 120+ mile stretch running between Winston-Salem, Fayetteville, Greensboro, & High Point. The Triad's continued big draw? Affordability!

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P8

THE TRIAD | GREENSBORO RESIDENTIAL SALES SUMMARY U.S. News and World Reports ranked Greensboro #94 in the nation for Best Places to Live and #71 in Best Places to Retire. Part of the Piedmont Triad, with a low cost of living and a Q4 2023 Median Sales Price of $295,000, it's one of North Carolina's more affordable metro areas. Like the rest of the Piedmont Triad, there's just under two months of inventory available!

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THE TRIAD | HIGH POINT RESIDENTIAL SALES SUMMARY High Point is located alongside Greensboro and Winston-Salem in the Piedmont Triad region of North Carolina, the nation’s 33rd largest metro area with a population exceeding 1.7 million. Home of High Point University and the famous annual High Point Market, the world's largest home furnishings trade show. High Point offers outstanding value for homebuyers, while sellers can expect to receive 97.9% of List Price.

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P10

THE TRIAD | WILKES COUNTY RESIDENTIAL SALES SUMMARY Wilkes County is widely known for its county seat, Wilkesboro, and its largest town, North Wilkesboro. The area is widely known for MerleFest, an annual "traditional plus" music festival held in Wilkesboro each spring. Wilkesboro home-buyers enjoy a relatively low sales price compared to larger metro areas in North Carolina and an increase in the number of homes available for buyers seeking value and proximity to Winston Salem.

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P11

McDowell County RESIDENTIAL SALES SUMMARY

A predominately rural region, McDowell County boasts a wide array of natural beauty and scenic attractions, drawing tourists to it's waterfalls, hiking trails, mountain biking, and myriad outdoor pursuits. Quaint shops can be found from the market town of Marion, to the charming country town of Old Fort. Aside from Wilkes County, McDowell and Burke Counties offer some of the most affordable housing in the state!

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Burke County In the foothills of North Carolina's Blue Ridge Mountains sits Burke County and the attractive market town of Morganton. Linville Gorge, Fonta Flora State Trail, and a portion of the Pisgah National Forest are just a few of the attractions drawing tourists to the area. Laid-back living, smalltown life, and affordable housing, keep families and professionals here, calling Burke County "home."

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P13

ASHEVILLE RESIDENTIAL SALES SUMMARY Asheville continues to see Average and Median Sales Prices increase and Month's Supply rising 22.4%.

With such a low inventory, it's no surprise that Closed Sales have dropped more than 8.3% on Q4 2022 figures. Expect more of the same in Q1 2024, with prices continuing to rise and Days on Market continuing to increase, similar to other NC metro areas.

Asheville (Region)

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P14

In the pastoral setting of Buncombe County, Asheville's home county, the Q4 Average Sales Price for homes was up 19.2% year-on-year! On average, homes in Buncombe County are on the market for 37 days, 8.1% slower than this time last year.

While Buncombe County offers greater selection and opportunities for first-time buyers, its new developments and luxury communities have put upward pressure on home prices, outpacing Asheville.

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RALEIGH & TRIANGLE AREA RESIDENTIAL SALES SUMMARY In 2023, the Raleigh Triangle Region faced a challenging housing market, with high mortgage rates and low inventory pushing homeownership further out of reach for many. This resulted in sluggish sales of previously owned homes, contrasted by an increase in new residential home sales due to the limited availability of existing homes. Homeowners, benefiting from lower mortgage rates in the previous years, were hesitant to sell, further constraining the housing supply and contributing to rising prices.

Despite a decrease in both under-contract and closed sales, the market ended the year with a glimpse of optimism. The Federal Reserve's signals of potential interest rate cuts in 2024 may encourage both buyers and sellers to re-enter the market. However, the path towards improved affordability and a balanced market remains gradual, with analysts offering varied predictions on future home price trends.

Key observations from December, 2023 are:

Homes in Raleigh sold for 96.7% of the asking price in this very active seller's market. This marks a 1.9% increase over the previous year.

Closed Sales results are down year over year, largely due to a market slowing its pace (relatively speaking)--Average Sales Prices are now $542,916, a 6.6% increase on 2022.

December’s sales results saw housing inventory in Raleigh's market dip slightly, with just over 833 homes available for sale, a 16.6% decrease.

In December, the shortest average time to have an offer accepted on a home in Raleigh is 28 days, a 15.2% decrease.

The Raleigh market is selling homes slower in December 2023 than 2022's results.

THE TRIANGLE AREA | RALEIGH RESIDENTIAL SALES SUMMARY Raleigh’s real estate market continues to lead the state in demand and sales pace. Home values have been rising marginally, pushing the Average Sales Price of Raleigh homes to $542,916– marking another month in Raleigh with rising average home prices, slower sales monthly, and a reduced inventory of available homes for sale.

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P18

THE TRIANGLE AREA | DURHAM RESIDENTIAL SALES SUMMARY Triangle Area real estate markets remain active, with the areas of Durham and Wake County showing particular demand. That's still positive news for sellers, for now. For buyers, reduced inventory and longer days on market will add more balance to this highly competitive market.

Sellers will be happy to see Median Sales Prices increase in December by 1.6% on 2023's figures.

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THE TRIANGLE AREA RESIDENTIAL SALES SUMMARY

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3 2 20 IN W E I V RE

Here’s looking at 2023.

As 2024 gathers momentum, let's look at some of ERA Live Moore’s top moments of 2023!

We began 2023 by recognizing agents' previous year's achievement!

2023 ERA CIRCLE OF SUCCESS - LEADERS' CIRCLE AWARDEES $10,000,000 & Above

Ben Woolf

Bob Bunzey

Deepthi Nagaveerappa

Dwayne Leatherwood

Gina Compton

Lisa McRorie

Lorie Stadick

Monte Grandon

Sherri Pegg

Tami Newman

Melissa Polce

Fader RE (team)

- CIRCLE OF ACHIEVEMENT AWARDEES $6,000,000 & Above

Ali Reynolds

Carolyn Pardue

Heather Strowd

John Quinn

Cat Felicia Earl Whittington Dina Stepanova

Jacque Chelsi Mentink & Poteat

June Weitz

Jay Grimmett

Kelly Warren Kristin Trapp

Jean Bernal

Gina Creson

Spears Realty Group (team)

Jenny Greenspon

Laura Edmonds Mark Lavin

Nigel Brookes Patrick Gorman Zach Faske

- CIRCLE OF HONOR AWARDEES $3,000,000 & Above

Alexis Burgos

Cori James

Gerald Moran

Leslie Baird

Nike Thompson

Terrie Stackhouse

Amanda Greene

Dan Dooley

Grady Peterson

Leslie Gough

Pam Boyle

Tram Luong

Angela Rose

Dave McCrostie

Hailey Edwards

Lisa-Leigh Schwartz

Pamela Carter

Travis Rose

Quintonio Byers

Valeriy Solodyankin

Ray Williamson

Zach Stamey

Antonya Windham

Davone Lisa Nguyen

Heather Mento

Luda Cooper

Austin Baity

Douglas Coleman

Jeff Barkley

Mankento Tate

Ben Wood

Elizabeth Coapman

Kathleen Brady

Marie Moss

Bobby Nguyen

Elizabeth Lovo

Kebba Komma

Matthew Woodhouse Sabrina Brown

Camille Estes

Emilie Burgin Williams

Keli Smith

Michael Jennings Jr.

Sharon Andrews Sheryl Allen Teresita Rodriguez-Wright

Cenaira James

Fannie Fleming

Laura Arthur

Michele Pappas

Corey Maman

Frankie Pickens

Laurie Youngblood

Michelle Lamb

Robin Faison

CONGRATULATIONS TO OUR AWARD-WINNING BROKER | REALTORS®

ERA's 2023 Next Gen Conference

ERA Live Moore joined other ERA affiliates and leadership, sharing our collective success, and highlighting the attributes of our NC Real Estate Market.

We shared quarterly results from our major markets.

ERA LIVE MOORE

2023 RECAP

From Moxi Mondays to Masterminds and Giving Tuesday, Education and Community go hand-in-hand at ERA Live Moore. Together, we make an impact while making an income!

ERA Live Moore agents are united under the power and umbrella of one brand! We gathered in October to recognize our agents' success and achievements.

Celebrating the holidays with our ERA Live Moore colleagues. Sharing our success and fostering relationships.

Meet the newest members of ERA Live Moore’s Executive Team!

We welcomed two talented new members to ERA Live Moore in 2023. Both with over a decade of real estate experience, Flint brings a growth mindset perfect for agents wanting to take their business to the next level, while Brookelynn is set to position our relocation services as both an opportunity and a service to our agent population.

Flint Foley (VP of Growth, Charlotte Market)

Brookelynn Cardenas (VP Relocation & Business Development)

WE EMPOWER DREAMS THROUGH REAL ESTATE ℠ EMPOWER. EXCELLENCE. BELONG.

20+

years in business

5+

markets served

600+

10+

agents

offices

2,600

annual closed sales

$1B+ sales volume

RISMedia’s 2023 Power Broker Report Ranks ERA Live Moore Real Estate Among the Top 1% of Real Estate Companies in the US. RealTrends 2023 Top 500 Rankings Ranks ERA Live Moore in the nation’s top real estate brokerages: #240 by sides and #270 by volume and companies selling in excess of $1B.

Community Involvement.

From Children's Home Society of North Carolina and Make-A-Wish, to The Blood Connection drives, Toys for Tots, Habitat for Humanity, Mountain Child Advocacy, Mountain Pet Rescue, Steve’s Coats for Kids, and countless other charitable organizations, ERA Live Moore is dedicated to giving back in the communities we serve.

Awards & Recognition.

o 2024 Anywhere Leads Network Platinum Awardee o 2024 Anywhere Leads Network Gold Awardee o 2023 Anywhere Leads Network Platinum Awardee o 2022 ERA Unity Award Winner o 2022 ERA Marketing Excellence Award Winner o #1 ERA Real Estate Company in the Carolinas o #3 ERA Real Estate Company Nationwide

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