Lake Norman | Q4 2024
January 2025
Overall Market Report
LAKE NORMAN RIDES ULTRA-LUXURY SEGMENT TO RECORD YEAR
Community Updates
Cornelius Davidson Mooresville
West Shore
North Shore
Concord & Kannapolis
Forecast
With tighter inventory levels at the south end of the lake, 2025 looks to be shaping up
LAKE NORMAN RIDES ULTRA-LUXURY
SEGMENT TO RECORD YEAR
Luxury property sales in the Lake Norman area vaulted upward in 2024, with the area seeing multiple record sales prices in places like Cornelius and Mooresville’s The Point. Ivester Jackson I Christie’s agents led the way, brokering the top four record-setting deals closed in Cornelius and Mooresville in the $10 million range. All told, the Lake Norman area saw substantial closings in the ultra-luxury segment over $2 million in list price, a surge of 25% in 2024 vs. what was already a record-setting 2023 year total. 152 homes closed in this segment, including 21 over $4 million and three over $10 million in list price.
With Cornelius somewhat landlocked, prices have surged upward, pushing luxury activity west and up the lake in search of relative affordability.
Cornelius
Cornelius started the spree of record-setting deals in 2024’s summer season, with Ivester Jackson brokers closing both an $11 million dollar deal on Belle Isle, as well as a $9 million dollar deal, also on the Belle Isle peninsula.
The range between $1 million and $2 million was also highly active, with 75 homes closing in 2024 vs 54 in 2023, an increase of nearly 40%. Inventory in the price ranges below $3 million in list price remains tight, with roughly 30 days of inventory.
Cornelius Home Sales
Davidson
Davidson continued to enjoy a surge in luxury activity above $1 million in list price, with 99 homes closing in ’24 vs. 83 closings in ’23. The ultra-luxury segment above $2 million continued its upward trend, with 17 homes closing during the year vs. 13 in 2023. With 7 homes already pending in this range for 2025, the luxury market in Davidson is off to another strong start.
Davidson Home Sales
Mooresville
As we ' ve been predicting for several years, the landlocked nature of the south end of the lake has been causing buyers and developers to explore other areas of the lake and what luxury options are emerging there. While The Point continues to be one of the area ' s hubs of high-end activity, nearby enclaves such as Saylor's Watch and others under development have started attracting upper-end buyers. The $2 million plus range in the ultra-luxury segment saw a surge in activity from 61 closings in 2023 to 75 in 2024. This included two bellwether Ivester Jackson Christie's deals on $10 million dollar record setting sales in The Point.
Mooresville Home Sales
Denver | West Shore
Like the mid and north ends, the west side of the lake benefitted from limited inventory in the southern areas, posting 73 closings over $1 million in 2024, vs 56 closings in that segment in 2023. The fourth quarter was robust, with 20 closings vs 6 in the previous year ' s fourth quarter. The fourth quarter also saw a record-setting $4.7 million Ivester Jackson I Christie's sale in the Bay Pointe area of Denver with a fantastic new construction offering from Planishek Properties.
Denver/West Shore Home Sales
North Shore
Troutman/Sherrills Ford
$1 million dollar plus activity above the Highway 150 bridge surged throughout 2024, with 73 homes closing vs. 48 in 2023. Inventory levels in this area remain a little more balanced, with some new construction offerings helping give buyers more options than they might find at the south end, in addition to more relative affordability.
North Shore Home Sales
Concord & Kannapolis
Riding the past 18 months' increased activity, Cabarrus County is experiencing the emergence of its milliondollar luxury market. The year saw a doubling in activity over $1 million in list price, with 35 homes closing vs just 17 the year before. The area also rolled into 2025 with another 10 homes pending above $1 million, displaying major momentum if you consider that as recently as 2023 the area only saw 17 deals the entire year.
Concord & Cabarrus Home Sales
Lake Norman Market Forecast
With tighter inventory levels at the south end of the lake, 2025 looks to be shaping up as more of the same, with activity in the lower million-dollar ranges pushing west, north, and over into Davidson, while areas like Cornelius will likely continue to see record-setting resales and new construction projects. These upper segments are driven more by the equity markets and merger and acquisition segments for private business than mortgage rates, with 60% of upper-end deals being funded from cash resources. Rates appear to be settling in the 7% range for the first half of the year, which has become somewhat the " new normal." While buying activity is not quite as robust in the entry-level luxury segment, it remains above historical trendlines and figures to remain so in the first half of the year.
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