Cornelius Real Estate May 2024
Cornelius Real Estate May 2024 Highlights
Cornelius real estate May 2024 saw average and median home sale prices improve both month-over-month and year-over-year. The sale price per square foot increased 7+% from one month and one year ago. The number of properties sold increased 25% from April and 27.66% compared with May 2023. Days on market remained unchanged at 40 days after increasing for the preceding three months. New listings increased almost 17% from one month ago to their highest level since August 2022. Inventory increased a sixth consecutive month to its highest level since March 2023. The months supply of inventory declined to 3.63 months from 4.21 months one month ago, pushing Cornelius back to home seller “territory.” Despite higher inventory and new listings, the list to sale price ratio of 99.29% provided Cornelius home buyers with a minimal window of opportunity to negotiate on sale price.
Cornelius Real Estate May 2024 Snapshot
HOME SALE PRICES UP MONTH-OVER-MONTH & YEAR-OVER-YEAR
Average home sale price in May 2024 was $929,386, up 26.7% from $733,517 in the previous month of April. Year-over-year, the average home sale price was 1.59% higher than in May 2023 when it was $914,818. The May 2024 average sale price was at its highest level compared with May 2023 and 2022.
Median home sale price in May 2024 was $655,000, UP 28.43% from $510,000 in the previous month of April. The median home sale price increased 16.52% from $562,150 in May 2023. The May 2024 median sale price was at its highest level compared with May 2023 and 2022.
Price per square foot in May 2024 was $348, up 7.74% from $323 in the most recent month of April. The price per square foot was 7.41% higher than the $324 in May one year ago.
DAYS ON MARKET FLAT AFTER INCREASING FOR THREE CONSECUTIVE MONTHS
Average days on market in May 2024 were 40 days, unchanged from the previous month of April. Year-over-year, average days on market declined 11.11% from 45 days in May 2023. Compared with May 2022, current days on market were 26 days higher.
CORNELIUS HOUSING INVENTORY UP A SIXTH CONSECUTIVE MONTH
The number of properties for sale in May 2024 was 218, up 7.92% from May 2023, which had 202 properties for sale. Inventory was 14.14% higher than the 191 properties for sale in May one year ago. Inventory was higher than the 195 properties for sale in May 2022. May 2024 saw the highest level of inventory in Cornelius since March 2023, which had 219 properties for sale.
The months supply of inventory at 3.63 months declined from 4.21 months one month ago, pushing Cornelius back into a home seller’s market despite the increase in inventory.
NEW LISTINGS INCREASE TO THEIR HIGHEST LEVEL SINCE AUGUST 2022
The number of new listings in May 2024 was 77, up 16.67% from 66 new listings in the previous month of April. Compared with May 2023, new listings were 28.33% higher when new listings stood at 60 properties. May 2024 listings were lower compared with May 2022, which had 100 new listings.
SALES UP MONTH-OVER-MONTH & YEAR-OVER-YEAR
Sales improved 25% in May 2024 to 60 from 48 in the previous month of April. May 2024 sales improved 27.66% from 47 in May 2023. Sales declined from 74 in May 2022. May 2024 sales were at their highest level since September 2022.
LIST TO SALE RATIO DOWN SLIGHTLY
The selling price of 99.29% of list price increased 0.47% from 98.82% in April. The list to sale price ratio increased 1.84% from May one year ago. Cornelius home buyers saw a very small window of opportunity to negotiate on price in May.
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DID YOU KNOW…
Cornelius has been rated the 7th best suburb in the Charlotte metro area?
Cornelius has been rated the 13th with the best public schools in the Charlotte metro area?
Cornelius has been rated the 7th best suburb to raise a family in the Charlotte metro area?
Cornelius has been rated the 7th best suburb for young professionals in the Charlotte mtro area?
(rankings provided by niche.com)
CORNELIUS: A CHARMING RETREAT IN GREATER CHARLOTTE
Situated along the picturesque shores of Lake Norman, Cornelius, North Carolina, offers a serene and vibrant lifestyle that has captured the hearts of residents and visitors alike. Offering a perfect blend of natural beauty, recreational opportunities, and a thriving community spirit, people are drawn to this charming town less than 30 minutes from Charlotte. Cornelius has the perfect combination of natural beauty, small-town charm, and urban convenience. With its stunning lake views, strong sense of community, excellent schools, and thriving real estate market, it’s no wonder why people from all walks of life are choosing to call Cornelius home
A primary draw of Cornelius is its proximity to Lake Norman, the largest man-made lake in North Carolina. With over 520 miles of shoreline, the lake provides endless opportunities for outdoor recreation, including boating, fishing, water sports, and lakeside picnics. Cornelius residents enjoy easy access to marinas, boat launches, and waterfront parks, allowing them to fully embrace the lake lifestyle year-round.
Despite its tranquil ambiance, Cornelius is just a short drive away from the vibrant city of Charlotte, offering the best of both worlds. Residents can enjoy the peace and quiet of small-town living while still having access to all the amenities and cultural attractions of a major metropolitan area.
For families considering a move to Cornelius, the town boasts top-rated schools and a safe, family-friendly environment. With a variety of parks, playgrounds, and recreational facilities, there’s no shortage of activities to keep children entertained and engaged. Additionally, the low crime rate and well-maintained neighborhoods provide parents with peace of mind.
Contact Nina Hollander with Coldwell Banker Realty if you’d like more information about buying or selling a home in Cornelius (or in any Greater Charlotte neighborhood, for that matter). I’ve been opening doors for Cornelius home buyers and sellers since 1999.
WONDERING WHAT YOUR CORNELIUS HOME IS WORTH?
FREE Home Seller Guide: “Things To Consider When Selling Your House”
If you’re considering selling or purchasing a home in Cornelius, I’d love an opportunity to earn your business, to exceed your expectations, and to show you why experience matters and how:
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PREVIOUS CORNELIUS REAL ESTATE REPORTS
Cornelius Real Estate Report April 2024
Cornelius Real Estate Report March 2024
