Market trends for Mooresville, NC vary depending on location. You’ll find more expensive homes west of I-77, which is the area along the shores of Lake Norman. The market trends show an increase of 1 percent in median home sales for the entire area for 2016, and the average price per square foot rose from $118 to $125 during the same period.
Market Inventory
The inventory available dictates the rise and fall of prices. If the area has less real estate inventory, homes will sell for more, and they’ll sell more quickly. This is known as a seller’s market. If the market is saturated with inventory, prices will be lower and it may take longer to sell your property. This is known as a buyer’s market.
To find out what the market is like, divide the number of sold homes in the past month by the number of active listings. Currently, Mooresville has about 620 active single family listings on the MLS. In May 2017, 146 transactions were closed. That means that there is about 4.25 months of inventory available, not including new construction. When you add new construction, the MLS shows 863 single family listings, giving you 5.9 months of inventory. If you don’t count new inventory, you are definitely in a seller’s market. However, if you add new inventory, the market is teetering toward being a buyer’s market.
Pricing
When the market trend favors sellers because of the shortage of inventory, people are able to command and receive more for their homes. When following the market, if you see a lower inventory, you can be assured that prices are going up if they haven’t gone up already. This depends on how close to the start of the switch to a seller’s market you are looking. It may take a few months for pricing to catch up to the market trends if the market is swinging to a seller’s market.
The opposite is true when the market becomes saturated. If more people put their homes on the market, thus increasing inventory, prices will eventually – and sooner rather than later – drop, due to the competition in the market.
Current Statistics
Currently, according to Realtor.com, the median price of a home in Mooresville, NC is $352,000 and for new construction, about $114 per square foot. The median closing price is much smaller at $262,000. This could mean several things including a combination of more of the lower-priced homes selling or that buyers are not paying the list price for the property.
The are has some of the best schools, which could create an influx of people. Furthermore, Mooresville is growing. Furthermore, several companies are moving into the area and many already call the town home, including:
- More than 60 NASCAR teams;
- More than 100 race-related suppliers;
- One INDY car team;
- Lakeside Park;
- Two wind tunnels;
- Two automotive museums;
- Ingersoll-Rand Company;
- BestCo, Inc.;
- NGK Ceramics USA Inc.; and
- Penske Racing, Inc.
Additionally, several industrial parks are located east of I-77, ensuring that there are plenty of jobs for residents of Mooresville.
Contact On Point Carolinas Realty
If you are living in Mooresville, and you are considering selling your home, now is the time to take advantage of the market – you’ll get a higher price for your home and it will sell quicker. And, if you are interested in moving to the area, you’ll find that Mooresville has plenty of job opportunities. And, it’s only about 20 miles from Charlotte, where there are more opportunities. Contact our office to set up an appointment to list your home or to get a list of current homes for sale.
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