7 unique and very different towns share the shoreline neighborhoods of Lake Norman. Some, like Davidson and Huntersville, only have a tiny portion of the lake while others, most notably Mooresville, enjoy a huge percentage of the waterfront homes and land. The one thing they all have in common is that their waterfront homes and neighborhoods closest to Lake Norman make up only a portion of their overall housing. In many cases they span pretty far out into the farmlands and/or towards Charlotte.
While I focus almost exclusively on the Lake Norman real estate market on this blog, I thought it might be interesting to take a look at the sales of the single family homes for the past 6 months for each of the 7 towns in their entirety:
*All data is from the Charlotte Regional MLS
**(I didn’t include Statesville since so little of its town is on the lake and the town itself is pretty far from it as well).
If you are new to the Lake Norman area or are possibly doing research about a future move here, this chart not only supplies you with some valuable home sales data but it also gives you an idea of the size of the 7 towns and how their current real estate markets are faring compared to each other.
Mooresville not only has the largest portion of waterfront homes on Lake Norman, but it also has more than twice as many homes for sale as any other town. Since the town of Mooresville spreads far east past I-77 much of their housing inventory would be not be considered Lake Norman at all but rather suburban neighborhoods and communities. With 5.9 months of supply of active listings, for the past 6 months Mooresville overall has enjoyed a balanced to border-line sellers’ market.
Cornelius has some of the highest priced waterfront neighborhoods on Lake Norman and as you can see above doesn’t have nearly as many homes for sale. They also have some, but not a lot, of suburban neighborhoods east of I-77. Overall Cornelius has experienced a very strong 2014. It has the highest price-per-square-foot (because of their proportion of luxury waterfront communities), highest average sales price and has definitely been in a seller’s market with only 3.69 months of inventory.
Huntersville, which has very little waterfront land and expands far east to Concord and south to Charlotte, is truly the hottest town in the Lake Norman area. With only 2.88 months of supply and a listing to sales price of 98% it lands on top for all 7 towns. This is where I have experienced buyers in multiple offers and an extreme shortage of active listings.
Davidson is such a unique and wonderful college town it is hard to compare it to the other 6 lake towns but it does have a small section of waterfront properties on Lake Norman and Davidson Lake. They have a wonderful but small selection of historic homes around Davidson College as well as larger subdivisions like River Run on the east side of town. With 5.29 months of inventory and 97% sales price to listing price they are also experiencing a good real estate market in 2014.
Denver’s housing recovery has come a little bit slower than the towns above which are all on the east side of Lake Norman. That said, they are in a balanced housing market and on average their single family homes are selling at 98% of the listing price.
Sherrills Ford and Troutman, both north of Hwy 150, have been the last areas to pick up after the recession. As you can see, Sherrills Ford is still in a Buyers’ market with 12.4 months of inventory of active listings. They also have the longest average days on market at 117. Troutman is a bit ahead of Sherrills Ford but it has more farmland and lower-priced subdivisions away from the lake and is on the east side so off I-77 as well.
Overall, it is interesting to see how strong the more modestly priced suburban homes away from the waterfront communities are doing, especially in Huntersville. If you look at my most recent Lake Norman Sales Analysis, you will see that Lake Norman had a 7.6 months supply of listings in August with an average days on the market of 84 and a substantially higher average sale price of $563,539.