Your July Market Report

“The drop in mortgage rates over the last two months is already being felt in

the housing market…In the near term, we expect the housing market to

continue to improve from both a sales and price perspective.”

Sam Khater

Chief Economist at Freddie Mac

Several sources like NAR, Mortgage Bankers Assoc., Freddie Mac, Fannie Mae and others see home prices continuing to appreciate, which is great news for the strength of the market. The increase is steepest throughout the rest of 2019, and prices should continue to rise as we move through 2020 and beyond.

Let's look closely at activity in a few of the communities in Mooresville and Cornelius.

According to online research, The median home value in Cornelius North Carolina is $298,900. This represents an increase of 3.9% over the past year.  Online predictions depict a rise of 1.7% within the next year. The average  price  per square foot of homes current listed  in Cornelius is $182  which ion average is higher than the Charlotte Metro average of around $135. The average list  price of homes currently for sale in Cornelius is $380,000.  If you are in the market to rent before buying, the average  rent price in Cornelius is between $1500 and $1,600.

The average home value in Mooresville is $271000. This represents an increase of 2.4% over the past year and experts predict they will rise 0.4% within the next year. The average price  per square foot in Mooresville for homes currently for sale is $140.  The average list  price of homes currently for sale  in Mooresville is $345,000.  The average price of homes that sold this year in Mooresville is $272,700.  Renatal rates average around $1600 unless the home is waterfront of has water access which would represent a much higher rate.   Keep in mind that Mooresville is actually broken up a dividing line which is I77.   The east side of Mooresville which is zip code 28115 has lower priced homes as they are not considered Lake Norman.  The other side of I77 has much higher priced as homes on average as they have waterfront estates that drive up the median price.

Additional questions, please let me know.  As a Lake Norman resident for many years, I feel I can answer your questions!