Mooresville Real Estate Market Update April 2024

Mooresville Real Estate Market Trends for April 2024

The Mooresville real estate market has demonstrated dynamic changes from April 2023 to April 2024, with significant shifts in key metrics that are shaping the housing landscape in this bustling North Carolina town. Let’s explore the latest trends and data that are defining the Mooresville real estate market.

Mooresville Real Estate Key Metrics for April 2024

New Listings in Mooresville: The market saw a notable increase of 21.9% in new listings, with 195 homes entering the market compared to 160 in April 2023. This surge in inventory provides more options for buyers and indicates a healthy supply side of the market.
Pending Sales in Mooresville: Pending sales experienced a robust growth of 21.4%, rising from 131 in April 2023 to 159 in April 2024. This indicates strong buyer activity and sustained demand in the Mooresville real estate market.
Closed Sales in Mooresville: Conversely, closed sales declined by 16.9%, with 108 homes sold compared to 130 in April 2023. This drop could be due to longer transaction processes or other market dynamics affecting sales finalization.
Median Sales Price in Mooresville: The median sales price increased significantly by 17.6%, reaching $515,550 from $438,500 last year. This rise reflects increasing property values and a competitive market.
Average Sales Price in Mooresville : The average sales price also saw an 11.1% increase, climbing from $670,825 to $745,550. This indicates a trend towards higher-priced homes being sold in Mooresville.
Percent of Original List Price Received in Mooresville: Sellers received 96.3% of their original listing price on average, a slight decrease from 96.6% in April 2023. Despite this minor drop, the market remains strong with homes selling close to their listed prices.
List to Close in Mooresville: The time from listing to closing shortened by 11.7%, taking 91 days on average compared to 103 days last year. This decrease suggests a more efficient transaction process.
Days on Market Until Sale in Mooresville: Homes stayed on the market for an average of 51 days, a 21.4% increase from 42 days in April 2023. This indicates a slower pace of sales.
Cumulative Days on Market Until Sale in Mooresville: The cumulative days on market saw a substantial rise of 34.9%, going from 43 days to 58 days. This increase suggests that homes are taking longer to sell overall.
Average List Price in Mooresville: The average list price increased by 8.0%, from $786,310 to $848,937. This rise points to higher property values and possibly larger or more luxurious homes entering the market.
Inventory of Homes for Sale in Mooresville: The inventory grew significantly by 28.8%, with 264 homes available compared to 205 in April 2023. This increase in supply helps balance the market and offers more choices for buyers.
Months Supply of Inventory in Mooresville: The months supply of inventory jumped by 46.7%, from 1.5 months to 2.2 months. This metric indicates a shift towards a more balanced market, although it still slightly favors sellers.

Mooresville Real Estate Year-to-Date Trends (Through April)

New Listings in Mooresville: Up by 12.2%, with 617 new listings compared to 550 last year.
Pending Sales in Mooresville: Increased by 7.7%, reaching 530 compared to 492.
Closed Sales in Mooresville: Slightly up by 0.5%, with 434 closed sales versus 432 last year.
Median Sales Price in Mooresville: Increased by 7.3%, from $454,900 to $488,160.
Average Sales Price in Mooresville: Up by 8.5%, from $623,965 to $676,971.
Percent of Original List Price Received in Mooresville: Slightly down by 0.1%, at 95.7% compared to 95.8%.
List to Close in Mooresville: Decreased by 10.1%, taking 98 days compared to 109 days.
Days on Market Until Sale in Mooresville: Up by 8.3%, with 52 days compared to 48 days.
Cumulative Days on Market Until Sale in Mooresville: A modest rise of 9.6%, from 52 days to 57 days.
Average List Price in Mooresville: Increased by 11.8%, from $719,839 to $804,434.

Conclusion

The Mooresville real estate market in April 2024 showcases a dynamic environment with increasing new listings and pending sales, yet a decline in closed sales. The rise in both median and average sales prices reflects a competitive and appreciating market. The substantial increase in inventory and months supply indicates a more balanced market, providing more options for buyers while maintaining a slight seller’s advantage. These trends are essential for buyers, sellers, and investors to consider as they navigate the Mooresville real estate market.

Call a Mooresville Real Estate Agent at 704-670-0000 to discuss Listing your Home For Sale for 1%