Market update: Cabarrus County
Cabarrus County home sales declined in September falling 31.2 percent year-over-year as 295 homes sold versus 429 in September 2021. Contract activity is also down, falling 33.7 percent year-over-year as buyers drove 250 homes under contract during the month compared to 377 in the fall of 2021. New listing activity was also depressed and dropped 26.9 percent year-over-year as 299 homes were added to the market compared to 409 added last September. Inventory increased 69.5 percent at report time and showed 466 homes for sale and 1.5 months of supply. Last year there was less than a month of supply – trending at 24 days. Prices increased. Both the median sales price ($370,000) and the average sales price ($402,000) increased 10.4 percent and 12.7 percent year-over-year respectively while the average list price increased 17.3 percent to $394,778. This brought the original list price-to-sales price ratio down to 96 percent, compared to 101.4 percent of asking prices that sellers experienced last year. Days on market have increased 50 percent and show homes on market averaging 21 days in September compared to 14 days this time last year.