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Home prices are still on the rise

893 Craigmont Lane in Concord sold for $1,050,000

Standard & Poor’s survey of home prices in the nation’s 20 largest markets shows a 5.9 percent year-over-year gain.

Seattle, Las Vegas and San Diego reported the highest year-over-year gains, ​with ​Seattle l​eading the way with a whopping 13.2 percent year-over-year price increase, followed by Las Vegas at 8.6 percent and San Diego at 7.8 percent.

Around the Golden Crescent region of North Carolina—the motorsports region from Kannapolis and Concord to Mooresville, Davidson, Cornelius and Huntersville—one city is a standout.

The median home value in Kannapolis rose 12.7 percent during the past year.  Zillow predicts an increase of 5.3 percent going into the next year. The median list price per square foot in Kannapolis is $98, considerably lower than the Charlotte Metro average of $122.

In Cornelius where prices are higher—the median list price per square foot is $177—home values rose 4.9 percent during the past year, with Zillow forecasting a 3.6 percent increase during the next 12 months.

Back in Cabarrus, the median Concord home value rose 10.4 percent over the past year. Zillow forecasts a 4.5 percent increase during the next year. The median list price per square foot in Concord is $113.

Davidson values rose 7.3 percent; a 3.5 percent increase is forecast. In Mooresville, where Zillow says the median home value is $245,600, home values have gone up 6.2 percent and are expected to climb 3.4 percent. In Huntersville, where Zillow calculated the median home value at $274,200, values have gone up 5.1 percent. They’ll rise at the rate of 3.7 percent in the coming year.

“Home price increases appear to be unstoppable,” says David M. Blitzer, managing director at S&P Dow Jones Indices. “Most prices across the rest of the economy are barely moving compared to housing.”

Over the last year the consumer price index rose 2.2 percent, driven largely by energy costs. Aside from oil, the only sector with price increases close to housing was healthcare-related, at 4.6 percent.

In Denver

A 7,574 square foot lakefront house at 4716 Ashley Lane, off Webbs Chapel Church, has sold for $1.55 million after being listed by Jane Roddy of Allen Tate at $1.6 million. The house, which has four covered outdoor terraces, smart home technology, a theater room and an exercise room with a bathroom, was on the market for more than a year. Rose Cramer of Lake Norman Realty represented the buyers. Tax records put the value at $1.415 million.

In Cornelius

A lakefront home at 17504 Sail View Drive in The Peninsula has sold for $990,000 after being listed at $1.05 million by Dixie Dean of Allen Tate. The freshly updated home has views from the kitchen, great room, breakfast area and master bedroom, all on the main floor. The 3,300 square foot house, which was on the market eight months, has a tax value of $874,800. The buyers were represented by Terri Mayhew of Allen Tate.

In Concord

A nearly 8,000 square-foot home in Kings Crossing has sold for $1.05 million after more than a year on the market. The transaction was the most expensive in Concord in more than a year; the seller was the CEO of S&D Coffee, Ron Hinson. The home features an outdoor living area with a kitchen, pool, waterfall and outdoor fireplace as well as a basketball court and putting green. The luxury property is .8 acres with five beds and five full baths. Diane Honeycutt of Allen Tate had the listing. The buyer’s agent was Aubie Cook, of Southern Homes of the Carolinas.

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