Is Kannapolis, NC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Kannapolis has remained a Seller's Market.
Key Takeaway
Kannapolis is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Kannapolis, NC
How much do homes in Kannapolis, NC cost?
Median Sold Price
$297,679
$200/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Kannapolis have sold for 4.3% more than they did a year ago.
Summary: The median home sold price in Kannapolis was $297,679 in May 2024, up 4.3% from last year, and the median price per square foot was $200.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $100K | $155K | +55.0% |
| 2 Bedrooms | $192K | $215K | +12.0% |
| 3 Bedrooms | $292.2K | $300K | +2.7% |
| 4 Bedrooms | $399.5K | $395.5K | -1.0% |
| 5+ Bedrooms | $536.2K | $531.4K | -0.9% |
Summary: Kannapolis housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 55%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 1%, and 5+ bedroom homes decreased by 0.9%.
Median Sold Price Compared To Nearby Cities
| Atwell Township | $300K | $340K | +13.3% |
| Landis | $275.1K | $298.9K | +8.6% |
| Concord | $353.5K | $376.4K | +6.5% |
| Kannapolis | $285.3K | $297.6K | +4.3% |
| China Grove Township | $274.9K | $280.3K | +2.0% |
Housing Supply in Kannapolis, NC
How many homes are available in Kannapolis, NC?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 324 | 334 | +3.1% |
Summary: The Kannapolis real estate market had 334 homes for sale in May 2024, a 3.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 5 | 0.0% |
| 2 Bedrooms | 67 | 57 | -14.9% |
| 3 Bedrooms | 173 | 166 | -4.0% |
| 4 Bedrooms | 61 | 80 | +31.1% |
| 5+ Bedrooms | 18 | 26 | +44.4% |
Summary: The Kannapolis housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 14.9%, 3 bedroom homes decreased by 4%, 4 bedroom homes increased by 31.1%, and 5+ bedroom homes increased by 44.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 85 | 99 | +16.5% |
Asking Price vs. Sold Price
49 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Kannapolis, you may be able to get a good deal. 49.5% of homes here sold below asking price last month.
Summary: A total of 99 homes were sold or pending in Kannapolis in May 2024, up by 16.5% month-over-month. Of the 99 sold homes, 49% were sold under asking, 27% were sold at asking, and 23% were sold over asking.
Days on Market for Kannapolis, NC
How long does it take to sell a home in Kannapolis, NC?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 29 Days | -11.4% |
Summary: Homes in Kannapolis had an average of 29 days on market in May 2024, down by 11.4% compared to last year.
Breakdown of Home Sale Times
70 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Kannapolis are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 99 homes were sold in Kannapolis; 71% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.
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Copyright © 2024 Triad Multiple Listing Service, Inc. All rights reserved. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed. This site will be monitored for ‘scraping’ and any use of search facilities of data on the site other than by potential buyers/sellers is prohibited. All Sale data is for informational purposes only and is not an indication of a market analysis or appraisal. Properties marked with the Triad MLS, Inc. icon are provided courtesy of the Triad MLS, Inc.’s, Internet Data Exchange Database.