How is the Housing Market in Charlotte, NC?

How is the Housing Market in Charlotte, NC?

  • Andy Bovender
  • 09/22/22

Compared to last year’s market trends, Charlotte real estate continues to be a seller’s market, meaning that houses tend to sell faster and for higher prices than they normally would in a neutral or buyer’s market. A seller’s market is highly competitive because there aren’t enough properties to satisfy buyer demand, unlike a buyer’s market, where a surplus of properties often brings prices down. A seller’s market results in buyers racing to outbid one another for a chance to purchase property in a highly desirable region like the Charlotte metropolitan area.
If you’re looking to buy or sell property, it’s helpful for both buyers and sellers to understand how the Charlotte housing market fares according to the latest reports. Here is a full analysis of the most recent trends for Charlotte real estate and what makes it such a profitable market.

Median sold price

The median sold price is the average value homes have sold for during a specific time period, typically reported on a monthly or annual basis. Monthly reports are the most helpful considering how quickly the market can change at any given moment, but annual reports can help you predict a general trend for the upcoming year.
In Charlotte, the median sold price for homes has increased by 16.7% over the past year, according to a July 2022 report. This increase means the property has sold for about $55,000 more on average in comparison to the median sold price in July 2021.
The asking price versus sold price, however, remains divided. In the past month, 417 homes were sold for below the asking price, while 402 homes were sold for above the asking price. Only 184 homes were sold for the listed value. The sold price will ultimately depend on a variety of factors, such as the location, the condition of the property, and how other listings in the area compare.

Number of homes for sale

In July of 2021, there were over 6,000 homes listed for sale, but that number decreased by 6% in July of this year. Three-bedroom homes have sold the most units, while homes with four bedrooms continue to open up on the market. Since Charlotte is one of the best cities for young professionals and white-collar job seekers, this trend suggests that primarily younger people and couples are actively searching for Charlotte real estate for sale.
It’s important to keep in mind that although the number of homes for sale has increased, it’s still not enough to satisfy buyer demand. The housing market doesn’t have enough properties to accommodate Charlotte's rapidly growing population, with an inventory of fewer than two months, leading to an increasingly competitive market.

Average sale time

The growing population and increased buyer demand have led to Charlotte having one of the fastest-selling housing markets. In August of this year, homes only spent about 14 days on the market until being sold. This trend further demonstrates Charlotte’s rapidly growing population, with thousands of new residents moving to the city every year.
If you’re in the market to sell property, Charlotte is currently one of the best markets for a speedy sale. If you’re looking to buy, you’ll want to act quickly. The availability of property is already low, and the faster properties sell, the more competitive the market becomes. There aren’t enough new listings being posted to keep up.
The average sale time is affected by a variety of factors, such as the time spent negotiating, how long it takes to secure a loan, and the real estate agents involved in a transaction. Good real estate agents will help both sellers and buyers fulfill their needs faster and more effectively. They know how to market and negotiate, making them an incredible asset for sellers and buyers alike.

Selling season

The selling season dictates when it’s the best time to sell or buy a property and can vary depending on what you’re looking for. In general, late spring and early summer is the best time for sellers to market their property at higher values, creating a bigger, yet competitive, housing selection for buyers.
If buyers are interested in the best value over a broader selection, the fall and winter are typically the best seasons for lower prices. The downside is that there isn’t much inventory to browse, leaving your options limited. People who sell during these seasons normally do so because they don’t have much of a choice, and just want to sell their property as soon as they can.
Overall, spring and summer are the best seasons for the North Carolina housing market, regardless if you’re a seller or buyer. A wider selection is always better, especially in cities like Charlotte where availability is already running low.

Other resources

The Carolina Regional Association of Realtors provides monthly market reports on over 40 areas, including the Charlotte metropolitan area. These reports offer specific data on recent housing trends, and can easily be compared with older reports.
You’ll also want to consider hiring an experienced real estate agent regardless if you’re planning to sell or buy property. Real estate agents have a wide berth of knowledge and experience, know how to market and negotiate the best deals, and offer other invaluable pieces of advice to guarantee success. Whether you want to sell or buy, a real estate agent makes an invaluable addition to your team.
Consider reaching out to the Andy Bovender Team, a group of talented, experienced real estate agents voted as the number one team in the Charlotte region. They have over 20 years of combined experience and have served over 4,500 families in the area. With 21 experienced professionals in the team, you will no doubt find the perfect agent who will help you achieve success. Connect with the Andy Bovender Team today!

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