Published April 18, 2022
What’s Going on in Charlotte’s Market?
Your real estate market update for the Greater Charlotte area.
What’s happening in the Greater Charlotte area real estate market? We get this question a lot from homeowners and prospective buyers. Should sellers wait for their home values to increase? Should buyers hold out for a market correction? The answer depends on your specific situation, but we wanted to break down this month's numbers to give you an idea of what’s happening in the market as a whole. Is it a buyer’s or seller’s market? We can find out by looking at the inventory of homes. That’s how long it would take to run out of houses if no new ones came on the market. A balanced market has six months of inventory. Anything over that is a buyer’s market, and anything under six months is a seller’s market. In the Greater Charlotte area, we currently have a very strong seller’s market with an inventory of just 1.1 months. That’s the lowest inventory we’ve ever had. There are just over 5,000 homes for sale in our area. For reference, in August of 2020, there were over 10,000 houses for sale. Ten years ago, there were over 20,000. The current average price of a home in the Greater Charlotte area is $395,000, which is up 16.5% from last year and up 30% from March 2020.
"There’s never been a better time to list your home."
Interest rates are also up significantly. They’re at 4.72% nationally, which is the highest average since December 2018. That’ll have a significant impact on your purchasing power. If you bought a home now, your monthly payment would be 20% larger than if you had bought that same home in April 2021. However, our rates are still historically low. When I bought my first home in 1997, interest rates were 7.25%. If you’re a seller, there’s never been a better time to list your home. Multiple offers, as-is contracts, and waiving appraisals are the norm. If you list your home with a great team, it will sell quickly. If you’re a buyer, get ready to jump on the right home when it comes on the market. Get a pre-approval with a great lender and be prepared for some competition. The most important thing you can do is align yourself with a team of experts. Carolinas Dream Team has put in the time to learn what works to save time, money, and heartache. Onto our dad joke! Everyone’s talking about inflation these days. Used cars are up 20%, gas is up 50%, and bacon is up 19%. It’s outrageous and unsustainable, but that’s just our three cents. As always, if you have questions about buying, selling, or anything else related to real estate, please call or email us. We’d love to help.
