What’s Happening in Charlotte Real Estate?

Here’s what you need to know about the Great Charlotte real estate market.

What’s going on in the Great Charlotte real estate market? Today we want to answer that question and explain what it means for you. 

We are still in a strong seller’s market. Inventory is down 38.2% year over year, and while that may seem like a big number, it’s lower than it was last month. Meanwhile, the number of new listings is up around 6% from last year; homes just sell more quickly now. In total, there are about 4,000 homes for sale, while last month, that number was 3,400. You can see inventory is creeping up, just at a slow pace.  

The average sales price is up 16.9% year over year. So a $325,000 home in 2020 would now be worth about $381,000. That’s a huge increase and one reason why everyone should consider Charlotte real estate as part of their investment portfolio. 

Right now, homes are selling for an average of 109% of the asking price. At this time last year, you could reasonably buy a home for 98% of the asking price; however, deals like that are becoming increasingly rare. The current average days on market is around 19. Last year, this number was 40, so in general, homes are selling much faster. 

 "Everyone should consider Charlotte real estate as part of their investment portfolio."

As for total supply, we have about three weeks of inventory in the Greater Charlotte area. Last year, this number was six weeks. For those of you unfamiliar with real estate statistics, a balanced market should have around six months of inventory. This goes to show how strong our seller’s market is.

What does this mean for you? Now is a great time to sell your home. If you price correctly and work with an expert team, you will get a fantastic deal. If you’re looking to buy, you should work with experienced agents to help you navigate this difficult market. 

Hopefully you found this market update helpful. If you have any questions, please call or email us. We are always willing to help!