Charlotte makes Realtor.com’s Top Ten Markets
The growing demand for Charlotte homes has secured the greater Charlotte area in the third spot in Realtor.com’s forecast for the top 10 housing markets in the country. The report notes that the most desirable markets tend to be tech hubs and state capitals, and Charlotte has an abundance of tech and banking companies, with more planning on moving in or expanding operations here. Of course, the health of both the region’s and nation’s economies plus continued low mortgage rates certainly factor in. Realtor.com forecasts that home prices in their top 10 markets are should increase by 6.9%, and that sales activity will grow by13.1%.
Our local market figures certainly back up these predictions. As of April 30, 2021, the inventory of homes for sale in the greater Charlotte region plummeted by 6,081 units to a new low of only 3,018. That’s a 66.8% loss for home buyers, in an extended period that’s seen nothing but relentless reductions in inventory. Another indicator of just how hot the market is can be seen in the number of days on the market until sale, which now stands at 20, a drop of 48.7% from last April. Home prices reflect these long-standing trends in decreasing inventory and rising demand. The median sales price rose by $40,000 to $315,000, reflecting a 14.5% increase. And once again, we’re seeing a month where bargaining seems to be a thing of the past, with sellers receiving 101% of their asking price, a hike of 3.4% from the same period in 2020.
So it’s a safe bet that the upward march in home prices and the downward drift in inventory aren’t going away. Charlotte remains a sought-after relocation destination, and with the area’s high quality of living and moderate climate, we anticipate that the trends we’ve been seeing will continue.
Will The Housing Market Crash in 2021?
That’s the key question. Worry-warts say this pace cannot continue, and predict an inevitable, noisy crash. But the analysts in the Fannie Mae Economic and Strategic Research Group don’t see it that way. While their analysis predicts a cooling down, it also upholds expectations that the real estate market will continue to prop up a recovering economy. As previously noted, interest rates show every sign of holding steady, and demand isn’t about to go away any time soon.