The Real Estate Times Are A-Changing
Though the Charlotte real estate market is still tilting toward sellers, we’re seeing unmistakable signs of a return to balance. It’s true that home prices continue to rise, but that’s a testament to the strength of the overall economy, continued demand for housing, and the lingering effects of the long-lasting seller’s market.
However, buyers are finally seeing welcome signs of market correction, including seller concessions and increasing inventory. The days of one-sided buyer concessions, multiple offers, and offers far above the asking price are over. Also gone are the almost overnight sales of homes. And while the Charlotte housing market is cooling like the rest of the country, we’re one of the hottest markets, thanks to our modest cost of living, desirable climate, and a jobs-creating local economy.
Also, after last year’s increases in mortgage rates, buyers are now seeing drops in the cost of borrowing. The Charlotte area’s reputation for reliable growth in home values and the economic incentives of home ownership suggest the demand for Charlotte homes will continue.
And it’s not even spring yet.
The latest market figures confirm we’re in a state of transition. The median sales price in the greater Charlotte metro area grew from $349,700 in January, 2022 to the current level of $375,000, an increase of $25,300, or 7.2%,. Most surprising is the dramatic increase in the number of days on market until sale. Last year, homes closed only 23 days from their listing date. This figure has grown by 100%, or 23 days, to a total of 46 days. Another sign of a housing market slow down can be seen in the upturn in inventory, which soared from 3,702 in January, 2022, an increase of 2,066 homes, or 55.8%, compared to last year, to a total of 5,768 units.