Charlotte Real Estate: Cooling, But Still Hot
Everyone knew the red-hot seller’s market in Charlotte we’ve been reporting on for years couldn’t go on forever. It was so lopsided, sellers were routinely offered up to 25% over asking price, and the standing joke was that offers would flood in as soon as a “For Sale” sign went up. But while it’s true the real estate market has balanced out a bit, pricing and inventory are still headaches for home buyers.
Tiffany Johannes, president of Canopy Realtor Association in Charlotte, put it this way: “We’re not seeing what we saw last year and the year before. But this year, we’re seeing more of a normalized market out there.”
In fact, while inventory has notched up somewhat, it’s still low, and builders haven’t been able to meet rising demand. With the supply of homes still limited, price continues to rise, though not at the dizzying levels we saw at the peak of the seller’s market. Mortgage rates continue to ratchet higher, and are now approaching 7%.
As of July 31, 2023, the inventory of homes for sale plummeted from 7,152 units from last July to 5,005. That’s a decrease of 2,147 homes, or 30%. The median sales price inched upward by 1.9%, or $7,250, from $385,000 last year to the current price of $392,250. The number of days that listings remained on the market until sale increased from 15 in July, 2022 to 29 days, an increase of 14 days, or 93.3%.
However, the Charlotte area continues to attract newcomers. As Tiffany Johannes observed, “We are in the top eight markets in the country right now, if you look at where people are moving and where they want to be.” The good news is that there are ways to snag the home of your dreams despite the obstacles. Your buyer’s agent can advise you on how to find affordable financing, as well as taking advantage of their knowledge of the areas surrounding Charlotte where good deals and more options can be found.