Competition for Charlotte, Matthews, & Huntersville Homes Heats Up: August 2017

Back-to-school time for many home buyers and sellers used to indicate a cooling down of the Charlotte real estate market weeks before the summer temperatures began to cool down. This was due to parents who didn’t want to uproot their children during the school year. But competition remains fierce for the limited number of Charlotte area homes on the market, so with no respite in sight, prices have continued to move higher.​

Prices of Charlotte homes continue to rise.

Charlotte home prices continue to rise.

Median sales prices for Charlotte homes were up 5.0% to $230,000 from $219,000 last year. While the number of new listings are up slightly, available inventory continues to plummet. ​As of August 31, 2017, the inventory of homes for sale tumbled once again by 2,324 units, a drop of 18.6%, to a new low of 10,153. This leaves only a 2.6 months supply of homes for sale, representing a decrease of 23.5% from last August. These factors helped nudge the percent of original list price received up by another .4% to 97%. Keep in mind that 97% is the average, notwithstanding instances where the sellers have been offered more than their asking price.

The prevailing trend is expected to continue well into the school months as households with children get them settled into their classes. No other major changes in the economy have affected housing, so both national and regional economic trends portend a continued increase in real estate prices. And the stability of the factors that most directly affect home sales; wage growth, unemployment, and mortgage loan rates,​ suggest these robust trends may be around for quite some time. ​​Help may be on the way in 2018, though. The ongoing low inventory situation may be relieved somewhat due to recent manufacturing data showing increased demand for housing construction materials and supplies. For a breakdown of the sales prices for Charlotte homes by market area, see the reports for Charlotte NC homes, Matthews NC homes, and Huntersville NC homes.

About jptuggle

My name is Julie Tuggle, broker/owner of Carolina Buyer’s Agent in Charlotte, NC. After four years working for a traditional broker, I saw the need for a firm that would represent buyers best interests only on any home for sale in the Charlotte area, including For-Sale-By-Owner homes, so I opened Carolina Buyer’s Agent in 1998. Carolina Buyer’s Agent specializes in buyer representation only, giving buyers the negotiating advantage throughout the home purchase process. We’re one of the only real estate firms in the Charlotte area that doesn’t take listings or represent sellers, so you’ll never have to worry about the risk of “dual or designated agency” – the conflict of interest that exists when your agent’s company is also representing the best interests of the seller on the home you want to buy.

Visit our web site, , for more information about working with an exclusive buyer agent when you’re ready to start thinking about purchasing a home. From there, you can search for MLS-listed homes and for-sale-by-owner homes, too. We’ll also explain the legal difference between a dual agent and an exclusive buyer’s agent so you can make the right decision on one of the most important investments you’ll ever own. Search for Charlotte real estate including for-sale-by-owner homes, and find Charlotte school and community information at . I’m a non-smoker and my hobbies are tennis, gardening and of course, investing in real estate!