Fall’s arrival means different things to different people in the greater Charlotte area, although many hope for a quick start to another Super Bowl run by the Panthers. For some, it’s “back to school,” while for others it is an opportunity to enjoy a round of golf, go for a hike or do some fishing midst the cooler temperatures of September.
Price Gains for Two to Four-bedroom Homes
Recent sales data brings positive news for both sellers and prospective buyers. Using statistics compiled through August 31, Trulia reports that median selling prices for Charlotte-area single-family residences are up 3.0 percent compared to one year ago.
The most dramatic gains are found among two-bedroom homes, while selling prices for one-bedroom residences have actually declined. In the past year, the median price of a two-bedroom home has increased from $152,750 to $173,250. That’s an increase of 13.4 percent. At the same time, three and four-bedroom prices have increased more than six percent since last year at this time.
The story is quite different when it comes to one-bedroom residences. The median selling price of such homes has decreased 21.2 percent, from $165,000 to $130,000. As a result, first-time home buyers looking at such properties may find some value-priced homes for sale.
Further Increases Predicted
Meanwhile, Zillow remains bullish on residential real estate in the greater Charlotte area. Using a slightly different metric, Zillow says selling prices have increased 7.5 percent year-over-year. Rating the market as “very hot,” the online real estate concern predicts another 4.2 percent increase in prices during the next 12 months.
Median selling prices now exceed $115 sq-ft. As recently as March 2016, the price per sq-ft hovered around $100. Both figures demonstrate dramatic improvement since 2013, when median selling prices dipped as low as $85 sq-ft.
Mortgage Rates Still Very Attractive
The benchmark 30-year, fixed interest mortgage rate remained remarkably steady throughout the month of August. At the end of the month, the rate stood at 3.57 percent, according to bankrate.com. Furthermore, more than 85 percent of Bankrate’s panel of mortgage professionals predict that rates will remain steady in September.
Low mortgage interest rates sometimes benefit sellers, especially those marketing particularly desirable houses, because buyers sometimes devote dollars saved on interest into higher bids. At the same time, rates hovering near historic lows make higher-priced homes more affordable for excited buyers.