Charlotte’s thriving regional real estate market continued to chug along in July 2016. Overall, most sales prices rose, homes sold more quickly and overall inventory shrank as compared to July 2015.
For sellers, this is all good news. Regionally, the median home price rose 8.5 percent to $217,000. Average sales prices jumped, too, climbing 6.5 percent to $269,426. Sellers throughout the region also continued to receive offers close to their asking prices. Regionally, sellers earned 96.7 percent of their original asking prices, a 1.4 percent increase over last year.
Homes in the city of Charlotte experienced similar but even more robust gains. Median home prices strengthened a vibrant 14.1 percent to $215,000. Average sales prices increased 10.6 percent to $284,909. Those sales prices represent 97.7 percent of initial asking price.
On the flip side, Uptown Charlotte home prices fell in July. Here, median home prices plummeted 17.1 percent to $245,000, and average sales prices dropped more modestly at 4.5 percent to $302,041. In spite of these decreases, sellers still saw a 1.0 percent gain in purchase price, netting 96.3 percent of the initial list price.
Uptown Charlotte also bucked another regional and city trend in July 2016. While the number of pending sales rose in the region by 20.4 percent and in the city by 18.5 percent, Uptown’s pending sales fell by 28.6 percent. They made up for it in the number o closed sales though. In Uptown, closed sales skyrocketed 28.6 percent.
Still, the City of Charlotte and Uptown followed most regional trends. Homes here sold quickly in all neighborhoods. Regionally, homes were on the market for only 48 days. In the City of Charlotte, the selling pace was even quicker, with homes selling within 31 days of listing. Uptown Charlotte homes lasted slightly longer at 39 days on the market. For the city and Uptown, that selling pace is 27 percent more rapid than in July of last year.
With just 3.1 months of inventory of homes for sale in the region, Charlotte is firmly in a seller’s market. At the current selling pace, there is only enough home inventory to last 2.0 months in Charlotte’s city limits. That’s a 33.3 percent drop from city home inventory in July 2015. While Uptown Charlotte inventory experienced a similar 34 percent drop, its market can last for a slightly longer 2.8 months.