Charlotte Real Estate is Booming

Sales continue to climb while inventory dwindles in the Charlotte area. The Charlotte area is booming compared to last year’s sales, with housing going fast and prices rising!  With even less inventory available each month, Charlotte real estate is hot and expected to continue rising.

According to the Local Market Update for May 2019, closed sales were up 0.5 percent to 4,864 compared to this time last year.  Compared to last month’s sales at 4,221, May had a pretty substantial boost.  Closed sales were up by 1.1 percent to 18,970 year to date.

May average sales prices continue to climb, increasing 3.4 percent to 309,859 compared to this time last year’s average sales price of $299,723. Year to date, average sales prices climbed even more to 3.6 percent to $293,650.  Median sales prices are also seeing a large spike, climbing 5.7 percent to $259,900 compared to this time last year.

Pending sales are up substantially compared to last year at 17.3 percent to 5,627. They’re also up from last month’s 5,324 pending sales. Year to date, pending sales are up 6.9 percent to 23,107.

New listings have also increased with a 2.8 percent change to 6,587 listings from 6,408 listing this time last year. Year to date, new listings are up by 1.2 percent to 27,276, nearly 7,000 listings higher than last month’s listing count of 20,672.

While prices and sales rise, inventory continues to plummet in May, now down by 10.1 percent to just 9,443 homes compared to this time last year’s inventory of 10,506. Compared to April’s inventory of 8,928, May has a substantial increase in available inventory.

Here’s a look at some more localized market stats for May from across the Charlotte MLS Region:

Mecklenburg County: Closed sales were down considerably by 7.6 percent to 1,970; the median sales price was up again by 6.4 percent to $278,825; the average sales price also increased by 5.1 percent to $353,725; inventory was down slightly by 1.3 percent to 3,464 homes for sale; and months supply of inventory increased by 5.0 percent to 2.1 months.

Union County: Closed sales were up 11.5 percent to 446; the median sales price increased by 1.0% to $302,750; the average sales price increased by 2.1 percent to $361,782; inventory declined by 17.7 percent to 825 homes for sale; and months supply of inventory decreased by 20.7 percent to 2.9 months.

City of Charlotte: Closed sales were down by 9.1 percent at 1,536; the median sales price increased by 6.8 percent to $267,000; the average sales price rose 6.8 percent to $352,857; inventory decreased 1.2 percent to 2,555 homes for sale; and months supply of inventory remained the same to 1.9 months.

Uptown Charlotte: Closed sales increased by 9.4 percent at 35; the median sales price increased by 16.1 percent to $327,500; the average sales price was up by 0.7 percent at $335,027; inventory declined by 13.8 percent to 75 homes for sale; and months supply of inventory was also down to 3.8 percent to 2.5 months.