The real estate market in Charlotte is hot, and some are wondering if they can afford a mortgage. Despite the rise in home prices, experts say there are still areas where you may get a good deal, especially if you’re prepared to widen your search or do some of the maintenance yourself on your new home.
Here are some things to know if you’re looking to buy a home in Charlotte and where to go if you’re looking for a deal.
According to realtor.com, Charlotte’s real estate market is a seller’s market. This means there are more people looking to buy than there are homes available and the prices of those available homes continue to trend up. The median price of a sold home is $355,000 while the median listing price for those homes are $367,000 according to Realtor’s data. That amount breaks down to about $206 per square foot. On average, the homes in the Charlotte area sell after 43 days on the market.
Another real estate site, Zillow, has a slightly lower figure. According to their site, the typical home value of homes in Charlotte are $349,176. This marks a 25.5% increase over the past year on Zillow’s “Home Value Index.” By comparison, homes in Raleigh are selling for $402,000, $215,000 in Greensboro while homes in Wilington are selling for $326,000.
For your average potential buyer, these prices may make it difficult to find a home within budget. According to UNC Charlotte’s Childress Klein Center for Real Estate’s State of Housing report, only 4.4% of houses in the metro area that were sold went for $150,000 or less while 35% of the houses sold for less than $300,000.
Where are buyers to look for more affordable housing? There tends to be more deals available if you’re willing to get further away from the heart of the city. Belmont, Gastonia, Mint Hill or even Hickory could be more affordable options.
The most recent data available from December of last year has the average sale price in Uptown Charlotte at $421,433. That is up 33.4% from December the year prior according to the Charlotte Observer. In this same time period, the average price in Gastonia was under $300,000 at $284,351 while Kannapolis was at $268, 193.
Of Charlottes 165 neighborhoods, about 1700 homes are currently for sale according to realtor.com. The most expensive neighborhood, Myers Park has a median listed home price of $1.1M. Elizabeth came in at second with a median list price of $665,000. The most affordable neighborhood, West Sugar Creek, has a median listed home price of $290,000.
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