Here are some things to know if youâ€re looking to buy a home in Charlotte and where to go if youâ€re looking for a deal.

According to realtor.com, Charlotteâ€s real estate market is a sellerâ€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 Realtorâ€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 Zillowâ€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 Charlotteâ€s Childress Klein Center for Real Estateâ€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 youâ€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.

The post Charlotte metro area home prices are rising, deals can still be found appeared first on Charlotte Real Estate.

Closing on a home these days is tough, but how tough is it?

The combination of lower interest rates, shrinking inventory and the continued increase in construction costs has squeezed the housing supply. This has resulted in homes being bought up faster and for much more money.

There has also been a pent-up demand for many buyers after spending more than a year inside due to the pandemic while many millennials have entered the market to explore first-time home ownership.

“Itâ€s truly a sellerâ€s market, but the market right now has never been higher,” said James McDuffie, community lending manager for U.S. Bankâ€s Mid-Atlantic region. “Iâ€ve been in the business for quite a number of years now. Iâ€ve seen ups and downs, but right now is definitely a plateau that the market has hit that I donâ€t think weâ€ve ever seen before.”

The biggest hurdle for most buyers in the market is price. Itâ€s hard to pay attention to any other factors when the price of homes in many areas have skyrocketed. The median home sale price in the Charlotte metro area hovered around $260,000 throughout 2019. Those prices rose steadily throughout 2020 and continued to rise into 2021. The median sales price has now surpassed $300,000. Most sellers are getting well above their asking price.

Another obstacle for potential homebuyers is the inventory. With fewer house on the market, there is bigger competition among those buyers to snatch whatâ€s out there. Throughout the pandemic, supply has dwindled steadily. In the Charlotte metro area, there were less than 3,000 homes available for sale in June, a decrease of 45% from just a year ago and an almost 70% decrease from June 2019. It is possible that inventory will bounce back however when considering the recent low of 2,141 available homes in March of this year.

With fewer houses available, the time spent on the market has also shrunk. In June, the average time it took a home to sell was just 12 days. That is three times as fast compared to June of last year.

A good way to measure an areaâ€s housing market is to consider an areaâ€s monthâ€s supply of inventory. Itâ€s to measure how fast available homes would sell on the market at the current pace. In the Charlotte area, the number of available homes dipped below one monthâ€s supply for the first time in November of last year. In June, the supply was just 18 days.

A market is considered balanced when there is around six months†worth of supply.

The post Charlotte Seeing a Red-Hot Market appeared first on Charlotte Real Estate.

“We submitted an offer and within a day they had come to another determination,” Broyles said, “we got outbid.”

They arenâ€t alone. The housing market in Charlotte is hot right now. Many people are finding themselves in bidding wars to lock down the properties they like then outbid with an amount well over selling price by those cash bidders or buyers willing to buy site unseen.

Saying itâ€s a sellerâ€s market is an understatement. Realtors say Charlotteâ€s housing market is unlike anything theyâ€ve ever seen. Prices are skyrocketing, inventory is low, and demand is only growing.

According to Mecklenburg County officials, 99.2% of sellers are getting their asking price or more within 23 days of being on the market.

“Weâ€ve seen large increases in our housing market throughout the year,” Michael Simmons, the countyâ€s economist said.

Over the next 30 years, some 600,000 people are expected to move here, according to a county estimate, with a majority of those moving towards the state-line. A growing number of those are 20- to 25-year-olds now moving from apartments to homes, according to Simmons.

Charlotte is in the top five for attracting millennials and is also number one in the country for attracting baby boomers. North Carolina as a whole, is attractive to home buyers too as it ranks in the top five of states where people are moving.

For homebuyers this means a critically low level of inventory of affordable homes for sale. Charlotte home prices has gone up 12% in the last year, according to Zillow. First-time home buyers and single buyers are finding themselves priced out of the market with the median list price of a single-family home in Charlotte at $355,000. This is according to Realtor.com.

According to the Home Buying Institute, the Charlotte real estate market will remain extremely competitive throughout the rest of the year with strong demand and limited supply continuing to boost home prices higher.

Charlotte consists of 162 neighborhoods with 2,790 homes for sale according to Realtor.com. Of those neighborhoods, Myers Park is the most expensive. The median listing price there is $1.1 million. McAlpine is the most affordable neighborhood for buying a home with a median list price of $220,000.

The post  Charlotte Real Estate Market Among Hottest in Nation appeared first on Charlotte Real Estate.

According to a recent Zonda survey, around a quarter of baby boomers plan to retire near their grandchildren, earning them the moniker “baby chasers.” The third annual Zonda Baby Chaser Index examines migration trends, which are vital to understand since they feed housing demand.

For both demographic cohorts, the Zonda Baby Chaser Index considers both long-term migratory patterns and present tendencies. While the index’s most recent migration data reflects tendencies prior to COVID-19, itâ€s thought that the virus†impact could amplify those patterns.

“Iâ€m not surprised to see Charlotte, Austin, and Phoenix top the list as all three are great relocation markets for millennials,” says Tim Sullivan, Zonda’s senior managing principal of advisory, who travels across the country working on new-home projects. “These markets also allow many baby boomers to live a classic retirement consisting of downsizing their home, saving some money, being near their family, and, in some cases, having a better quality of life.”

The Southeast and Southwest, like in previous years, remain the most popular destinations for baby chasers. Many of the top areas have characteristics such as diversified economies, a strong or increasing tech presence, pleasant weather, and reasonably priced new housing. Charlotte, this year’s top metro, meets all of those boxes.

Charlotte is home to a variety of companies, including Bank of America, Truist, Belk, Lowe’s, and Honeywell, to name a few. Furthermore, Charlotte is a magnet for new expansion because of an advantageous tax environment, expanding entertainment offerings, and its geographic proximity to both the mountains and the beaches.

The Queen City is a hot spot for baby chasers because of all the aforementioned reasons plus the diversity of the housing stock” says Shaun McCutcheon, Zondaâ€s vice president of advisory in the Southeast. He notes that Charlotte has a variety of low- and high-end conventional homes, as well as low-end and high-end active adult communities, allowing folks migrating from the Midwest and California to be satisfied with their choices. “There are housing options that range from starter homes in the $200,000s to lakefront properties that can be found for around $1 million, the latter of which would be five times that price in other markets.”

It’s possible the covid-19 pandemic only exaggerated these moving trends. Zondaâ€s top baby chaser markets have gained steam as the work-from-anywhere trend gave people more flexibility in where they live. The main concern going forward will be how builders will keep up with demand given how frequently it shifts and the concerns over rising lumber prices.

The post Charlotte #1 Destination for Millennials and Their Baby Boomer Parents appeared first on Charlotte Real Estate.

The U.S. housing market has seen a significant rise through the pandemic and Charlotte is certainly not an exception, according to Mecklenburg County officials, who briefed county commissioners about the local real estate market recently during their annual retreat.

“Weâ€ve seen large increases in our housing market throughout the year,” said Michael Simmons, the countyâ€s economist.

According to county data, itâ€s a sellerâ€s market where 99.2% of those sellers are getting their asking price or more within 23 days of being on the market.

Millennials are a driving force behind the sellerâ€s market. These first time homebuyers are interested in taking advantage of record-low mortgage rates. According to Simmons, there is a growing number of 20 to 25-year-olds moving from apartments to homes.

A recent report released by NerdWallet found an estimated 26 million hope to become first-time home buyers within the next five years. The survey also found that 44% of Americans have worked remotely since last March and that’s giving them the confidence to buy in a different location.

Over the next few decades, the Mecklenburg county estimates around 600,000 people will to move to the area. A majority of those are expected to move towards the state-line.

The pandemic temporarily sank the housing market in the state but Realtor.comâ€s Housing Market Recovery Index indicates that the Charlotte metro area has not only managed to recover but is one of the best places to buy a home as well as invest in real estate in 2021.

The Emerging Trends in Real Estate 2021: US and Canada report, ranked Charlotte number five in the top 10 of best places to invest in real estate in 2021. The city is being labeled as a “New Boomtown” as more people continue to migrate to the Queen City during the pandemic.

Charlotte has also been labeled as an “18-hour city.” Urban Land Institute defines “18 hour” cities as a small or medium sized city with above average urban population growth, a low cost of living and a low cost of doing business. The area is known for its diverse lifestyle, a mix of a big city and suburban feel with an influx of workers from other cities.

The 2021 Charlotte housing market is forecast to rise due to strong real estate appreciation, a growing job market and a steady increase in population. Currently the median home listing price is almost $325,000 with a median sold home price of $295,000.

The post Charlotte Housing Market Continues To Thrive appeared first on Charlotte Real Estate.

According to the Local Market Update for June 2019, closed sales were down 6.1 percent to 4,767 compared to this time last year, a slight shift from last monthâ€s 4,864 closed sales.  Closed sales were up 0.8 percent to 24,025 year to date.

Prices continue to climb in June, increasing 7.1 percent to an average sales price of $323,316, a major increase compared to last yearâ€s average sales price of $302,011 and just last monthâ€s average of $309,859. Year to date, average sales prices climbed 4.3 percent to $299,703.  Median sales prices are also up by 7.3 percent at $267,250 compared to this time last year and 5 percent to $250,000 year to date.

Pending sales continue to climb substantially but are slowing since last month with 16.3 percent increase to 5,361 compared to this time last yearâ€s 4,610 pending sales. Year to date, pending sales are up 6.9 percent to 28,043.

New listings are slightly lower than this time last year at 5,819 compared to May 2018â€s 5,980 new listings. Year to date, new listings are up 0.7 percent.

Inventory continues to decrease in June with a 14 percent decline at 9,407 homes listed compared to this time last year at 10,935 homes on the market. On the bright side for buyers, inventory from last month has not decreased much, with 9,443 homes listed in May 2019.

Hereâ€s a look at some more localized market stats for June from across the Charlotte MLS Region:

Mecklenburg County: Closed sales were down considerably by 8.8 percent to 1,940; the median sales price was up 7.6 percent to $287,000; the average sales price also increased by 10.5 percent to $374,555; inventory was down by 4 percent to 3,498 homes for sale; and months supply of inventory remained the same at 2.1 months.

Union County: Closed sales were down substantially by 15.8 percent to 406; the median sales price decreased by 1.9% to $310,000; the average sales price increased by 1.0 percent to $363,931; inventory also declined substantially by 24.5 percent to 805 homes for sale; and months supply of inventory decreased by 26.7 percent to 2.2 months.

City of Charlotte: Closed sales were down by 8.8 percent at 1,530; the median sales price increased by 8.8 percent to $272,000; the average sales price rose 9.4 percent to $361,455; inventory decreased by 4.5 percent to 2,592 homes for sale; and months supply of inventory increased 5 percent to 1.9 months.

Uptown Charlotte: Closed sales increased by 36.7 percent at 41; the median sales price increased by 20.5 percent to $315,000; the average sales price was up by 21.99 percent at $361,423; inventory declined by 25.2 percent to 77 homes for sale; and months supply of inventory was also down by 23.5 percent to 2.6 months.

The post Steady Charlotte Summer Market appeared first on Charlotte Real Estate.

A total of 3,642 properties sold in September compared to 4,302 sold in September 2017. Sales fell more than 19 percent from August’s figures, according to the monthly report from the Charlotte Regional Realtor Association.

Year-to-date sales are down 1.8 percent from the first nine months in 2017.

What led to such a dramatic drop for the month? In part, Hurricane Florence. In general, Summer sales slumped from previous years. That, coupled with storm recovery efforts from flood and wind damage, dealt a blow to local sales, according to CarolinaMLS President Jason Gentry.

As is typical for a seller’s market like the Charlotte region has seen, average sales prices continued to increase for September, while inventory dropped. Average sales prices rose 5.2 percent to $281,533, up from $267,496 in September 2017. Median sales prices rose 5.1 percent to $235,000.

Year-over-year inventory fell 11.7 percent to 10,210 properties for sale. That amounts to 2.5 months supply of homes. A year ago, the CMLS region had 2.8 months supply.

Average and median sales prices dropped 4.3 percent and 3.5 percent, respectively, from August, which may suggest the market is headed toward some semblance of balance. Lack of inventory has bolstered a strong seller’s market for the better part of a year. The market typically slows in the cooler months, so the market may start to level out as buyer demand wanes.

Another sign of a cooling market, pending sales dropped 6.6 percent to 3,659 homes under contract for September. Compared to August, pending sales dropped 23.3 percent. New residential listing also decreased to 4,333 in September, a decline of 10.5 percent. Listings were down more than 23 percent compared to August.

While list prices continue to rise, the percent of list price received dropped slightly in September. Average list prices for September jumped 3.7 percent to $320,242. Percent of list price dropped just 0.1 percent to 96.7 percent.

More localized data from around the CMLS region:
City of Charlotte: Average sales price rose 9.6% to $297,140; closed sales fell nearly 17% to 1,187 in September; inventory dropped 4.6% to 2,670 homes on the market or a 2-month supply, which is unchanged.

Uptown Charlotte: Average sales price dropped 5.1% to $331,482; closed sales fell 27.5% to 29 in September; inventory fell 11.7% to 83 properties on the market or a 2.7-month supply, which is unchanged.

Charlotte Metropolitan Statistical Area (includes Charlotte, Concord, Gastonia and Rock Hill, S.C.: Average sales price increased by 5.8% to $285,674; closed sales dropped by 13.4% to 3,139 in September; inventory fell by 6.3% to 8,070, a 2.3-month supply, which is a drop of 8 percent.

The post September sales drop more than 15% appeared first on Charlotte Real Estate.

Charlotte Metro region year-over-year home sales in May decreased 4.2 percent, with 4,538 properties sold compared to 4,737 properties sold in May 2017. However, total home sales activity year-to-date (January through May 2018) is only down 0.9 percent compared to the same period in 2017 (18,397 home sales vs 18,569 home sales). Home sales increased 12.7 percent compared to the previous month (April 2018).

The average sales price in May 2018 ($299,690) increased 10.7 percent compared to May 2017 ($270,787), while the median sales price ($245,000) increased 9.5 percent compared to May 2017 ($223,750). Compared to the previous month (April 2018), the average and the median sales prices increased 2.6 percent and 2.1 percent respectively.

The average list price in May 2018 ($341,052) increased 6.9 percent compared to May 2017 ($319,024), bringing the percent of original list price received measure to 97.5 percent, a slight increase of 0.2 percent compared to the same period last year. Pending sales in May 2018 (5,320) rose 9.7 percent compared to May 2017. Compared to the previous month (April 2018), pending sales increased 1.4 percent.

“Though May sales are down year-over-year, we are pleased to see that sales activity for the first five months of the year is almost on par with year-to-date sales activity in 2017,” said Association/CarolinaMLS President Jason Gentry. “Limited inventory continues to pressure prices and will be a challenge to buyers, who need to be prepared to act quickly and for multiple offer situations. However, the current housing climate in Charlotte is not isolated, as other major markets in the state are also experiencing limited inventory and price increases that are impacting affordability.”

New residential listings (6,350) increased 3.3 percent in May 2018 compared to the same period last year. Compared to the previous month (April 2018), new listing counts increased 10.0 percent. Inventory continued to fall, with the number of homes for sale down 20.0 percent compared to May 2017, which left the CarolinaMLS region with 9,106 properties for sale at report time, or 2.2 months of supply of inventory. A year ago in May 2017 the region had 11,381 properties for sale, or 2.9 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 87 days, which is 10 fewer days than May 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 38 days, which is eight fewer days than May 2017.

The post Real Estate Trends May 2018 appeared first on Charlotte Real Estate.

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

The Charlotte Metro region year-over-year home sales in April increased 1.6 percent, with 4,028 properties sold compared to 3,963 properties sold in April 2017. Compared to previous month (March 2018), sales rose 4.2 percent.

The average sales price in April 2018 ($292,158) increased 8.1 percent compared to April 2017 ($270,241), while the median sales price ($240,000) increased 7.4 percent compared to April 2017 ($223,498). Compared to the March 2018, the average and the median sales price increased 4.4 percent and 2.1 percent respectively.

The average list price in April 2018 ($342,606) increased 6.6 percent compared to April 2017 ($321,505), bringing the percent of original list price received measure to 97.4 percent, a slight increase of 0.2 percent compared to the same period last year. Pending sales in April 2018 (5,245) rose 10.7 percent compared to April 2017. Compared to the previous month (March 2018), pending sales increased 1.2 percent.

“Itâ€s good to see year-over-year sales this past April increased slightly over last yearâ€s sales; however, sales activity remains slow this spring and lagging behind previous years with tight inventory impacting home prices,” said 2018 Charlotte Regional Realtor® Association/CarolinaMLS president Jason Gentry. “The good news is that pending contract activity continues to show strong interest from buyers.”

New residential listings (5,773) increased 0.7 percent in April 2018 compared to the same period last year. Compared to the previous month (March 2018), new listing counts decreased 3 percent. Inventory continued to fall, with the number of homes for sale down 22.6 percent compared to April 2017, which left the CarolinaMLS region with 8,515 properties for sale at report time, or 2.1 months of supply of inventory. A year ago in April 2017 the region had 11,008 properties for sale, or 2.8 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 94 days, which is five days fewer than it was in April 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 44 days, which is five days fewer than April 2017.

The post Real Estate Trends April 2018 appeared first on Charlotte Real Estate.

CHARLOTTE, N.C. – The Charlotte Regional Realtor® Association provides monthly reports on residential real estate market activity for the Charlotte Metro region based on data from Carolina Multiple Listing Services, Inc. (CarolinaMLS). The Charlotte Metro region, which this report is based on, includes 12 counties in North Carolina and four counties in South Carolina.

The Charlotte Metro region year-over-year home sales in March decreased 11.2 percent, with 3,866 properties sold compared to 4,354 properties sold in March 2017.

Home sales were up significantly (40.3 percent) compared to the previous month (February 2018).

The average sales price in March 2018 ($279,726) increased 4.6 percent compared to March 2017 ($267,340), while the median sales price ($235,000) increased 7.1 percent compared to March 2017 ($219,500). Compared to the February 2018, the average and the median sales price increased 5.7 percent and 3.5 percent respectively.

The average list price in March 2018 ($346,323) increased 6.0 percent compared to March 2017 ($326,754), bringing the percent of original list price received measure to 97.2 percent, a slight increase of 0.4 percent compared to the same period last year. Pending sales in March 2018 (5,181) rose 7.2 percent compared to March 2017. Compared to the previous month (February 2018), pending sales increased 24.6 percent.

“Unfortunately, sales declines are a natural result of too few homes for sale, and weâ€ve been talking about persistently low inventory for the past three years,” said 2018 Charlotte Regional Realtor® Association/CarolinaMLS president Jason Gentry. “Lower supply generally puts pressure on prices and often leads to increased demand and homes spending less time on market, and weâ€re consistently seeing this scenario play out across the region. Our hope is that more sellers will start to list and take advantage of the ready and willing buyer base.”

New residential listings (5,949) decreased 4.5 percent in March 2018 compared to the same period last year. March 2018 new listing counts compared to the previous month increased 28.6 percent. Inventory continued to fall, with the number of homes for sale down 23.5 percent compared to March 2017, which left the Charlotte region with 8,208 properties for sale at report time, or 2.0 months of supply of inventory. A year ago in March 2017 the region had 10,726 properties for sale, or 2.7 months of supply.

The average number of days a property was on the market from the time it was listed until it closed (list to close) was 100 days, which is five days fewer than it was in March 2017. Days on Market, the metric that accrues for “Active” and “Under Contract-Show” statuses, totaled 50 days, which is seven days fewer than March 2017.

The post Real Estate Trends March 2018 appeared first on Charlotte Real Estate.