If you’re buying a house in Charlotte, don’t look for prices to fall any time soon.
The Charlotte Regional Realtor Association said median home sale prices shot up almost 12 percent in December compared to 2016, as the supply on the market stayed tight and demand remained high.
The median price for a home sold in December was $235,000, compared to $210,000 in December 2016. The average sale price, another measure, rose 8.4 percent, to $281,567.
In an indication of how little inventory there is for sale, the number of houses on the market in the Charlotte region plunged by more than 19 percent, ensuring that prices will stay high for the foreseeable future. The market is tightest on the lower end, and the supply of starter homes is especially low.
“Looking ahead, buyers will continue to face the same headwinds of limited inventory for homes priced below $300,000, as well as price increases, faster days on market and the possibility of rising mortgage rates,” said Jason Gentry, Charlotte Regional Realtor Association president, in a statement.
The number of days a house spent on the market fell be a week compared to December 2016, illustrating how quickly buyers are snapping up available properties.
Here are five key numbers for Charlotte’s housing market in December:
47Average number of days on the market in Dec. 2017, down from 54 the prior year
2Number of months supply on the market, less than half of what’s generally considered a balanced market
3,407House sold in Dec. 2017, down 8.4 percent from the prior year
$272,900Average sales price for all of 2017, up 5.8 percent from 2016
47,353Number of house sold in the Charlotte region in 2017, up 5.9 percent from the prior year