Charlotte’s median home price hit record $393,000. But there’s a silver lining for buyers
It continues to get more expensive to buy a house in Charlotte, with the city’s median home price reaching yet another unprecedented level, according to a new study on the housing market.
As of April — the most recent data available — the median home sale price in Charlotte was a record-high $393,344, the national real estate firm RE/MAX said in its latest National Housing Report.
While that figure may provoke sticker shock for some, the report also included some silver linings for prospective home buyers in the Charlotte area.
Charlotte’s median home sale price surpassed the $390,000 mark in April, up 21.4% from April 2021 and 3.5% from March.
While a record high, April’s figure in Charlotte is less than the national median sales price for homes of $420,000, according to RE/MAX’s report.
With the market staying hot, sellers are asking more for their homes too, the study found.
The median listing price for homes in Charlotte as of April was $402,000, up 4.4% from $385,000 in March.
A major factor in rising home prices in Charlotte and across the country has been the demand for homes to buy outpacing the supply of homes on the market, but RE/MAX’s latest report shows some relief in that area.
The number of new listings in Charlotte was up in April, rising 14.3% from 4,666 listings in March to 5,331 in April. Charlotte’s “active inventory” — the number of properties for sale — was up 43.7%, from 1,826 in March to 2,624 in April.
Those figures line up with national trends, according to RE/MAX.
Nationally, there was “an 11.5% increase in new listings from March to April, (that) resulted in a 24.0% surge in inventory month to month,” the report said.
A silver lining for prospective home buyers
Despite April’s report showing rising listing prices and sale prices in much of Charlotte, there was an area where things improved for prospective home buyers, Roger Berrey of RE/MAX Executive-Charlotte said.
Berrey said he and his colleagues are “starting to feel a slight shift” in the Charlotte market, with some homes getting “only 2 or 3 offers after 7 to 10 days” rather than the “10 to 15 offers received in the first two days on the market” they had been seeing.
“It’s still a very strong market with low inventory. Just not a ridiculous market,” he said. “Because of the low inventory and the strong desire to live in the beautiful Charlotte, North Carolina area, we will continue to have a solid and steady real estate market here for the foreseeable future.”
This story was originally published June 3, 2022 at 6:00 AM.
