How tough is the real estate market? Charlotte homes are selling within 19 days after listing
The Charlotte housing market remains hot, a recent report by a national real estate firm found, with home prices continuing to go up and the number of active listings going down.
The median home sale price for Greater Charlotte “has reached a new record high,” RE/MAX said in its latest “National Housing Report.” The same report found a decrease in the area’s active housing inventory in the last year.
Rising home prices continue to put a squeeze on Charlotte residents and others around the nation, Hadi Atri, president and CEO of RE/MAX Executive in Charlotte, said in a statement.
“Across the country, consumers are feeling the bite of inflation and surging mortgage rates. Monthly payments have increased significantly compared to this time last year,” he said. “As housing affordability declines, an increasing number of would-be homebuyers are turning to the rental market, only to face similar challenges as rental prices skyrocket. Vacancy rates remain at a near-record low.”
Here’s what to know about home prices in the Charlotte area, the region’s housing inventory and how that all compares to the rest of the state and the country.
Median home prices in Charlotte
The median home price in Greater Charlotte is now $388,000, RE/MAX said in its report, “a 20% increase over last year.”
Other real estate organizations paint a similar picture.
The real estate website Zillow’s “Home Value Index,” which is “is seasonally adjusted and only includes the middle price tier of homes,” puts the “typical home value” in Charlotte at $377,990. That’s a 28.2% increase in their measure over the last year.
Charlotte housing inventory
In addition to rising prices, those looking to buy a house in the Charlotte area also have fewer properties to choose from than in the past, RE/MAX’s report found.
Greater Charlotte’s active housing inventory “is down 31% over last year, with 1,449 homes available on the market,” the report said. And home sales “are down 11% over last year.”
Homes that are on the market are going quickly: selling, on average, in 19 days. That’s down from an average of 25 days on the market a year ago, according to RE/MAX.
How do Charlotte home prices compare to other areas?
In addition to prices rising over time, the median home sale price in Charlotte also exceeds the national average, according to RE/MAX’s report. The national median home price was $360,000 as of March, the most recent data available in the report, $22,000 less than the median in the Charlotte area.
Charlotte was not, however, the North Carolina metro area that made RE/MAX’s list of the top five markets with the biggest year-over-year increases in median home prices. That spot went to the Raleigh-Durham area, which has seen a 26% jump in the last 12 months, raising the median home price there from $330,000 to $415,660.
Data from Zillow provides more details on how home prices compare across different North Carolina communities:
This story was originally published May 9, 2022 at 6:00 AM.
