More good signs for homebuyers in new market report, but where do Charlotte prices stand?
The latest report on the Charlotte real estate market again shows signs that the community’s hot market is starting to cool off.
Local real estate experts say the latest numbers from RE/MAX’s National Housing Report indicate the Charlotte market may be moving further towards balance, a source of relief for prospective homebuyers who for months have faced a competitive seller’s market.
Still, the numbers show, it remains more expensive to buy a home in Charlotte now for most than just a year ago.
Here’s what to know about the state of the Charlotte housing market, how it stacks up against the rest of the country and what to expect in the coming months:
What are homes selling for in Charlotte?
The median home sale price in the Charlotte area ticked up slightly from July to August, per RE/MAX’s report, up 1.3% from $395,000 to $400,000.
The inverse happened with the area’s median listing price, which dropped 1.3% from July to August, from $400,000 to $395,000.
Both figures showed significant jumps year over year.
The median listing price for Charlotte-area homes has jumped 12.9% in the last twelve months, according to RE/MAX, from $349,000 in August 2021 to $395,000 in August 2022. And the median sales price has risen 16.1% in the same time period, from $344,500 to $400,000.
How many homes are for sale in Charlotte?
The Charlotte area had 5,723 active listings in August, according to RE/MAX. That’s up 77.4% from 12 months ago, when there were 3,226 active listings.
The number of active listings in Charlotte did tick down slightly, by 1%, from July to August.
And new listings in the Charlotte area also fell month over month, down 14.1%.
How does Charlotte’s housing market compare to the nation?
Charlotte’s median home sale price is still below the national average, which RE/MAX puts at $410,000 as of August.
But, the report adds, Charlotte is in the top five markets in the country for biggest year-over-year increases in median sale price.
The national trends for housing inventory in RE/MAX’s latest report were generally in line with what happened in Charlotte, with active inventory up nationwide by 20% in the last 12 months but down 1.8% from July.
What’s next for the Charlotte housing market?
Experts say the latest data on the real estate market in Charlotte and beyond indicates a shift back to more of an equilibrium between buyers and sellers as opposed to the hot seller’s market that had persisted recently.
“Sellers are becoming more reasonable regarding prices. Also, builders are starting to offer incentives to buyers and are more willing to work with Realtors,” Hadi Atri, president and CEO of RE/MAX Executive in Charlotte, said in a statement. “The days of paying over asking price and high due diligence money are coming to an end.”
RE/MAX Charlotte real estate agent Gina Mayes Harris added she believes the “signs point to a more balanced market” for both buyers and sellers in the coming months.
“Buyers are no longer bidding against each other to extremes, and while sellers are not seeing the same level of price appreciation gains as they have in the past year or two, we expect continued low single-digit appreciation in the coming months and year,” she said in a statement.
Rising mortgage rates, which hit levels this month not seen since the 2008 housing crash, are also expected to help cool the housing market on a national scale.
How much are Charlotte homes worth?
Home values are also still on the rise in Charlotte, data from the real estate website Zillow shows.
Use the map below to see how values are faring in your neighborhood.
The Associated Press contributed to the reporting of this story.
This story was originally published September 23, 2022 at 6:00 AM.
