Here are the latest stats and info from our Greater Charlotte market.
What’s going on in the Greater Charlotte real estate market? We’re in a strong seller’s market: Inventory has decreased 67% year over year, and we currently only have 2,400 homes for sale versus the 7,300 on the market at this time last year. Right now, there’s only about one home for sale per seven real estate agents in our area. So it’s more crucial than ever to partner with a real estate team that is prepared and knows how to win the house in a multiple-offer situation.
Our median sale price has risen 13.6% to $322,000, and homes are selling for an average of 100.1% of the asking price. Last year, you could reasonably expect to pay 2% to 3% less than asking price. Deals like that are an exception these days (when homes are priced correctly).
The number of new listings has climbed 30% year over year, so it’s not that there aren’t homes coming onto the market, the difference is that pending sales have grown by 44%. So while more people are selling, way more people are buying. We can attribute this to several things including low interest rates, an escalation of migration from large metropolitan areas to the Carolinas, and pandemic-related lifestyle changes.
Finally, months’ supply of homes means that if no more homes came onto the market, how long would it take to sell all our inventory? An equal market is about six months’ worth. Last year at this time we had about two months, and today we have 0.7 months, or three weeks.
All this means that if you’re considering selling, now is the time! Homes that are marketed properly and priced correctly are selling for considerably above appraisal price, usually with multiple offers, and within a day or two.
Now it’s dad joke time: What do you call cheese that doesn’t belong to you? Nacho cheese.
If you’re thinking about buying or selling, you need to hook up with an excellent team of experts. Our team works with the best lenders and inspectors and has the best trained and hardest working agents. If you want to buy or sell or have any questions, give us a call or send an email today. We would love to help you.