It’s no surprise that Charlotte is the third fastest growing major U.S. city, which means the city’s real estate market is a competitive one. But, 2020 has been a unique and difficult year. So, exactly what does the market look like right now?
According to the Charlotte Association of Realtors, the Charlotte region average home sales price is $316,119, up 5.4 percent from last year. This uptick, at least in part, is due to a decrease in inventory. While Charlotte home inventory has been low for some time, it has decreased significantly from 2019. The Charlotte Association of Realtors shows that regional supply of inventory is currently at 1.3 months, down 50 percent from last year.
“Home inventory is at an all-time low, so sellers can ask for more money with confidence that they will likely get it, increasing home prices at an incredible rate,” said Brandi Carter, Ballantyne-Area Keller Williams assistant team leader.
This doesn’t mean buyers are out of luck. “Mortgage rates are also at an all-time low, so home buyers are able to get more for their money,” said Jay White, CEO of The White Group and agent at Ballantyne-Area Keller Williams.
“This level of competition means the market is moving at an incredibly fast speed. Acting quick and boldly are essential to homeownership right now,” said Carter. Offering cash, or buying without contingencies, and having a pre-underwritten mortgage without lender fees stand out in a multiple-offer situation.
“It’s an interesting paradox – there’s never been a better time to buy or a better time to sell,” said White.
Source: https://www.bizjournals.com/