Charlotte Market Update: July
The Queen City’s booming real estate market is continuing on the same trajectory that it has been on for a while now. 2017 is not slowing down, and Charlotte’s strong seller’s market doesn’t seem to be going anywhere. Inventory continues to be low and cannot keep up with demand, and last month’s numbers show that home prices are still continuing to rise, according to July’s report from the Charlotte Regional Realtor Association.
Year-over-year numbers reveal an almost 10% increase in the median sales price of homes, and the total number of homes on the market dropped by nearly 20% since July 2016. The 2.6 months of inventory available last month is indicative of a seriously strong market that favors the sellers.
A low inventory, down 3.5% from July of 2016 across the entire Charlotte region, coupled with a steady demand, means that home sales and pending contracts are posting strong numbers, despite climbing home prices. The average time from listing until close is down from 101 days as compared with July of last year, indicating homes don’t seem to be staying on the market for long.
Sellers have the upper hand in this market, but buyers will also want to act quickly, as the low inventory and high sales prices seem to just keep continuing. For more details on Charlotte’s real estate market as well as July’s numbers, be sure to check out the full article at CharlotteObserver.com.