Charlotte Home Prices Continue to Grow
Are you in the market to sell? Well then the news is in your favor! The Charlotte-metro real estate market is continuing to grow steadily every month, oftentimes meeting the national average of 6%. At the close of 2017, growth was at 5.7-5.9% but rose to six within the first few months of 2018.
Featured in the Charlotte Business Journal, these numbers are reported by the S&P CoreLogic Case-Shiller index which monitors a set of 10 and then 20 composite cities. Home prices within the first 10 cities grew 6% to start 2018, while homes in the list of 20 grew 6.4%. The West coast market continues to dominate numbers with cities like Seattle, Las Vegas, and San Francisco growing by 12.9%, 11.1%, and 10.2% respectively.
As a whole, national inventory sits at less than a 4-month supply. Ideally, a 6-month supply is what benefits both the buyer and the seller. Charlotte, however, clocks in at a super tight 2-month supply. This comes even before the normal Spring homebuying surge. What does this mean for the buyer? Be prepared to not only go head-to-head with your normal Spring shoppers, but also with buyers who have already been on the lookout for months.
Zillow senior economist Aaron Terrazas commented on the recent Case-Shiller reports saying, “this year’s buyers may be competing against some of those buyers who have been unsuccessful during the past few months.” He cites “limited supply, fierce competition and rising prices” as the reason that many buyers are on the market longer as they search for their perfect home.
The huge demand to live in such an up-and-coming city like Charlotte bodes well for the entire community. Despite being an overwhelming sellers market, the amount of fresh faces moving to the area or simply relocating within city limits means new friends, more jobs, and a bright future for the Queen City we all know and love.