The Charlotte real estate boom just continues to thrive, as supply continues to be at an all-time low, which is leading to quickly rising home prices. Bidding wars are common, given that there is so little to choose from in comparison to the number of potential homebuyers. Desirable areas near Uptown such as Myers Park another nearby neighborhoods are especially hot. A low inventory and high demand means that sellers definitely have the upper hand in this market.
Property values in Charlotte are rising faster than property values nationwide. In July alone, home values in the greater Charlotte area increased by 6.4% as compared with only 5.9% nationwide.
There has been a decline in the number of new and existing home sales, and Charlotte is not the only city experiencing soaring home prices. Home prices increased by 13.5% in Seattle in July from just a year prior, making it the “fastest growth of all major US metros.” Dallas and Detroit saw an increase of 7.3% in home prices, and Denver saw a 7.2% increase. Chicago and Washington DC, which saw the slowest increases of all major metro areas, still rose by 3.3%.
The number of homebuyers looking to break into the market is on the rise given low unemployment numbers and rising paychecks. New construction, though, cannot keep up with demand, as there is only so much land and so much labor to be found.
For more details and information on rising home prices in the Charlotte real estate market and what it means for potential buyers, be sure to read the full article at CharlotteObserver.com.