Homes continued to sell quickly from July through September 2016 with 44% of homes selling in less than one month. The infographic below shows how quickly homes sold in each state. What's worth pointing out is that homes sold so quickly that the time measure now goes up to only 75 days, as opposed to 90 days in the first half of 2016.
Amazingly, homes in 42 out of 50 states + the District of Columbia sold in under 60 days. Homes in 17 state sold in under 30 days.
How Did The Charlotte Metro Area Compare With National Averages?
As I always like to remind my clients, at the end of the day, real estate is not just local, it's downright hyperlocal. So while national and state-wide trends are good to know about, what's really important to know are the local trends that impact how quickly your home sells if you're a seller or how quickly homes get sold if you're a buyer on a limited time-frame.
Although the Sate of North Carolina continues to remain in the 46-60 day sales range through September 2016, in the Charlotte metro area, the numbers were more positive in specific areas of the Charlotte metro:
City of Charlotte: average days on market stood at 31 days in July 2016, 31 days in August 2016, and 34 days in September 2016.
Mecklenburg County (where Charlotte is located): average days on market stood at 34 days in July 2016, 35 days in August 2016, and 35 days in September 2016.
- Union County: average days on market stood at 42 days in July 2016, 43 days in August 2016, and 49 days in September 2016. Union County has a high percentage of new home sales which take longer to sell than resale homes.
Charlotte City and Mecklenburg County homes sold more quickly than the state of North Carolina, as a whole. Moreover, the number of days on market were down by double digits on a percentage basis each of these three months compared to just one year ago.
By the way, if you're currently a Charlotte area home seller whose home has been on the market for more than 45 days, it might well be time to review your asking price.
This update on home sales is brought to you courtesy of Nina Hollander and Carolinas Realty Partners with RE/MAX Executive Realty, your Charlotte metro area real estate consultants.
If you are considering purchasing or selling a home in the Charlotte metro area, I would love an opportunity to earn your business, exceed your expectations, and to prove to you that:
"The Right Broker Makes All The Difference."