The pandemic is unpredictable, but Charlotte's real estate market is still doing great. It has become one of the hottest seller's markets in the US.
The housing inventory in Uptown Charlotte is low while the demand for housing is rising. Mortgage interest rates are also historically low, further increasing housing demand.
The high demand for housing in North Carolina continues to be fueled. This is from the influx of home buyers from expensive cities. Areas such as New York, Chicago, and California. This drove the housing prices to rise fast between 2020 and 2021.
Home value is determined using valuation tools. These are comparative market analysis, a home appraisal, and evaluation of comparable properties. It can be hard to know how much your home is worth. This is because it depends on the fair market value and appraised market value of your home. But, here are some estimates for the value of homes in Charlotte in 2022:
- The median listing price for Uptown Charlotte, NC homes is $390,000.
- The median sale price is $455,000 for Uptown Charlotte, NC homes.
- The median sale price per square foot in Uptown Charlotte, NC is $404.
- Average Uptown Charlotte, NC homes stay on the market for an average of 40 days. Hot homes stay on the market for 21 days.
- Uptown Charlotte, NC homes sell for approximately the asking price. In-demand homes sell 3% above the asking price.
Mortgage rates and home prices are expected to increase in 2022. This eases the competition in the Uptown Charlotte housing market. But, don’t expect the Charlotte real estate market to become a buyer’s market anytime soon.
In this article, we’ll help you evaluate how much your Uptown Charlotte, NC home is worth. Do you want to figure out how much your home is worth? It's important to know about the different real estate valuation methods. And what is happening in the Charlotte housing market will help you figure out how much your home is worth.
Uptown Charlotte, NC Real Estate
In this section, we’ll give you an overview of the status of the real estate market in Uptown Charlotte.
What’s It Like to Live In Uptown Charlotte?
Uptown is a neighborhood located in Mecklenburg County in Charlotte. There are many recreational hubs, restaurants, and bars scattered across Uptown. The residents surely enjoy an urban feel.
Uptown Charlotte is one of the hottest housing markets in North Carolina. It ranked as the fifth-best neighborhood to live in Charlotte in Niche.com rankings.
It also got the 4th spot as the Best Neighborhoods to Live in Charlotte. Uptown Charlotte also ranked the 51st spot as the Best Neighborhoods to Raise a Family.
The median household income in Uptown Charlotte is approximately $82,000+. This is higher than the national average of 62,850+.
The area also has above-average public schools and private schools.
How Hot Is the Uptown Charlotte, NC Housing Market?
According to a report by Carolina Realtor® Association, the median sales price in the Charlotte region rose ($349,700) 22.7% year-over-year. The average list price also rose 14.7% to $425,970 in January 2022.
Now, let’s take a closer look at Mecklenburg County (Uptown Charlotte):
Uptown Charlotte’s median sales price rose ($375,000) 21.8% year over year. We can see that the median sales price in Uptown is much higher than the average sales price in Charlotte.
Meanwhile, the average list price is up 10.6% from $434,063 in January 2021 to $479,903 in January 2022. This is also higher than the Charlotte region's January 2022 average listing price of $425,970.
According to the Redfin Compete Score™, Uptown Charlotte ranks 44 out of 100. This score signifies that the Uptown Charlotte housing market is somewhat competitive.
Houses in Uptown Charlotte get multiple offers, further driving up their sale price.
According to a report, the average home in Uptown Charlotte sells in 22 days. This is compared to 25 days in 2021. Hot-selling homes stay on the market for around 21 days and they are sold for 3% above the list price.
Homes that sell above the list price show that sellers earn more than the asking price. All these numbers show us that the Uptown Charlotte market is red hot in 2022.
Is Charlotte a Buyer's or Seller’s Market?
Uptown Charlotte's housing market is hot. Homes only stay on the market for an average of 22 days. Homes are also sold around or above the list price.
Let’s look a bit further into the housing inventory of Uptown Charlotte:
According to the Carolina Realtor® Association, the number of new listings dropped. New listings decreased by 15.9% from 1,740 in January 2021 to 1,464 in January 2022. The inventory of homes for sale also decreased by 53.1% from 1,702 in January 2021 to 796 in January 2022.
There is a shrinking number of homes to meet the increasing demand for housing in Charlotte. This is shown by the drop in new listings and the shortage of inventory.
These data indicate that Uptown Charlotte is a seller’s market.
However, it was also seen that the number of pending contracts dipped 5.3% year-over-year. The number of closed sales also dipped by 0.7% from January 2021 to January 2022.
Increasing mortgage rates and home prices are also expected to ease the competition. The Uptown Charlotte real estate market isn’t expected to turn into a buyer’s market soon.
How to Find the Value of Homes in Charlotte, NC
Multiple factors affect the value of your home. Consider its age, its condition, square footage, renovations, and the neighborhood. Property values also depend on the current local housing market. It also depends on the global economy, mortgage rates, and tax rates.
Are you planning to sell your home? You may be weighing if you should take advantage of the climbing home values and sell your property. But, you may be wondering if you should maximize your home’s equity.
To make a decision, you should first figure out how much your home is worth.
There are various ways to get home value estimates. The types of valuation include fair market value, appraised value, and assessed value.
- Fair market value considers how much prospective buyers will be willing to pay for your home. Fair market value requires comparing your home to similar properties in the area. Comparable homes have similar square footage. These are homes with the same number of bedrooms and bathrooms.
- Appraised home values are based on the professional inspection of a licensed appraiser. Appraisals consider the condition, size, location, and any renovations done on the home.
- The assessed value depends on the dollar value assigned by local tax assessors. The goal is to calculate property taxes. Tax assessors consider factors such as fair market value and appraised value. It can also include income from the property, renovations, and tax exemptions.
Let’s discuss the different ways to find how much your home is worth.
- Use online home valuation tools. Sellers and buyers can use automated valuation models (AVMs). This will quickly find the market value of their homes. AVMs are online platforms that use algorithms and publicly available real estate data. These include property sales and tax assessments to get an estimate. These tools also take into account your home’s square footage. And also the number of bedrooms, location, and market demand.
- Comparative market analysis from a real estate agent. Most real estate agents are willing to do a free comparative market analysis. This is to ensure that you sell your home at a competitive price. Experienced real estate agents use relevant data from recent sales of comparable properties.
- Hire a professional appraiser. To make your home more sellable, you can hire a professional appraiser to back the value of your home. If you get a favorable home appraisal, you’ll have more elbow room to make negotiations.
- Use the FHFA house price index calculator. Using the FHA house price calculator is one of the best ways to gauge the value of your home. This is based on the rate of appreciation of all homes in your area over a certain period.
- Look up the assessed value of your home. Assessed values of homes are readily available online for property tax purposes. Check your county auditor’s website to check the prices of residential properties.
What’s My Home Value in Uptown Charlotte, NC?
You may not be able to figure out the value of your home without the evaluation tools. It's important to consider the fair market value, appraised value, and assessed value. You will have a better idea of what your home is worth if you understand the current real estate market.
According to Realtor.com, the median sale price of Uptown Charlotte, NC homes is $390,000 as of April 2022.
According to zerodown.com, the median sale price for Uptown Charlotte homes is $455,000. However, demand for housing in Uptown Charlotte is still high. Reports show that the median sale price for Uptown Charlotte homes decreased by 2.18%. This data was in the past 12 weeks and 9.7% in the past 12 months.
The price per square foot in Uptown Charlotte is $404. The median price per square foot in Uptown Charlotte rose by almost 55% in the past 12 weeks.
According to Redfin.com, the median sale price for single-family homes in Uptown Charlotte is down 35.3% year over year at $695,000. Meanwhile, the median sale price of townhouses in Uptown Charlotte is $435,000, up 13.3% year over year in February 2022.
According to the same report by zerodown.com, the median days in which Uptown Charlotte homes stayed on the market decreased by 68.82% from 62.99 days to 19 days. Meanwhile, a study by Redfin reported that homes stay on the market for an average of 48 days. This is compared to the 77 days last year.
Uptown Charlotte, NC Housing Market Trends and Forecasts
The Charlotte real estate market appreciated approximately 80% in the last 10 years. This puts Charlotte in the top 10% of real estate markets with the highest appreciation in the US.
In the last quarter of 2021, Charlotte's real estate appreciation grew 6.54%. This gives Charlotte an annual appreciation rate of 28.85% from 2020 to 2021.
Is Charlotte, NC a Good Place to Invest In?
Charlotte's high appreciation rates make it a good long-term investment. There is a lot of demand for housing and not much supply. So prices are going up, especially in areas like Uptown Charlotte. Remember that areas like Uptown Charlotte don't decrease in value, unlike other places.
Charlotte is a hot real estate market for investors, regardless of what they want to do with the property:
- Buy and hold the property
- Renovate and flip
- Invest in multi-family properties
If mortgage rates continue to fall, home buying activity will increase. This will drive up home prices even further.
However, it’s difficult to decide which is the best choice. Is it better to build equity or sell your property now? Local supply and demand may continue to fluctuate. And future developments will continue to usher the upward trend of home prices.
What to Do if Your Home Value Went Up?
If you are an investor in Uptown Charlotte, you may be thinking that now is the best time to sell your property.
However, you must consider all the different options about what you can do with your property:
- Review your home value with your insurance agent. Why? So that you can adjust your homeowner's insurance policy and coverage
- Eliminate private mortgage insurance premiums if your home reaches at least 20% equity.
- Take advantage of home equity loans or cash-out refinance. This will help you to invest in renovation projects that will further increase the value of the home
- Consider putting your home on the market if the value has risen significantly. If it’s a good time to sell your home, consider decluttering and minor repairs. These are cost-effective solutions to increasing home value.
What to Do if Your Home Value Went Down?
While home values in Uptown Charlotte are unlikely to dip in the coming years, due to the unpredictable economic climate, you may want to look into your options just in case home values drop.
If home values drop, it may not be a good idea to sell your home. Home values are determined by various aspects. This includes the economy, real estate supply and demand, and current housing inventory. These factors may change in your favor, so it will be best to postpone the move if you can.
Takeaway
Charlotte is considered to be one of the best places to invest in. This is because of its remarkable appreciation rates. In a hot area like Uptown Charlotte, home values are expected to rise even further.
As of April 2022, the median listing price for Uptown Charlotte, NC homes is $390,000. The median sale price per square foot is $404.
To get a good estimate of your home's value, you need to look at other homes that are like yours. Also, get an appraisal, and check the assessed value of your home. Meanwhile, it's also important to understand local supply and demand. Lastly, look at the real estate market trends.
To help you make the most of your Uptown Charlotte property, call Nancy Braun at 704-997-3794. I’ll be happy to help you find the value of your home to get the most out of the home selling process.
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