Fourth quarter 2016 Charlotte, North Carolina region's home sales continued the positive trends we've seen all year and since 2015. Home buyers are finding the housing market very competitive with higher home prices and a lack of properties to buy. Buyers looking for a bargain are "hard pressed" to find one. Meantime, home sellers are seeing their homes sell quickly and for top dollar, when priced right for condition and location. The "story" of the fourth quarter 2016 might well be about the double-digit decrease in the supply of homes available for sale across the region.
In the fourth quarter of 2016, the Charlotte region saw a:
- 8.0% increase in average sale prices
- 25.7% decrease in inventory of homes for sale
- 11.7% increase in closed sales
- 33.0% decrease in the months supply of homes (2.3 months supply)
- 17.8% decrease in days on market
- 1.2% increase in the percent of original price received
SEARCH ALL CHARLOTTE REGION HOMES FOR SALE
The "main" story in four of the most populated and in-demand counties (Mecklenburg and Union Counties in North Carolina; York and Lancaster Counties in South Carolina) in the Charlotte region is the lack of inventory of homes for sale, which has dropped in double digits. Mecklenburg County had only 1.5 months of inventory at the end of the fourth quarter. Union, York and Lancaster Counties all had 2.5 months or less of inventory. It's clearly a seller's market in these four Charlotte metro area counties and the lack of inventory to meet demand continues to be "the story of the day."
Mecklenburg County, NC (where Charlotte City is located):
- Average Sale Price: up 7.5% versus one year ago.
- Inventory of Homes for Sale: down 29.4% versus one year ago.
- Closed Sales: up 9.1% versus one year ago.
- Months Supply of Homes for Sale: 1.5 months, down 34.5% versus one year ago.
- Average Days on Market: 39 days, down 17.2% versus one year ago.
Union County, NC:
- Average Sale Price: up 12.8% versus one year ago.
- Inventory of Homes for Sale: down 22.2% versus one year ago.
- Closed Sales: up 14.5% versus one year ago.
- Months Supply of Homes for Sale: 2.2 months, down 30.4% versus one year ago.
- Average Days on Market: 51 days, down 18.3% versus one year ago.
York County, SC (where Fort Mill, Tega Cay, and Rock Hill are located):
- Average Sale Price: up 8.4% versus one year ago.
- Inventory of Homes for Sale: down 21.1% versus one year ago.
- Closed Sales: up 14.6% versus one year ago.
- Months Supply of Homes for Sale: 2.2 months, down 30.0% versus one year ago.
- Average Days on Market: 53 days, down 9.8% versus one year ago.
Lancaster County, SC
- Average Sale Price: up 3.4% versus one year ago.
- Inventory of Homes For Sale: down 13.0% versus one year ago.
- Closed Sales: up 3.3% versus one year ago.
- Months Supply of Homes for Sale: 2.7 months, down 22.4%.
- Average Days on Market: 55 days, down 24.0% versus one year ago.
See the charts below for more detailed information on 4th quarter home sales statistics:
SEARCH ALL MECKLENBURG COUNTY HOMES FOR SALE
SEARCH ALL UNION COUNTY HOMES FOR SALE
SEARCH ALL YORK COUNTY HOMES FOR SALE HERE
SEARCH ALL LANCASTER COUNTY HOMES FOR SALE HERE
Charlotte Region Housing Market 3rd Quarter 2016 Report
Charlotte Region Housing Market 2nd Quarter 2016 Report
Charlotte Region Housing Market 1st Quarter 2016 Report
This quarterly Charlotte, NC region housing market update is brought to you by Nina Hollander and Carolinas Realty Partners, RE/MAX Executive, your Charlotte metro area real estate consultants.
If you are considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:
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