After several years of energetic growth, the Charlotte real estate market is as challenging as ever, with no sign of cooling down. While new listings are up, inventory continues to plummet. The competition for the best deals on homes can only be described as fierce.
Both national and regional economic trends remain positive for a continued surge in real estate. The factors that most directly affect home sales suggest the robust trends we've been seeing will stay with us for quite some time. Favorable wage growth, unemployment, and mortgage rates have fueled ongoing population expansion for the Charlotte-Mecklenburg area. News that local political and business leaders plan to â€œaggressively pursueâ€ Amazon.com to locate their second headquarters to Charlotte will only raise the stakes.
As of August 31, 2017, the inventory of homes for sale tumbled once again by 2,324 units, a drop of 18.6%, to a new low of 10,153. This leaves only a 2.6 months supply of homes for sale, representing a decrease of 23.5% from last August. As one would expect, the median sales price shot up to $230,000, an increase of $11,000, or 5%, from last year. These factors helped nudge the percent of original list price received by another .4% to 97%. Keep in mind that 97% is the average; weâ€™ve encountered instances where the sellers have been offered more than the asking price.