RE/MAX November 2017 National Housing Report:
October 2017 Housing Data
The RE/MAX National Housing Report for November 2017: "Nationwide Seller’s Market Reigns as Home Prices Climb" was this month's headline. Despite record low inventory for the month, October home sales increased 2.5% year-over-year and kept 2017 prices ahead of 2016, according to the RE/MAX National Housing Report.
To quote Adam Contos, RE/MAX Co-CEO: “The housing market is steady and at least somewhat predictable with record-low inventory and increasing prices in markets across the country. With job growth and increased household formation, buyers will struggle and may even be priced out of the market until home building catches up.”
For a more detailed review, click here for the latest RE/MAX National Housing Report.
How Charlotte, North Carolina's region compared to national statistics in
Median sale price of Charlotte region homes was up 6.2% compared with October 2016 versus 3.3% nationally. Charlotte area's median price sale of $223,000 in October has essentially caught up with national averages and increased from $210,000 just one year ago.
Closed sales in Charlotte region compared favorably with national averages of 2.5% with closed sales up 2.6% in October 2017.
Months supply of homes in the Charlotte region was 2.4 months, down 25.0% versus October 2016. Charlotte region's months supply of homes remains lower than the national average of 3.3 months by a full month.
Inventory of homes in the Charlotte region was down 18.9% in October 2017 (compared with national figures down at 13.4%) as compared with one year ago.
- Average days on market in the Charlotte region compared well with national averages of 51 days with days on market until sale at 40 days (down 11 days and 21.6% versus the prior year) and cumulative days on market at 49 days (down 18.3%) in October 2017 versus the same month one year ago.
With continuing demand for homes and rising home prices due to lack of inventory, it may be the perfect time to sell your home. It may also be the perfect time to buy a home before both home prices and interest rates rise further.
This real estate monthly update is brought to you courtesy of 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 would love an opportunity to earn your business, exceed your expectations, and to prove to you that: