What Happened In Charlotte Region's Housing Market: 4th Quarter 2017?

By
Real Estate Agent with Coldwell Banker Realty

 

Fourth quarter 2017 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 2017 might well be about the double-digit decrease in the supply of homes available for sale across the region, except that it's now an old story, because that was also the story of 2016.

 

In the fourth quarter of 2017, the Charlotte region saw a:

  • 6.6% increase in average sale prices
  • 21.1% decrease in inventory of homes for sale
  • 1.8% increase in closed sales
  • 25.5% decrease in the months supply of homes (2.3 months supply)
  • 13.8% decrease in days on market
  • 0.4% increase in the percent of original price received

 

Charlotte NC Regions Housing Market Update: 4th Quarter 2017

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 1.3 months of inventory at the end of the fourth quarter. Union and York Counties had less than 2.2 months of inventory, while Lancaster County had 3.1 months  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." The lack of inventory is also impacting home prices, dampening sales, and affecting affordability.

 

Mecklenburg County, NC (where Charlotte City is located):

  • Average Sale Price: up 7.4% versus one year ago.
  • Inventory of Homes for Sale: down 22.7% versus one year ago.
  • Closed Sales: up 2.0% versus one year ago.
  • Months Supply of Homes for Sale: 1.3 months, down 27.5% versus one year ago.
  • Average Days on Market: 33 days, down 14.6% versus one year ago.

 

Union County, NC:

  • Average Sale Price:  down 1.1% versus one year ago.
  • Inventory of Homes for Sale: down 13.0% versus one year ago.
  • Closed Sales:  up 7.6% versus one year ago.
  • Months Supply of Homes for Sale: 2.2 months, down 11.8% versus one year ago.
  • Average Days on Market: 46 days, down 12.3% versus one year ago.

 

York County, SC (where Fort Mill, Tega Cay, Clover, Lake Wylie, York and Rock Hill are located):

  • Average Sale Price: down 0.3% versus one year ago.
  • Inventory of Homes for Sale: down 21.7% versus one year ago.
  • Closed Sales:  up 3.8% versus one year ago.
  • Months Supply of Homes for Sale: 1.9 months, down 24.2% versus one year ago.
  • Average Days on Market: 43 days, down 18.4% versus one year ago.

 

Lancaster County, SC

  • Average Sale Price:  up 5.6% versus one year ago.
  • Inventory of Homes For Sale:  down 22.5% versus one year ago.
  • Closed Sales: up 13.3% versus one year ago.
  • Months Supply of Homes for Sale: 3.1 months, up 4.5%. 
  • Average Days on Market:  49 days, down 11.7% versus one year ago.

 

 

See the charts below for more detailed information on 4th quarter home sales statistics:

 

Mecklenburg County, NC Housing Market Update 4th Quarter 2017
 

SEARCH MECKLENBURG COUNTY HOMES FOR SALE

 

 


Union County, NC Housing Market Update 4th Quarter 2017

 

SEARCH UNION COUNTY HOMES FOR SALE

 

 


 

York County, SC Housing Market Update 4th Quarter 2017

 

SEARCH YORK COUNTY HOMES FOR SALE HERE

 

 


 

Lancaster County, SC Housing Update 4th Quarter 2017

SEARCH ALL LANCASTER COUNTY HOMES FOR SALE HERE 



 

Charlotte Region Housing Market Report: 3rd Quarter 2017

Charlotte Region Housing Market Report: 2nd Quarter 2017

Charlotte Region Housing Market Report: 1st Quarter 2017

 

This quarterly Charlotte, NC region housing market update is brought to you by Nina Hollander and Carolinas Realty Partners with RE/MAX Executiveyour 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:

 "The Right Broker Makes All The Difference."

 

 

Posted by

 

 

 

 Nina Hollander, RE/MAX Broker, Realtor

 

 

 

 

 

 

 

Broker, Realtor, MBA, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with Coldwell Banker Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: News You Can Use From The Greater Charlotte Area
Search For All Charlotte Area Homes: www.GreatHomesInCharlotte.com 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.

 

Comments (20)

Brian England
Vacasa - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Seems like it was a pretty healthy 4th quarter, but of course I would rely on you to tell me what is really going on!

Jan 11, 2018 04:12 PM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hi Nina Hollander, homeowners thinking about selling would be very happy with your reporting. Those looking to buy or sell a home in the Charlotte area would be in great hands with you as their REALTOR®.

Jan 11, 2018 06:53 PM
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

I hope you are getting a great response from interested prospects with all the research you have done to compile your statistics Nina Hollander 

Jan 11, 2018 09:00 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Nina, take this post and put it into Beverly Hills the figures and stats would be identical, the only difference would be the price points, Endre

Jan 11, 2018 09:44 PM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Paul S. Henderson, REALTOR®,CRS, ~ hi Paul... unfortunately I get virtually NO response to market reports.... really thinking about how much I want to waste time doing them.

Jan 12, 2018 03:47 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Endre Barath, Jr. ~ hi Endre... the price point difference between Charlotte and Beverly Hills would be huuuge!

Jan 12, 2018 03:48 AM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing 

Jan 12, 2018 03:56 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Gita Bantwal ~ good Friday morning, Gita.... thanks for stopping by. Wishing yo a lovely weekend.

Jan 12, 2018 04:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Beth Atalay ~ hi Beth... thanks for this great vote of confidence! Here's wishing you a great weekend.

Jan 12, 2018 04:09 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Brian England ~ hey Brian... I just did tell you.. it was an excellent fourth quarter! 

Jan 12, 2018 04:10 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Big decrease in inventory Nina. Unfortunately, we're seeing that happening here too. Buyers have to be ready when new inventory appears.

Jan 12, 2018 04:12 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 ~ hi Sheila and Larry... this is a big decrease for a third year in a row.... and buyers not only need to be ready to buy, they need to be ready to pay more.

Jan 12, 2018 04:40 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Nina, very in-depth and valuable report for the 4th quarter's sales in Charlotte.  

Jan 12, 2018 05:13 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Joan Cox ~ good morning, Joan... thanks. I was surprised to see how much sales were dampened by the lack of inventory.

Jan 12, 2018 05:23 AM
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

Your graphs to jump out. I wrote a blog, it is all nice, upload it and AR scrambles it? Well its 57 this morning and  along way from -14 of last week Nina Hollander 

Jan 12, 2018 05:45 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Scott Godzyk ~ hi Scott... sorry to hear about the scrambling on AR. I deal with that on my own posts more often than I'd like to. As for the weather... it's a veritable heat wave at your end! It will push 70 degrees here in Charlotte today.

Jan 12, 2018 05:54 AM
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Love your charts, make the information easy to understand. Hope you get plenty of calls from those wanting to list in this low inventory market.

Jan 12, 2018 06:56 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Nick & Trudy Vandekar, 610-203-4543 ~ hi Nick... in all these years I've yet to ever receive a phone call from a lead from one of my market posts... really beginning to think they might be a waste of time.

Jan 12, 2018 07:12 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Nina, I sure hope some homeowners call you to list and take advantage of the low inventory in the area. It's time to sell your house and move on to a new adventure...

Jan 12, 2018 10:04 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Debb Janes EcoBroker and Bernie Stea JD ~ thanks, Debb... the real problem is that the new adventure to move on to is an impossible task to finding a new home. That's why sellers are sitting tight.

Jan 12, 2018 10:20 AM