Charlotte, NC Region Housing Market Update: 2nd Quarter 2018
Second quarter 2018 Charlotte, North Carolina region's home sales continued the trends we've seen 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 second quarter 2018 might well be about the continued decreases in the supply of homes available for sale across the region. It's worth pointing out that this "story" is now an "old" story, because that was also the story of 2016 and 2017.
In the second quarter of 2018, the Charlotte region saw a:
- 7.9% increase in average sale prices
- 17.2% decrease in inventory of homes for sale
- 2.4% decrease in closed sales
- 19.5% decrease in the months supply of homes (2.3 months supply)
- 14.1% decrease in days on market (39 days on market)
- 97.6% percent of original price received
SEARCH 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. Mecklenburg County had just 1.8 months of inventory at the end of the second quarter. Union, York, and Lancaster Counties had 2.7 months of inventory or less. It's clearly a seller's market in these four Charlotte metro area counties and the lack of affordable inventory to meet demand continues to be "the story of the day." This lack of inventory is also impacting home prices, dampening sales in many parts of the region, and affecting affordability.
Mecklenburg County, NC (where Charlotte City is located):
- Average Sale Price: up 8.1% versus one year ago.
- Inventory of Homes for Sale: down 12.2% versus one year ago.
- Closed Sales: down 4.4% versus one year ago.
- Months Supply of Homes for Sale: 1.8 months, down 13.6% versus one year ago.
- Average Days on Market: 29 days, down 2.7% versus one year ago.
Union County, NC:
- Average Sale Price: up 4.2% versus one year ago.
- Inventory of Homes for Sale: down 9.4% versus one year ago.
- Closed Sales: up 7.5% versus one year ago (reversing the downward trend of the first quarter).
- Months Supply of Homes for Sale: 2.7 months, down 13.9% versus one year ago.
- Average Days on Market: 43 days, down 11% versus one year ago.
York County, SC (where Fort Mill, Tega Cay, Clover, Lake Wylie, York and Rock Hill are located):
- Average Sale Price: up 3.1% versus one year ago.
- Inventory of Homes for Sale: down 6.8% versus one year ago.
- Closed Sales: up 2.2% versus one year ago.
- Months Supply of Homes for Sale: 2.4 months, down 9% versus one year ago.
- Average Days on Market: 40 days, down 11.8% versus one year ago.
Lancaster County, SC
- Average Sale Price: up 1.3% versus one year ago.
- Inventory of Homes For Sale: down 8.1% versus one year ago.
- Closed Sales: up 15.5% versus one year ago.
- Months Supply of Homes for Sale: 2.7 months, down 27.9%.
- Average Days on Market: 55 days, up 17.7% versus one year ago (due in part to considerable new construction in Lancaster County).
See the charts below for more detailed information on 2nd quarter 2018 home sales statistics:
SEARCH MECKLENBURG COUNTY HOMES FOR SALE
SEARCH UNION COUNTY HOMES FOR SALE
SEARCH YORK COUNTY HOMES FOR SALE HERE
SEARCH LANCASTER COUNTY HOMES FOR SALE HERE
Charlotte Region Housing Market Report: 1st Quarter 2018
Charlotte Region Housing Market Report: 4th Quarter 2017
Charlotte Region Housing Market Report: 3rd Quarter 2017
This quarterly Charlotte, NC region housing market update is brought to you by Nina Hollander and Carolinas Realty Partners with RE/MAX Executive, your Charlotte metro area residential real estate experts.
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."
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