Charlotte, NC Region Housing Market Update: 4th Quarter 2018
4th 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 continue to sell their homes relatively quickly and for top dollar, when priced right for condition and location. With regional months supply of homes at 2.2 months, the Charlotte region remains very much a seller's market.
4th Quarter 2018 Charlotte Region Key Metrics:
- 4.5% increase in average sale prices (to $282,369)
- 5.9% decrease in inventory of homes for sale
- 8.1% decrease in closed sales
- 4.1% decrease in the months supply of homes (2.5 months supply)
- 3.1% decrease in days on market (45 days on market)
- 96.0% percent of original price received
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The "primary" 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 fourth quarter and was the only one of these four counties that saw an increase in its inventory of homes in the quarter. Union, York, and Lancaster Counties had 2.5 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 some parts of the region, and affecting affordability. Lancaster County was the only one of these four that saw an increase in closed sales in the fourth quarter.
Mecklenburg County, NC (where the City of Charlotte is located):
- Average Sale Price: up 4.6% versus one year ago (to $313,212).
- Inventory of Homes for Sale: up 9.9% versus one year ago.
- Closed Sales: down 12.9% versus one year ago.
- Months Supply of Homes for Sale:1.8 months, up 15.7% versus one year ago.
- Average Days on Market: 37 days, up 10.7% versus one year ago.
FULL REPORT ON MECKLENBURG COUNTY 4TH QUARTER HOUSING MARKET
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Union County, NC:
- Average Sale Price: up 4.7% versus one year ago (to $338,421).
- Inventory of Homes for Sale: down 9.9% versus one year ago.
- Closed Sales: down 5.2% versus one year ago.
- Months Supply of Homes for Sale: 2.2 months, down 11.4% versus one year ago.
- Average Days on Market: 50 days, up 12.5% versus one year ago.
FULL REPORT ON UNION COUNTY 4TH QUARTER HOUSING MARKET
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York County, SC (where Fort Mill, Tega Cay, Clover, Lake Wylie, York and Rock Hill are located):
- Average Sale Price: up 8.4% versus one year ago (to $287,011).
- Inventory of Homes for Sale: up 1% versus one year ago.
- Closed Sales: down 3.1% versus one year ago.
- Months Supply of Homes for Sale: 2.1 months, down 3.2% versus one year ago.
- Average Days on Market: 48 days, up 10.4% versus one year ago.
FULL REPORT ON YORK COUNTY 4TH QUARTER HOUSING MARKET
SEARCH YORK COUNTY HOMES FOR SALE HERE
Lancaster County, SC
- Average Sale Price: up 4.1% versus one year ago (to $296,291).
- Inventory of Homes For Sale: down 13.8% versus one year ago.
- Closed Sales: up 9.9% versus one year ago.
- Months Supply of Homes for Sale: 2.5 months, down 25.4%.
- Average Days on Market: 55 days, up 14.7% versus one year ago.
FULL REPORT ON LANCASTER COUNTY 4TH QUARTER HOUSING MARKET
SEARCH LANCASTER COUNTY HOMES FOR SALE HERE
PREVIOUS CHARLOTTE REGION HOUSING MARKET UPDATES
Charlotte Region Housing Market Report: 3rd Quarter 2018
Charlotte Region Housing Market Report: 2nd Quarter 2018
Charlotte Region Housing Market Report: 1st Quarter 2018
Charlotte Region Housing Market Report: 4th Quarter 2017
This quarterly Charlotte, NC region housing market update is provided by Nina Hollander and Carolinas Realty Partners with Coldwell Banker Residential Brokerage, your Charlotte metro area residential real estate experts. We've been opening doors for Charlotte region home buyers and sellers for 20 years.
If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, to exceed your expectations, and to show you how:
"The Right Broker Makes All The Difference."
First published on: https://greathomesincharlotte.com/housing-market-reports-updates/charlotte-region-housing-report/
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