What’s My Home Worth in Southpark Charlotte, NC?

By
Real Estate Broker/Owner with Showcase Realty LLC 183393

Have you ever checked your home's worth? Whether you will be selling your home or not, you may sometimes wonder what the price for your home is. It’s a simple question, yet answers may vary due to a lot of contributing factors. So how much are homes in Southpark Charlotte, NC worth? 

Based on trusted sources, the median price or home value in Southpark was $574.9K as of April 2022. It has an increasing trend of 15% year-over-year. Thus, the median listing home value per square foot was $259 As for the current median home sold price, it was $550K.  

A home's worth may increase or decrease unexpectedly. Factors contributing to its estimated value differ, so one must have an eye on each of them.

Read on to know the typical home value in Southpark Charlotte, NC. Find out as well some factors affecting the said worth.

Southpark Charlotte, NC Housing Market

Southpark Charlotte, NC is one of the most popular neighborhoods for home buyers who can buy homes in the median price range of $574.9K.

There is an increase of 15% in the prices of homes as of April 2022 than last year. Thus, selling each with a median price of $550K.

Sale-to-List Price Ratio

The sale-to-list ratio for homes in Southpark, Charlotte NC is 104.35%. Homes in Southpark Charlotte, NC were sold 4.35% above the asking price in April 2022. Southpark is no doubt a "seller's market" at the moment. This only means that there are more buyers than there are homes available.

Median Days on the Market

Top listing agents in Southpark Charlotte, NC say the median days on the market in Southpark is 36 days. It means that the homes in Southpark sell after 36 days on the market. The trend has gone flat since the previous month and slightly down since last year.

Home Worth in Southpark Charlotte - On average, the median price or home value in Southpark was $574.9K as of April 2022.

How It Feels to Live in Southpark Charlotte, NC

Living in Southpark Charlotte, NC allows its residents an urban suburban feel. The place is even one of the best areas to live in Charlotte with its upscale area.

If you want to imagine living life at Southpark, you must think of fine wine and premium boutiques. Cheese shops, luxurious fitness and beauty services, and more are also yours to see. And you can be part of a high-end retailing district with malls offering exclusive perks and exclusive offers for the residents.

Also, if you are more of an epicurean type of person enjoying the finer things in life, consider Southpark your sanctuary. You need not look further for a refined and welcoming environment. Charlotte's Southpark will give such a feeling to you and your family. You will feel safer than ever - safe from crimes and disasters.

If you are planning to move to the area, you can read my  blog post here.

Is SouthPark a Good Area in Charlotte?

Southpark is actually a good area in Charlotte, knowing it is one of the safest neighborhoods. So, if you are planning to live in Southpark Charlotte, NC but still having second thoughts, say no more.

The area also has the lowest crime rates and natural disaster rates. These features are nothing but great favorable points. These only prove that Southpark is one of the best areas in Charlotte.

Southpark is highly regarded as an "attractive investment area." Over the previous years, the boom in professional services and high-end technology helped Southpark Charlotte, NC. Together with the surging population, these have helped the area to be one of the best markets for real estate investors and developers.

Is SouthPark Charlotte Expensive?

The cost of living in Southpark Charlotte, NC is not that expensive. And this only means good news for homebuyers and renters.

Living in the area has a cost below the national average. Also, utilities and transportation costs are much cheaper than in other areas of Charlotte. So if you want to experience an urban lifestyle without having to spend too much, then this is the place for you.

How Do I Find the Value of a Specific House?

There are diverse ways to know how much your home value is. Below are the means to know the worth of your house, especially if you are in the stage of preparing to sell it. 

Begin With Online Valuation Services or Tools

For an initial idea of how much the value of your house is, you can consider searching over the net and do the math. Try to make your own calculations via comparisons of what you gathered online. If you want an edgy detailed estimate, try online valuation services or tools.

House value calculators can merely show you how your home value has changed over time. It means you can know the value in months or years, based on your data. 

These tools are helpful to understand the estimated value of your house. Note, though, that the actual home value might be above or below the result regardless of this benefit. This result will then depend on several factors. Hence, you should not solely rely on such services.

Check the Municipal Auditor’s Website

It's normal and given that you want to see every perspective of the value of your home. There are many ways to know your home value from different perspectives. Checking your municipal auditor's website is a good idea from a tax perspective.

Auditors seasonally assess the value of properties for property tax purposes. They specially assess the residential ones. The good news is information like such assessments is now searchable online. 

As you browse through the auditor's website, you can check and look up the assessed value of your home. In this way, you will know if your house value has appreciated. Moreover, you can likewise compare and contrast the prices with other houses for sale.

Factors Affecting a Home’s Worth - There are several factors that are crucial in knowing the value of a house.

Learn the Trends Using FHFA House Price Index Calculator

The Federal Housing Finance Agency (FHFA) house price index calculator is helpful. This tool is a need for those who want to discover the trends of property prices in their area over a certain period. It is also beneficial to those starting from the time they owned their house.

Many consider using this FHFA house price index calculator for many reasons. It helps in analyzing mortgage data historically. 

The tool foresees what homes in one's area are worth based on the appreciation of all homes over a given time. By using this tool, anyone can compare the relative affordability of neighborhood properties. The calculator is indeed a big help in analyzing the value of a residential house.

Seek Assistance from Local Estate Agents

Seeking help from local real estate agents is a great idea for property valuations. Are you after the accuracy and reliability of the data or information? Get in touch with them! They have a comprehensive and in-depth understanding of house prices in your neighborhood. After all, it is their expertise.  

Working professionals can also consider what an online tool cannot account for. What are such? Examples of this information are as follows:

  • proximity to local schools or shopping malls
  • size of the garden
  • whether the house is in a good state or for repair

When deciding which agent to consult, here is what to do. Try not to rely on the one who offers you the highest estimated value. Rather check all the aspects of what the agent offers. Look for Southpark, Charlotte, NC home's best real estate agents. 

Real Estate Agent in Charlotte - Get in touch with the best real estate agent in Southpark Charlotte, NC, Nancy Braun of Showcase Realty at 704-997-3794 today to assist you in knowing your home’s worth.

Consult a Professional Appraiser

Professional or Licensed appraisers are always the best to consult. They want to confirm the value of a house before approving a loan. Though hiring one is not required, it can be helpful. They carefully look into the characteristics of the property. By doing so, they get a more accurate valuation of the house. 

So, whenever you are unsure of the valuation of your home, you should opt to hire a professional appraiser. 

What Factors Affect the Value of a House?

Some factors are crucial in knowing the value of a house. Understanding each of them and how they affect the value of your home is crucial. It makes it easier for you to establish realistic expectations for selling it. 

Here's a quick list of the factors that influence home value:

Age 

If you browse through the internet on the factors that affect the value of a house, you will always see age is one. The younger the property is, the better. Unless otherwise, the home has a significant historical significance or is considered vintage. 

Most buyers opt to buy new properties. Doing so would not require repairs or renovations. And most importantly, it would save them a penny. 

Condition 

Another factor determining the home value is its condition. If you ask why, the answer is so simple and is the same for almost every buyer or seller - to save their penny. 

Here is a clear example of this to consider. Many prefer buying a 10-year-old house that is well taken care of. They want a clean and well maintained one rather than a new one that needs a significant repair or renovation.

Home Size and Space

The bigger your home's size and space, the higher its appraisal would be. The size of the house affects its market value or valuation. Buyers go after a wide space for their activities. Therefore, there is a difference in the value of it more than the actual measure of it.

The value of a home is initially estimated per square foot or "price per square foot." The sales price is divided by the home's square footage. The price buyers will pay per square foot can likewise vary - depending on where you're buying. For example, $100 per square foot could be a bargain or not.

A home's usable space matters more when determining its final value. Garages, attics, and basements are usually not counted in usable square footage.

Bedrooms and bathrooms are most important to buyers and even appraisers. So, the more beds and baths your home has, the more your home will be significantly valued. However, these trends differ from time to time but apply to most home buyers.

Economic Indicators 

How would the area's economic factors affect a buyer's ability to sell or buy a house? Well, you must note that if the economy is booming, the buying power of people likewise increases. This condition only goes to say that people are more likely to invest in properties. Following Economics' law of demand, increase in demand results in higher property prices.

However, there is a disadvantage to this. On the other side of the coin, if wages drop and the unemployment rate increases, only a few people can afford a home. And property prices will also decrease.

Neighborhood Comps 

There is this factor that influences one's home's value relative to the neighborhood. This particular factor is the sale price of similar homes in your area. Simply put, these are comparable homes that are known and tagged as "comps." 

Most real estate experts depend on these comps to estimate the value of your home. It does not matter if it is coming from a comparative market analysis by an agent. It also would not matter if it is an evaluation from an online valuation tool. Regardless if it is a home appraisal of a licensed professional, it is also not a problem.

Location, Proximity, and Trademarks

Location and trademarks are considered crucial to your home's value. How? Your property's location contributes to the real estate values. The more accessible the location is, the higher its worth. Also, the more trademarks are seen in the place or, the more famous it is, the higher the investment.

Most appraisers likewise look for the primary indicators in the location:

  • The proximity to schools, shopping, and recreational centers
  • The quality of schools that are present or near the place
  • The jobs or employment opportunities

If your home has these major indicators, then expect a significant valuation.

Upgrades and Renovations

Upgrades and renovations can add value to your home. It is more significant in the old properties with outdated features. Also, upgrades like your property's outer appearance or curb appeal can influence its value.

The Bottom Line

It is crucial to know the worth of your home in Southpark Charlotte, NC, especially if you are planning to sell it. Yes, you may research what's updated in the market or get the median prices using online tools. However, for a more reliable and accurate valuation, you need the expertise of an efficient local real estate agent.

Searching for a competitive and reliable agent to help you? Are you finding one for appraisals, improvements, updates, valuations, etc.? Look no further! 
Contact the best real estate agent in Southpark Charlotte, NC, Nancy Braun of Showcase Realty at 704-997-3794. Nancy and her team will help you sell your home in a short period and at an excellent price.

Posted by

Nancy Braun

Owner & Broker in Charge

Showcase Realty,LLC

 

1430 S Mint St Suite 106

Charlotte, NC 28203

704-997-3794

704-625-2361 (f)

Comments (1)

Roy Kelley
Retired - Gaithersburg, MD

Good Monday morning, Nancy.

Have a great day and a very productive week.

Jul 11, 2022 04:58 AM