Charlotte home buyers have seen rising prices and low inventory for a number of years now, and 2018 showed signs of growing fatigue. Yet with strong business development and relocations from higher cost states, the appetite for home buying remained strong enough to continue to drive prices upward and keep inventory low.
Closed sales were down 2.7 percent from 2017 to finish the year at 47,745. However, sales were 3.1 percent higher in 2018 than they had been in 2016. A booming economy would normally lead to more sales, but there were fewer homes to choose from, and higher interest rates and prices made for lower affordability, which all hurt the overall market.
Year-over-year, the number of homes available for sale was lower by 5.9 percent. There were 8,718 active listings at the end of 2018. New listings decreased by 0.3 percent to finish the year at 59,889.
And as you would expect that also meant that homes sold quicker. List to close was down 4.1 % 2017 to 93 days, and days on market was down five days from 2017 to 42 days.
Just how much did prices increase this year? The average sales price increased 6.4 percent. Single-family home prices were up 6.0 percent compared to last year, and condo-townhome home prices were up 9.7 percent.
While these stats paint a good picture of the overall Charlotte area, there are different areas of town seeing differently. If you're interested in getting information about your specific town or neighborhood, please reach out to us. There is no fee or obligation for this service.
All data and report summary is derived from CarolinaMLS, Inc. This report is provided by the Charlotte Regional Realtor® Association and used with permission.