Charlotte is one of the tightest real estate markets in North Carolina– and some may go as far as to say in the country. For-sale inventory in the Charlotte region tends to hover around a 2.2-month supply. This means that if no new homes were to come onto the market, all of the existing homes for sale would be purchased within 2.2 months. By contract, experts suggest that a balanced, open real estate market will sit on a four to six month supply.
Charlotte’s strong, growing job market is another huge factor in the demand for and prices of homes in the area. The U.S. Department of labor has stated that in May of 2018, unemployment in Charlotte was only 3.4%, while the national average hovered around 3.8%. New residents looking to move to the Charlotte area for employment opportunities need somewhere to live; this means a higher demand for housing in an already tight market. New listings were up in the Charlotte region by 12.9% to 4,543 which stabilized supply-demand balance. A strong new listing activity at the beginning of the year acknowledges a positive outlook for buyers this spring.
Not only has the job market grown– the less exciting “people who need a home regardless” crowd is expanding rapidly, as well. North Carolina has a population growth rate of 1.14%, making it number 14 on the list of US states. The national average population growth rate? 0.7%. Even those who aren’t influenced by employment factors need someplace to land at the end of the day– and, because of the numbers, it turns out that this is a factor that needs considering within the Charlotte market. A rapid leap in mortgage interest rates is expected over the next year, but if you’re looking to attain the lowest interest rate possible on your next house now would be the time to make a deal since it’s the best time to do so. In a survey of 100 U.S. real estate experts and economists by real estate company Zillow released in May, almost half expect the next recession to occur in 2020. Another 14 percent believe the recession will hold out until 2021, while 24 percent of panelists expect the recession earlier – sometime in 2019.”
Unsurprisingly, the Charlotte area is expected to see an upward growth in home pricing in the coming year. Sellers and buyers alike have been cautioned not to count on any double-digit surges (as have occurred in past years), but a healthy growth is fully anticipated. After the slowdown of home price growth in 2018, experts say that 2019 might be the best time for you to put your house on the market. With new buyers entering the market (majority of those being millennials), houses may sit on the market for a few more days compared to 2017, however, buyers are ready to buy benefiting you from your home sale. The Charlotte Regional Realtor Association indicated a 5.1% increase in year-over-year change in median sales price.
Despite the inevitable rise in home prices, demand in the area is predicted to remain as strong as ever. Charlotte offers families and individuals, workhorses and those looking to play alike, a wealth of opportunities to suit their needs. The Research Triangle (North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill) is nearby; this means better-educated and higher-earning buyers for you and access to some of the best educational opportunities in the country for buyers. Quaint and charming rural areas, stellar beaches, and countless recreational opportunities all make the Charlotte area highly appealing to a wealth of demographics.
It’s a seller’s world in Charlotte– and buyers are just living in it. Those looking to price out and sell their homes should take market and external factors into consideration when trying to decide what’s best for them. Think about all that you have available to you and you may realize that your home can fetch far more than you’d think.
If you’re ready to sell your home, contact me today to learn more about what you can do to push the price of your home even higher and get the outcome you deserve.