2018 Charlotte Market Wrap Up

Market Trends

According to Zillow, there have been over 20,000 home sales in the city of Charlotte over the last 12 months. The most expensive single family home was 8200 Fairview, which sold for $12,500,000 in February of this year. The least expensive properties were sold for $1, which is a common price for property transfers within families. 28207 has been the wealthiest zip code in Charlotte for several years, and is expected to retain this title for 2018 (bizrate.com).

 

There are currently over 4000 properties on the market in Charlotte, including those under contract. New construction has slowed slightly in Charlotte in 2018, but still made up a large portion of the homes sold this year relative to other cities in the US. Of the homes available today, approximately 1200 of them are new construction.

 

In the primary selling season during the spring, buyers were moving quickly to find and purchase their homes. According to the Carolina Multiple Listing Services, Inc. (CarolinaMLS), the average days on the market in April of 2018 was 94, which was five days faster than last year. Homes appreciated 12.3% this year, which is an increase over last year, but appreciation is expected to be closer to 3% this year. 

 

So far, the Federal Reserve has raised rates three times in 2018. The market estimates that it’s more likely than not that the Fed will raise rates again when they meet next week. Each time the Fed raises rates, it makes mortgages slightly more expensive for buyers. These small increases can add up over time and may make buyers feel pressure to buy something that’s available in order to take advantage of the lowest rates possible.

 

Whether you are buying or selling in 2019, it’s helpful to be informed about the real estate market overall. The overall economy and the Charlotte market are strong right now and a great Real Estate Agent can help you navigate the search and buying process to help you find the right house for you and your family.

 

Enjoy the Adventure!