February Market Update: North Charlotte Region

Wow! What an awesome month to be a seller in our area!  The housing market in our area is exceeding expectations and further proving that despite historically high-interest rates, the lack of inventory and the strong economy is keeping home prices up. Additionally, with interest rates falling the ladder part of last year, and the increase in inventory, we saw existing home sales move forward after last month's decline.  I believe that we will look back at the data and see the 10-year low in December 2022. 

New listings were up 19% in the entire Charlotte region. The average sales price is up 5.1%. Months' supply is also up about 14%, showing that inventory tried to catch up with demand. We will keep an eye on that because we know that prices have been held up due to demand outpacing supply. If inventory continues to catch up, it doesn't matter what interest rates do, prices will soften. At 1.6 months, we have a long, long way to go for that to happen, but nonetheless, it is something to watch. Remember, a seller's market is anything under 6 months. We haven't even touched 2months despite the higher interest rates and coming out of a winter market. 

Things I will be watching:

1. The 28027 area code.  I am seeing signs of recovery and it will be exciting to see how the school changes affect property values, if at all. 

2. 28262 & 28269 continue to be my favorite buy in the area right now.  If you are looking to become an investor, you should definitely be watching these too! 

I look forward to updating you again next month.  In the meantime, be sure to give us a follow on Instagram so you can stay up-to-date on the market and our latest listings. 

Rachel Lewis | Lewis & Kirk Realty | CEO | 704-577-9849